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

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

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Length: 21 pages
Date of creation: 28 Nov 2006
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Handle: RePEc:imf:imfwpa:06/261

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Keywords: Competitiveness equilibrium exchange rate Export performance Macedonia FYR Competition Exchange rates

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This paper has been announced in the following NEP Reports: References listed on IDEAS
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. Philip R. Lane & Gian Maria Milesi-Ferretti, 2000. "The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates," Working Papers 062000, Hong Kong Institute for Monetary Research. [Downloadable!]
    Other versions:
  2. Claudio Paiva, . "Competitiveness and the Equilibrium Exchange Rate in Costa Rica," IMF Working Papers 01/23, International Monetary Fund.
  3. Boileau Loko & Anita Tuladhar, 2005. "Labor Productivity and Real Exchange Rate: The Balassa-Samuelson Disconnect in the Former Yugoslav Republic of Macedonia," IMF Working Papers 05/113, International Monetary Fund. [Downloadable!]
  4. Yin-Wong Cheung & Menzie D. Chinn & Antonio Garcia Pascual, 2002. "Empirical Exchange Rate Models of the Nineties: Are Any Fit to Survive?," NBER Working Papers 9393, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Hamid Faruqee & Martin Fetherston & Peter Isard & G. Russell Kincaid, 2001. "Methodology for Current Account and Exchange Rate Assessments," IMF Occasional Papers 209, International Monetary Fund.
  6. Luis Felipe Céspedes & Paul Cashin & Ratna Sahay, 2003. "Keynes, Cocoa, and Copper: In Search of Commodity Currencies," IMF Working Papers 02/223, International Monetary Fund.
  7. 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. [Downloadable!] (restricted)
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  8. Luca Antonio Ricci & Ronald MacDonald, 2003. "Estimation of the Equilibrium Real Exchange Rate for South Africa," IMF Working Papers 03/44, International Monetary Fund. [Downloadable!]
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Cited by:
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  1. Ken Miyajima, 2007. "What Do We Know About Namibia's Competitiveness," IMF Working Papers 07/191, International Monetary Fund. [Downloadable!]
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