Foreign exchange black markets in Argentina, Brazil, Colombia, Jamaica and Peru were studied during the period 1990-93. This group of case studies presents a broad view of the phenomenon in Latin American at the beginning of the 1990s. This is not a traditional economic analysis of foreign exchange markets, for many reasons. Most importantly, since black markets are illegal by definition, they are not recorded in offical statistics and the participants are not easily identified. Nevertheless, these markets are often widely used and well known to people living in the Latin American countries, so it is possible to paint a reasonably accurate picture of them.

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