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Trends in OECD Countries' International Competitiveness: The Influence of Emerging Market Economies

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  • Martine Durand
  • Christophe Madaschi
  • Flavia Terribile
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    Abstract

    The large exchange rate depreciations registered in a number of Asian countries since mid-1997 have raised the issue of whether this could lead to major shifts in the relative costs and prices of production across countries, and hence in the relative competitive positions of OECD and non-OECD countries. To take account of the growing importance of Asian emerging economies in world markets, they have been added, together with a number of other non-OECD emerging market economies, to the group of countries covered in the calculation of the OECD Secretariat competitiveness indicators. The main findings that emerge from the analysis presented in this Working Paper are the following: first, the United States is by far the most competitive economy among major OECD countries, both in terms of higher productivity performance and lower absolute cost levels in the manufacturing sector. However, emerging market economies for which data are available display significantly lower levels of unit ... Les importantes dépréciations de change enregistrées par un certain nombre d’économies émergentes d’Asie depuis la mi-97 ont soulevé la question de savoir si cela risquait de conduire à des changements significatifs de prix et coûts relatifs entre les pays OCDE et non-OECD. Afin de prendre en compte l’importance croissante des économies émergentes d’Asie dans les échanges mondiaux, ces dernières ont été ajoutées, avec d’autres économies émergentes, au groupe de pays entrant dans le calcul des indicateurs de compétitivité du Secrétariat de l’OCDE. Les principaux résultats de l’analyse présentée dans ce document de travail sont les suivants: premièrement, les Etats Unis sont de loin l’économie la plus compétitive parmi les pays de l’OCDE,à la fois en termes de niveaux de productivité ou de coûts salariaux unitaires de main d’oeuvre dans le secteur manufacturier. Cependant, les niveaux de coût dans les économies émergentes pour lesquelles il existe des données sont nettement plus bas ...

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    File URL: http://dx.doi.org/10.1787/345570563225
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    Bibliographic Info

    Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 195.

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    Date of creation: 23 Apr 1998
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    Handle: RePEc:oec:ecoaaa:195-en

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    Cited by:
    1. Lommerud, Kjell Erik & Meland, Frode & Sørgard, Lars, 2001. "Unionized Oligopoly, Trade Liberalization and Location Choice," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2990, C.E.P.R. Discussion Papers.
    2. Coppel, Jonathan & Durand, Martine & Visco, Ignazio, 2000. "The European Monetary Union, the euro, and the European policy mix," Journal of Asian Economics, Elsevier, Elsevier, vol. 11(1), pages 31-63.
    3. José García-Solanes & Jesús Rodríguez-López & José Torres, 2011. "Demand Shocks and Trade Balance Dynamics," Open Economies Review, Springer, Springer, vol. 22(4), pages 739-766, September.
    4. Charles P. Thomas & Jaime Marquez & Sean Fahle, 2008. "Measuring U.S. international relative prices: a WARP view of the world," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 917, Board of Governors of the Federal Reserve System (U.S.).
    5. Aiello, Francesco & Bonanno, Graziella & Via, Alessia, 2014. "Do export price elasticities support tensions in currency markets? Evidence from China and six OECD countries," MPRA Paper 56727, University Library of Munich, Germany.
    6. Antonia López Villavicencio, 2006. "Real equilibrium exchange rates. A panel data approach for advanced and emerging economies," Working Papers wpdea0605, Department of Applied Economics at Universitat Autonoma of Barcelona.
    7. Janno Reiljan & Maria Hinrikus & Anneli Ivanov, 2000. "Key Issues In Defining And Analysing The Competitiveness Of A Country," University of Tartu - Faculty of Economics and Business Administration Working Paper Series, Faculty of Economics and Business Administration, University of Tartu (Estonia) 1, Faculty of Economics and Business Administration, University of Tartu (Estonia).
    8. Pelinescu, Elena & Caraiani, Petre, 2006. "Estimating the Real Effective Exchange Rate (REER) by Using the Unit Labor Cost (ULC) in Romania," Journal for Economic Forecasting, Institute for Economic Forecasting, Institute for Economic Forecasting, vol. 3(4), pages 5-22, December.

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