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Madagascar

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  • Luc Eyraud
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    Abstract

    The purpose of this paper is to assess Madagascar''s competitiveness in recent years, using both price and nonprice indicators and an exchange rate assessment of the currency. We estimate the distance between the equilibrium and the actual real exchange rates using three methods: the macroeconomic balance approach, the external sustainability approach, and the reduced-form equilibrium real exchange rate approach. These methods suggest that in the medium term the real exchange rate is only slightly overvalued. We also carry out a comparative analysis of nonprice indicators and find that Madagascar performs less favorably than its competitors on structural competitiveness.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/107.

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    Length: 30
    Date of creation: 01 May 2009
    Date of revision:
    Handle: RePEc:imf:imfwpa:09/107

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    Related research

    Keywords: Madagascar; Exchange rate assessments; Export markets; Global competitiveness; Price structures; Real effective exchange rates; exchange rate; reer; real exchange rate; export performance; exchange rates; export volume; real effective exchange rate; equilibrium exchange rate; effective exchange rate; real exchange rates; nominal exchange rate; world exports; export prices; export growth; import prices; exporters; effective exchange rates; agricultural exports; export demand; manufactured exports; international markets; nontraditional exports; total exports; traditional exports; exchange rate adjustment; export processing zones; foreign exchange market; foreign exchange; floating exchange rate; exchange rate variations; exporter; exchange rate volatility; export supply; trade liberalization; export volumes; oil exporters; export processing; elasticity of export; export structure; commodity exporter; exchange rate variation; export goods; prevailing exchange rates; aggregate exports; exchange rate overvaluation; price of export;

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    References

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    1. Philip R. Lane & Gian-Maria Milesi-Ferretti, 2006. "The External Wealth of Nations Mark II," IMF Working Papers 06/69, International Monetary Fund.
    2. International Monetary Fund, 2005. "New Rates From New Weights," IMF Working Papers 05/99, International Monetary Fund.
    3. Ian W. Marsh & Stephen Tokarick, 1994. "Competitiveness Indicators," IMF Working Papers 94/29, International Monetary Fund.
    4. Pasaran, M.H. & Im, K.S. & Shin, Y., 1995. "Testing for Unit Roots in Heterogeneous Panels," Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge 9526, Faculty of Economics, University of Cambridge.
    5. Camelia Minoiu & Patrick A. Imam, 2008. "Mauritius," IMF Working Papers 08/212, International Monetary Fund.
    6. Martine Guerguil & Martin David Kaufman, 1998. "Competitiveness and the Evolution of the Real Exchange Rate in Chile," IMF Working Papers 98/58, International Monetary Fund.
    7. 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.
    8. Pedroni, Peter, 1999. " Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, Department of Economics, University of Oxford, vol. 61(0), pages 653-70, Special I.
    9. Jaewoo Lee & Jonathan David Ostry & Alessandro Prati & Luca Antonio Ricci & Gian-Maria Milesi-Ferretti, 2008. "Exchange Rate Assessments," IMF Occasional Papers 261, International Monetary Fund.
    10. Peter Isard & Hamid Faruqee, 1998. "Exchange Rate Assessment," IMF Occasional Papers 167, International Monetary Fund.
    11. John Cady, 2003. "The Equilibrium Real Exchange Rate of the Malagasy Franc," IMF Working Papers 03/28, International Monetary Fund.
    12. Ronald MacDonald, 1997. "What Determines Real Exchange Rates? The Long and Short of it," IMF Working Papers 97/21, International Monetary Fund.
    13. Luca Antonio Ricci & Jaewoo Lee & Gian-Maria Milesi-Ferretti, 2008. "Real Exchange Rates and Fundamentals," IMF Working Papers 08/13, International Monetary Fund.
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    Cited by:
    1. Ojeda Joya, Jair & Torres, Jhon Edwar, 2012. "Posición externa de largo plazo y tipo de cambio real de equilibrio en Colombia," REVISTA LECTURAS DE ECONOMÍA, UNIVERSIDAD DE ANTIOQUIA - CIE.

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