black market

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Black market

An illegal market.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Black Market

A market for products that are illegal, stolen, or otherwise need to be hidden from regulatory authorities. A black market encompasses the horrific (e.g. human trafficking) as well as the more mundane (e.g. participating in the market to evade taxes). Legal products on a black market are usually less expensive than on the regulated market because sellers do not pay taxes on their goods and services. That said, there is little or no recourse for the customer if and when a black market product fails. It is worth noting that black markets tend to be largest in jurisdictions where there are the most regulations and government monopolies. It is also known as an underground market.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

black market

an unofficial or ‘under-the-counter’ MARKET trading in a product which the government has declared to be illegal (for example narcotic drugs), or on the sale of which the government has imposed controls thus limiting its availability.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

black market

an ‘unofficial’ market that often arises when the government holds down the price of a product below its equilibrium rate and is then forced to operate a RATIONING system to allocate the available supply between buyers. Given that some buyers are prepared to pay a higher price, some dealers will be tempted to divert supplies away from the ‘official’ market by creating an under-the-counter secondary market. See BLACK ECONOMY.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
This is because interest rates of the unofficial market have a high variation range.
Without the unofficial market makers, retail investors - whose trades can comprise about a third of total trading volumes - would have little reason to trade the Malaysian market.
As an unofficial market regulator the RSTC has the trust of the people and is an important stabilising force in Eritrea's transition from command to liberal economy.
The consumer countries have become increasingly impatient at what they see as the unrealistic aspirations of some of the producer countries, and they have been infuriated by the unofficial market which has been allowed to flourish, with non-Member buyers being awarded what were in effect premiums, while Member countries paid both their ICO dues and higher prices for their green supplies.
The higher the price beggars pay for licenses (originally issued free) on the unofficial market the more desperate and predatory their begging will be, and the more likely that the beggars will resort to violence to pay off the raised cost of the investment.
While Iran's market has experienced a hike in the value of foreign currencies and gold coin prices in recent months, the Iranian money has plunged to a record low against the US dollar in the unofficial market. Iranian gold coin price has also rocketed up in recent weeks, hitting 45 million rials on July 30.
On Sunday, the Iranian rial plunged to 111,500 against one US dollar on the unofficial market, down from about 97,500 rials on Saturday, according to foreign exchange website Bonbast.com.
It sank as low as 90,000 against the dollar in the unofficial market Monday from 87,000 Sunday and around 75,500 last Thursday, according to foreign exchange website Bonbast.com.
We should all be aware that the existence of two different exchange rates, at banks and in the unofficial market, was not acceptable or sustainable.
"Whatever the truth, the government's sensitivity to the trajectory of the exchange rate, even in the unofficial market, is clear in the fact that a total of 47 exchange houses have now had their operating licences revoked or suspended on allegations of currency speculation."
In one week, the rial lost more than 5% of its value in the unofficial market. The devaluation has clear political and economic implications: it will revive inflation, slow or stop economic growth, and increase the pressure on Iranian President Hassan Rouhani as his government tries to make good on the election promises he made 18 months ago.
Prior to this announcement, stocks of companies in the food, sugar and pharmaceutical sectors have enjoyed exceptional price gains from the removal of the subsidized exchange rate (one-third of the unofficial market rate) on imported goods, mainly because of their price advantage over imported items.

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