IMF Staff Papers, Volume 50, No. 3
Electronic Access:
Free Download. Use the free Adobe Acrobat Reader to view this PDF file
Summary:
This paper analyzes the issue of purchasing power parity using real effective exchange rate (REER) data for 20 industrial countries in the post-Bretton Woods period. The serial correlation-robust median-unbiased estimator yields a cross-country average of half-lives of deviations from parity of about eight years, with the REER of several countries displaying permanent deviations from parity. The paper analyzes integration of Africa into world trade. The high-yield spread as a predictor of real economic activity is also examined.
Series:
IMF Staff Papers No. 2003/003
Subject:
Currency crises Economic sectors Financial crises Foreign exchange Privatization Purchasing power parity Real effective exchange rates Real exchange rates
English
Publication Date:
November 25, 2003
ISBN/ISSN:
9781589062030/1020-7635
Stock No:
SPIEA0032003
Pages:
204
Please address any questions about this title to publications@imf.org