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Assessing Competitiveness and Real Exchange Rate Misalignment in Low-Income Countries

  • Mark Lewis
  • Aurélie Martin
  • Gabriel Di Bella
Registered author(s):

    Assessing a country's competitiveness routinely starts with an analysis of the real exchange rate. However, in low-income countries, empirical analysis of the real exchange rate is often subject to important limitations that seriously weaken the results. This paper summarizes the methodologies used to assess real exchange rate misalignments and discusses the range of obstacles common to low-income countries. Recognizing the importance of using a wide range of indicators for assessing competitiveness in low-income countries, the paper discusses alternative competitive measures and then proposes a template of indicators to allow for a systematic assessment of competitiveness in low-income countries. The template is then used to rank countries according to their competitiveness performance in 2006.

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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/201.

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    Length: 46
    Date of creation: 01 Aug 2007
    Date of revision:
    Handle: RePEc:imf:imfwpa:07/201
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    1. Gonzalo, J. & Granger, C., 1992. "Estimation of Common Long-Memory Components in Cointegrated Systems," Papers 4, Boston University - Department of Economics.
    2. Etienne B. Yehoue & Gilles J. Dufrénot, 2005. "Real Exchange Rate Misalignment: A Panel Co-Integration and Common Factor Analysis," IMF Working Papers 05/164, International Monetary Fund.
    3. Devarajan, Shantayanan & Lewis, Jeffrey D & Robinson, Sherman, 1993. "External Shocks, Purchasing Power Parity, and the Equilibrium Real Exchange Rate," World Bank Economic Review, World Bank Group, vol. 7(1), pages 45-63, January.
    4. Ronald Mac Donald, 1998. "What Do We Really Know About Real Exchange Rates?," Working Papers 28, Oesterreichische Nationalbank (Austrian Central Bank).
    5. Aasim M. Husain, 2006. "To Peg or Not to Peg: A Template for Assessing the Nobler," IMF Working Papers 06/54, International Monetary Fund.
    6. repec:imf:imfwpa:97/21 is not listed on IDEAS
    7. T. W.Swan, 1960. "Economic Control In A Dependent Economy," The Economic Record, The Economic Society of Australia, vol. 36(73), pages 51-66, 03.
    8. repec:imf:imfwpa:94/17 is not listed on IDEAS
    9. Kenneth Rogoff, 1992. "Traded Goods Consumption Smoothing and the Random Walk Behavior of the Real Exchange Rate," NBER Working Papers 4119, National Bureau of Economic Research, Inc.
    10. Mark Lewis & Jean-Claude Nachega & Said Bakhache & Kadima D. Kalonji, 2006. "Assessing Competitiveness After Conflict; The Case of the Central African Republic," IMF Working Papers 06/303, International Monetary Fund.
    11. Kenneth Rogoff, 1996. "The Purchasing Power Parity Puzzle," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 647-668, June.
    12. MacDonald, Ronald, 2000. "Concepts to Calculate Equilibrium Exchange Rates: An Overview," Discussion Paper Series 1: Economic Studies 2000,03, Deutsche Bundesbank, Research Centre.
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