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Measuring Competitiveness

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Author Info

  • Tamim Bayoumi
  • Mika Saito
  • Jarkko Turunen

Abstract

With global supply chains, any value added or production task can be traded as part of goods. This means that competitiveness can be measured either in terms of “tasks” (Bems and Johnson, 2012), or goods, but with goods prices reflecting the cost of tasks embedded in those goods. We show that when measuring competitiveness in goods, the formula used in computing the real effective exchange rates at the IMF (Bayoumi, Lee, and Jayanthi, 2005) needs to be expressed in terms of the price of value added and needs an additional term, which captures a gain or loss in competitiveness of goods due to outsourcing.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 13/100.

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Length: 22
Date of creation: 08 May 2013
Date of revision:
Handle: RePEc:imf:imfwpa:13/100

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Related research

Keywords: Global competitiveness; Emerging markets; International trade; Real effective exchange rates; Economic models; Global Supply Chains; reer; intermediate inputs; domestic production; gross exports; net export; elasticity of substitution; export data; trade data; net exports; trading partners; bilateral trade; trade patterns; export performance; competitiveness of goods; export equation; export market; export demand; export product; unit labor costs; total exports; export competition; export trade; constant elasticity of substitution; import competition; imported intermediates; partner country; export shares; factor price;

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References

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  1. Robert Koopman & William Powers & Zhi Wang & Shang-Jin Wei, 2010. "Give Credit Where Credit Is Due: Tracing Value Added in Global Production Chains," NBER Working Papers 16426, National Bureau of Economic Research, Inc.
  2. Mika Saito, 2004. "Armington elasticities in intermediate inputs trade: a problem in using multilateral trade data," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 37(4), pages 1097-1117, November.
  3. Thorbecke, Willem, 2011. "Investigating the effect of exchange rate changes on china's processed exports," Journal of the Japanese and International Economies, Elsevier, vol. 25(2), pages 33-46, June.
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Cited by:
  1. Campbell, Douglas L & Pyun, Ju Hyun, 2014. "Through the Looking Glass: A WARPed View of Real Exchange Rate History," MPRA Paper 55870, University Library of Munich, Germany.

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