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Export Performance and External Competitiveness in the Former Yugoslav Republic of Macedonia

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  • Eva Gutierrez
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    Abstract

    This paper reviews a broad set of indicators of competitiveness in the Macedonian economy and estimates the equilibrium real effective exchange rate (REER) using different methodologies. Although the REER is broadly in equilibrium at present, structural factors are found to hamper competitiveness. While a more competitive exchange rate might improve short-term export performance, sustained improvements require enhanced productivity and resource reallocation to more dynamic sectors, which depends on reforms to improve the business environment.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=19988
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/261.

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    Length: 21
    Date of creation: 01 Nov 2006
    Date of revision:
    Handle: RePEc:imf:imfwpa:06/261

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    Related research

    Keywords: Export performance; Exchange rates; Export competitiveness; exchange rate; real exchange rate; reer; real effective exchange rate; effective exchange rate; equilibrium exchange rate; export growth; current account balance; currency appreciation; exchange rate indicators; export share; export market; competitive exchange rate; oil exporting countries; export data; oil exports; world exports; export shares; commodity exports; exchange rate movements; export market shares; global competitiveness; export deflators; share of world exports; exporting countries; share of exports; foreign exchange; real exchange rates; total export; total manufacturing exports; exchange rate dynamics; oil exporter; international markets; exchange rate index; exporter; oil exporting;

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    References

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    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.:
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    1. Cheung, Yin-Wong & Chinn, Menzie & Garcia Pascual, Antonio, 2003. "Empirical Exchange Rate Models of the Nineties: Are Any Fit to Survive?," Santa Cruz Center for International Economics, Working Paper Series qt5fc508pt, Center for International Economics, UC Santa Cruz.
    2. Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2000. "The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates," CEPR Discussion Papers 2511, C.E.P.R. Discussion Papers.
    3. Menzie D. Chinn & Hiro Ito, 2005. "Current Account Balances, Financial Development and Institutions: Assaying the World "Savings Glut"," NBER Working Papers 11761, National Bureau of Economic Research, Inc.
    4. Ronald MacDonald & Luca Antonio Ricci, 2003. "Estimation of the Equilibrium Real Exchange Rate for South Africa," IMF Working Papers 03/44, International Monetary Fund.
    5. Ronald MacDonald & Peter B. Clark, 1998. "Exchange Rates and Economic Fundamentals," IMF Working Papers 98/67, International Monetary Fund.
    6. Claudio Paiva, 2001. "Competitiveness and the Equilibrium Exchange Rate in Costa Rica," IMF Working Papers 01/23, International Monetary Fund.
    7. Boileau Loko & Anita Tuladhar, 2005. "Labor Productivity and Real Exchange Rate," IMF Working Papers 05/113, International Monetary Fund.
    8. Ratna Sahay & Luis Felipe Céspedes & Paul Cashin, 2002. "Keynes, Cocoa, and Copper," IMF Working Papers 02/223, International Monetary Fund.
    9. Gian-Maria Milesi-Ferretti & Philip R. Lane, 2000. "The Transfer Problem Revisited," IMF Working Papers 00/123, International Monetary Fund.
    10. G. Russell Kincaid & Martin Fetherston & Peter Isard & Hamid Faruqee, 2001. "Methodology for Current Account and Exchange Rate Assessments," IMF Occasional Papers 209, International Monetary Fund.
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    Cited by:
    1. Jane Bogoev & Sultanija Bojceva Terzijan & Balazs Egert & Magdalena Petrovska, 2008. "Real Exchange Rate Dynamics in Macedonia: Old Wisdoms and New Insights," Working Papers 2008-01, National Bank of the Republic of Macedonia.
    2. Ken Miyajima, 2007. "What Do We Know About Namibia's Competitiveness," IMF Working Papers 07/191, International Monetary Fund.
    3. Sandra Hlivnjak & Nick Adnett, 2012. "Current Account convergence in the Western Balkans," International Journal of Economic Policy in Emerging Economies, Inderscience Enterprises Ltd, vol. 5(1), pages 82-103.
    4. Maja Kadievska-Vojnovic & Danica Unevska, 2007. "Price and Income Elasticities of Export and Import and Economic Growth in the case of the Republic of Macedonia," Working Papers 2007-01, National Bank of the Republic of Macedonia.

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