Assessing exchange rate competitiveness in the eastern Caribbean currency union /

This paper uses three methods to assess movements of real exchange rates in the ECCU over time. First, the purchasing power parity hypothesis is tested and then used to provide a benchmark for equilibrium real exchange rates in the region. Second, a fundamentals-based equilibrium real exchange rate...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autores principales: Pineda, Emilio, 1974- (Autor), Cashin, Paul (Autor), Sun, Yan, 1959- (Autor)
Autor Corporativo: International Monetary Fund. Western Hemisphere Department
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, ©2009.
Colección:IMF working paper ; WP/09/78.
Temas:
Foreign exchange rates > Caribbean Area.
Monetary unions > Caribbean Area.
Taux de change > Caraïbes (Région)
Unions monétaires > Caraïbes (Région)
Foreign exchange rates
Monetary unions
Caribbean Area
Acceso en línea:Texto completo
Tabla de Contenidos:
  • I. Introduction; II. Theoretical Background; III. Evolution of the Real Exchange Rate in the ECCU; A. Analysis of Traditional Real Exchange Rate Measures; B. Real Exchange Rates Based on Customers and Competitors of Tourism Sector; IV. Equilibrium Real Exchange Rate Models; A. The PPP Hypothesis; B. Equilibrium Real Exchange Rate: The Impact of Tourism; C. Macroeconomic Balance Approach; V. Conclusions; Appendices; I. Tourism and the Real Exchange Rate; A. Tourism Model; II. Data Sources; Tables; 1. ECCU: Unit Root Tests on REER; 2. ECCU: Panel Unit Root Tests on REER
  • 3. Results of the Error Correction Specification for Different Samples4. Estimation Results: Macroeconomic Balance Approach; Figures; 1. ECCU: Real Exchange Rate-Real Effective Exchange Rate, 1979-2009; 2. The Caribbean: Real Exchange Rate-Real Effective Exchange Rate, 1979-2009; 3. Real Exchange Rates with Respect to Main Customers of the Tourism Sector 1979-2009; 4. Real Exchange Rates with Respect to Tourism Competitors, 1979-2009; 5. ECCU: Actual and Long-Run Average REER, 1979-2008; 6. ECCU: Actual and Equilibrium REER, 1979-2008; 7. ECCU: Actual and Equilibrium REER, 1979-2008
  • 8. ECCU: Contributions to Changes in Equilibrium Exchange Rates, 1982-20089. Contributions to Changes of Equilibrium Real Exchange Rates, 1982-2008; 10. ECCU: Current Account Deficit, Actual and Estimated Norms; 11. ECCU: Current Account Deficit, Actual and Estimated Norms; 12. ECCU: Contributions to Current Account/GDP Norm, 1979-2008; References

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