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New Rates from New Weights

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Author Info
Sarma Jayanthi
Tamim Bayoumi
Jaewoo Lee

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Abstract

This paper describes the result and the methodology of updating nominal and real effective exchange rate weights on the basis of trade data over 1999-2001. The underlying framework is an updated version of the IMF's current effective exchange rate calculation, which uses weights largely based on 1989-91 data. Since then, substantial changes have occurred in international trade relations, warranting a recalculation of effective exchange rate indices on the basis of new trade patterns. Updated weights show that the United States and developing countries (most notably China) have grown in their importance in global trade, while Japan and the European Union have declined, with substantial implications for the path of the dollar and exchange rate effects of emerging market crises since 1995.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 05/99.

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Length: 54 pages
Date of creation: 01 Jun 2005
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Handle: RePEc:imf:imfwpa:05/99

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Keywords: Interest rates ; Exchange rates ; Economic models ;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
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  1. Dominique Desruelle & Alessandro Zanello, 1997. "A Primer on the IMF's Information Notice System," IMF Working Papers 97/71, International Monetary Fund.
  2. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear Of Floating," The Quarterly Journal of Economics, MIT Press, vol. 117(2), pages 379-408, May. [Downloadable!] (restricted)
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  3. Michael P. Leahy, 1998. "New summary measures of the foreign exchange value of the dollar," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Oct, pages 811-818. [Downloadable!]
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Gian Maria Milesi-Ferretti & Philip R. Lane, 2007. "Europe and Global Imbalances," IMF Working Papers 07/144, International Monetary Fund. [Downloadable!]
    Other versions:
  2. Jaewoo Lee & Gian Maria Milesi-Ferretti & Luca Antonio Ricci, 2008. "Real Exchange Rates and Fundamentals: A Cross-Country Perspective," IMF Working Papers 08/13, International Monetary Fund. [Downloadable!]
  3. Maurizio Michael Habib & Margarita Manolova Kalamova, 2007. "Are there oil currencies? The real exchange rate of oil exporting countries," Working Paper Series 839, European Central Bank. [Downloadable!]
  4. Menzie D. Chinn, 2005. "Supply Capacity, Vertical Specialization and Tariff Rates: The Implications for Aggregate U.S. Trade Flow Equations," NBER Working Papers 11719, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Yuan Xiao & Marialuz Moreno-Badia & Werner Schule & Herman Z. Bennett & Julio Escolano & Stefania Fabrizio & Eva Gutierrez & Bogdan Lissovolik & Stephen Tokarick & Iryna V. Ivaschenko, 2008. "Competitiveness in the Southern Euro Area: France, Greece, Italy, Portugal, and Spain," IMF Working Papers 08/112, International Monetary Fund. [Downloadable!]
  6. Garcia-Herrero, Alicia & Koivu, Tuuli, 2007. "Can the Chinese trade surplus be reduced through exchange rate policy?," BOFIT Discussion Papers 6/2007, Bank of Finland, Institute for Economies in Transition. [Downloadable!]
  7. Martin Petri & Tahsin Saadi-Sedik, 2006. "To Smooth or Not to Smooth - The Impact of Grants and Remittances on the Equilibrium Real Exchange Rate in Jordan," IMF Working Papers 06/257, International Monetary Fund. [Downloadable!]
  8. Vahagn Galstyan, 2007. "Country Size and the Transfer Effect," The Institute for International Integration Studies Discussion Paper Series iiisdp204, IIIS. [Downloadable!]
  9. Vahagn Galstyan and Philip R. Lane, 2008. "Fiscal Policy and International Competitiveness: Evidence from Ireland," The Institute for International Integration Studies Discussion Paper Series iiisdp274, IIIS. [Downloadable!]
    Other versions:
  10. Jaime Marquez & John W. Schindler, 2006. "Exchange-rate effects on China's trade: an interim report," Working Paper Series 2006-41, Federal Reserve Bank of San Francisco. [Downloadable!]
  11. Frank Leung & Philip Ng, 2007. "Is the Hong Kong Dollar Real Exchange Rate Misaligned?," Working Papers 0721, Hong Kong Monetary Authority. [Downloadable!]
  12. Erlandsson, Mattias & Markowski, Alek, 2006. "The Effective Exchange Rate Index KIX - Theory and Practice," Working Paper 95, National Institute of Economic Research. [Downloadable!]
  13. J. Peter Neary, 2006. "Measuring Competitiveness," The Economic and Social Review, Economic and Social Studies, vol. 37(2), pages 197-213. [Downloadable!]
    Other versions:
  14. Herman Z. Bennett & Ziga Zarnic, 2008. "International Competitiveness of the Mediterranean Quartet:A Heterogeneous-Product Approach," IMF Working Papers 08/240, International Monetary Fund. [Downloadable!]
  15. Menzie Chinn, 2006. "A Primer on Real Effective Exchange Rates: Determinants, Overvaluation, Trade Flows and Competitive Devaluation," Open Economies Review, Springer, vol. 17(1), pages 115-143, January. [Downloadable!] (restricted)
    Other versions:
  16. Galstyan, Vahagn A. & Lane, Philip R., 2008. "The Composition of Government Spending and the Real Exchange Rate," CEPR Discussion Papers 6903, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  17. Alicia García-Herrero & Tuuli Koivu, 2009. "China's exchange rate policy and Asian trade," BIS Working Papers 282, Bank for International Settlements. [Downloadable!]
  18. Jaime Marquez & John W. Schindler, 2006. "Exchange-rate effects on China's trade: an interim report," Proceedings, Federal Reserve Bank of San Francisco, issue Jun. [Downloadable!]
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