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Competitiveness and the Evolution of the Real Exchange Rate in Chile

Author

Listed:
  • Martine Guerguil
  • Martin D Kaufman

Abstract

This paper reviews the evolution of certain price and nonprice competitiveness indicators in Chile and concludes that the pecuniary loss of competitiveness associated with the appreciation of the peso since the late 1980s has been broadly offset by productivity gains and adjustments in factor intensity, particularly in the manufacturing sector. However, there may be limited room for further advances from that point, which gives new prominence to certain policy issues such as structural reforms to increase productivity, a reassessment of the tax treatment of the mining sector, and a rebalancing of the macroeconomic policy mix to dampen speculative capital inflows.

Suggested Citation

  • Martine Guerguil & Martin D Kaufman, 1998. "Competitiveness and the Evolution of the Real Exchange Rate in Chile," IMF Working Papers 98/58, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:98/58
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    Cited by:

    1. n.a.m, Naseem & m.s, Hamizah, 2013. "Exchange Rate Misalignment and Economic Growth: Recent Evidence in Malaysia," MPRA Paper 52447, University Library of Munich, Germany.
    2. 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.
    3. M. Ashraf Janjua, 2007. "Pakistan’s External Trade: Does Exchange Rate Misalignment Matter for Pakistan?," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 12(Special E), pages 126-152, September.
    4. Alper, C. Emre & Saglam, Ismail, 1999. "The Equilibrium Real Exchange Rate: Evidence from Turkey," MPRA Paper 1924, University Library of Munich, Germany.
    5. Montiel, Peter J., 2007. "Equilibrium real exchange rates, misalignment and competitiveness in the Southern Cone," Macroeconomía del Desarrollo 62, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    6. Luc Eyraud, 2009. "Madagascar; A Competitiveness and Exchange Rate Assessment," IMF Working Papers 09/107, International Monetary Fund.
    7. Fatma Marrakchi Charfi, 2008. "Equilibrium real exchange rate and misalignments : Lessons from a VAR-ECM model applied to Tunisia," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 55(4), pages 439-464, December.

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