{
  "title": "IMF Staff Papers, Volume 50, No. 3",
  "publication": "IMF Staff Papers, November 25, 2003",
  "sourceUrl": "https://www.imf.org/en/publications/imf-staff-papers/issues/2016/12/30/imf-staff-papers-volume-50-no-16309",
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  "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.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- 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.\n- 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.\n- The paper analyzes integration of Africa into world trade.\n- The high-yield spread as a predictor of real economic activity is also examined."
    },
    {
      "heading": "Key findings and statistics",
      "content": "- Sample: REER data for 20 industrial countries in the post-Bretton Woods period.\n- Estimation method: serial correlation-robust median-unbiased estimator.\n- Cross-country average half-lives of deviations from parity: about eight years.\n- Evidence: REER of several countries exhibit permanent deviations from parity."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Currency crises, Economic sectors, Financial crises, Foreign exchange, Privatization, Purchasing power parity, Real effective exchange rates, Real exchange rates\n- Keywords: Africa, cost allocation, Currency crises, East Asia, Europe, Global, government cost, Privatization, Purchasing power parity, quota license, quota price, Real effective exchange rates, Real exchange rates, SP, stabilization policy, Sub-Saharan Africa, trade\n\n---\n\n\nSource: https://www.imf.org/en/publications/imf-staff-papers/issues/2016/12/30/imf-staff-papers-volume-50-no-16309"
    }
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    "Authors: Robert P Flood",
    "Published: November 25, 2003",
    "Series: IMF Staff Papers",
    "Volume: 50",
    "DOI: https://doi.org/10.5089/9781589062030.024",
    "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.",
    "Sample: REER data for 20 industrial countries in the post-Bretton Woods period.",
    "Estimation method: serial correlation-robust median-unbiased estimator.",
    "Cross-country average half-lives of deviations from parity: about eight years.",
    "Evidence: REER of several countries exhibit permanent deviations from parity.",
    "Subjects: Currency crises, Economic sectors, Financial crises, Foreign exchange, Privatization, Purchasing power parity, Real effective exchange rates, Real exchange rates",
    "Keywords: Africa, cost allocation, Currency crises, East Asia, Europe, Global, government cost, Privatization, Purchasing power parity, quota license, quota price, Real effective exchange rates, Real exchange rates, SP, stabilization policy, Sub-Saharan Africa, trade"
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