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Real Exchange Rates and Competitiveness

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  • Leslie Lipschitz
  • Donogh McDonald
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    Abstract

    This paper examines indicators of competitiveness. It analyzes the conceptual foundations of conventional measures of the real exchange rate and finds that inferences about competitiveness from these indicators require strong, and in many cases implausible, assumptions. Based on this analysis some alternative measures are proposed and their use is illustrated using data from Europe. Given the usefulness of standardized indicators, four simple charts are proposed; these help solve some conundrums in the European data and provide the basis for a richer set of inferences about competitiveness.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 91/25.

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    Length: 48
    Date of creation: 01 Mar 1991
    Date of revision:
    Handle: RePEc:imf:imfwpa:91/25

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    Cited by:
    1. Andrea Saayman, 2007. "The Real Equilibrium South African Rand/US Dollar Exchange Rate: A Comparison of Alternative Measures," International Advances in Economic Research, Springer, vol. 13(2), pages 183-199, May.
    2. Roman Horváth, 2005. "Real Equilibrium Exchange Rate Estimates: To What Extent Are They Applicable for Setting the Central Parity?," Working Papers IES 75, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised 2005.
    3. Ulf Schoefisch, 1992. "Measures of external and internal competitiveness," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 55, march.
    4. Elena Loukoianova & Plamen Iossifov, 2007. "Estimation of a Behavioral Equilibrium Exchange Rate Model for Ghana," IMF Working Papers 07/155, International Monetary Fund.
    5. Ondrej Schneider & Jan Zápal, 2005. "Fiscal Policy in New EU Member States – Go East, Prudent Man!," CESifo Working Paper Series 1486, CESifo Group Munich.
    6. Charalambos G. Tsangarides & Gustavo Ramirez, 2007. "Competitiveness in the CFA Franc Zone," IMF Working Papers 07/212, International Monetary Fund.
    7. Eckhard Siggel, 2006. "International Competitiveness and Comparative Advantage: A Survey and a Proposal for Measurement," Journal of Industry, Competition and Trade, Springer, vol. 6(2), pages 137-159, June.
    8. International Monetary Fund, 2002. "Tunisia's Experience with Real Exchange Rate Targeting and the Transition to a Flexible Exchange Rate Regime," IMF Working Papers 02/190, International Monetary Fund.
    9. Elisabetta Falcetti & Luis Catão, 1999. "Determinants of Argentina's External Trade," IMF Working Papers 99/121, International Monetary Fund.
    10. Claudio Paiva, 2006. "External Adjustment and Equilibrium Exchange Rate in Brazil," IMF Working Papers 06/221, International Monetary Fund.
    11. Jaime Marquez, 1992. "Real exchange rates: measurement and implications for predicting U.S. external imbalances," International Finance Discussion Papers 427, Board of Governors of the Federal Reserve System (U.S.).

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