Il existe plusieurs methodes pour apprecier si un taux de change est a son "bon niveau". La parite de pouvoir d'achat (PPA), en niveau et en evolution, constitue une reference souvent utilisee. Mais elle n'est guere appropriee a l'etude des pays emergents, qui ont des niveaux de prix beaucoup plus faibles que les pays developpes. Il est souhaitable de corriger la norme de PPA par l'effet dit "Balassa", qui tient compte des differences de productivite entre les secteurs. Cet effet explique le plus faible niveau de prix dans les pays developpes et considere normale une certaine appreciation du taux de change reel au cours du processus de developpement.
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