While the underground economy is not explicitly included in the measure of (GDP), the cocaine trade has been a major source of revenue for Colombia. Using quarterly cocaine prices from 1982 to 2007 published by the Office of National Drug Control Policy, this paper uses vector error correction and forecast error variance decomposition methods to look at the relationship between cocaine prices and the peso/$ nominal exchange rate. Our results indicate cocaine prices affect the value of the Colombian peso, which leads to some interesting policy implications.

中文翻译：

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可卡因价格和哥伦比亚比索：实证调查

虽然地下经济没有明确包含在（GDP）的衡量标准中，但可卡因贸易一直是哥伦比亚的主要收入来源。本文采用国家禁毒政策办公室公布的 1982 年至 2007 年的季度可卡因价格，采用向量误差校正和预测误差方差分解方法研究可卡因价格与比索/美元名义汇率之间的关系。我们的结果表明，可卡因价格会影响哥伦比亚比索的价值，从而产生一些有趣的政策含义。