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Towards a System of Multilateral Unit Labor Cost-Based Competitiveness Indicators for Advanced, Developing, and Transition Countries

Author

Listed:
  • Mr. Anthony G. Turner
  • Mr. Stephen S. Golub

Abstract

This paper attempts to extend the range of countries covered by the IMF’s multilateral real exchange rate indexes based on relative unit labor costs (REER-ULCs) in manufacturing. A data set was assembled that permits calculation of REER-ULCs for 23 newly industrialized, developing, and transition countries in addition to the 21 industrial countries covered by the current system. Although the results are mostly quite encouraging, they should be considered preliminary because of uncertainty about the reliability and comparability of the underlying data. Also, unit labor costs are not available on as timely a basis as consumer price indexes (CPIs), especially for nonindustrial countries. Thus, the ULC-based indicators should supplement rather than replace the current CPI-based system.

Suggested Citation

  • Mr. Anthony G. Turner & Mr. Stephen S. Golub, 1997. "Towards a System of Multilateral Unit Labor Cost-Based Competitiveness Indicators for Advanced, Developing, and Transition Countries," IMF Working Papers 1997/151, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1997/151
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    Citations

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    Cited by:

    1. Campbell, Douglas L., 2016. "Measurement matters: Productivity-adjusted weighted average relative price indices," Journal of International Money and Finance, Elsevier, vol. 61(C), pages 45-81.
    2. Ahmet Faruk Aysan & Yavuz Selim Hacihasanoglu, 2007. "Investigation on the Determinants of Turkish Export-Boom in 2000s," Working Papers 2007/19, Bogazici University, Department of Economics.
    3. Anna, Merika & Anna, Triantafyllou & George, Zombanakis, 2019. "Wage and tax competitiveness: The case of Hellenic shipping," Transportation Research Part A: Policy and Practice, Elsevier, vol. 119(C), pages 255-270.
    4. Douglas L. Campbell, 2014. "Through the Looking Glass: A WARPed View of Real Exchange Rate History," Working Papers w0210, Center for Economic and Financial Research (CEFIR).
    5. J.A. Kregel, 1998. "East Asia Is Not Mexico: The Difference between Balance of Payments Crises and Debt Deflations," Macroeconomics 9805020, University Library of Munich, Germany.
    6. Edwards, Lawrence & Golub, Stephen S., 2004. "South Africa's International Cost Competitiveness and Exports in Manufacturing," World Development, Elsevier, vol. 32(8), pages 1323-1339, August.
    7. Özler, Sule & Taymaz, Erol & YIlmaz, Kamil, 2009. "History Matters for the Export Decision: Plant-Level Evidence from Turkish Manufacturing Industry," World Development, Elsevier, vol. 37(2), pages 479-488, February.

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