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Record Nr. |
UNINA9910464076403321 |
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Autore |
Pineda Emilio <1974-> |
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Titolo |
Assessing exchange rate competitiveness in the Eastern Caribbean Currency Union [[electronic resource] /] / prepared by Emilio Pineda, Paul Cashin, and Yan Sun |
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Pubbl/distr/stampa |
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[Washington D.C.], : International Monetary Fund, 2009 |
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ISBN |
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1-4623-4568-9 |
1-4527-8034-X |
1-282-84299-4 |
1-4518-7225-9 |
9786612842993 |
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Descrizione fisica |
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1 online resource (43 p.) |
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Collana |
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IMF working paper ; ; WP/09/78 |
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Altri autori (Persone) |
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Soggetti |
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Foreign exchange rates - Caribbean Area |
Monetary unions - Caribbean Area |
Electronic books. |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; 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 Samples 4. 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 |
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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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Sommario/riassunto |
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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 approach is used to explore sources of real exchange rate fluctuations in ECCU countries. And third, a macroeconomic balance approach is used to estimate equilibrium current account or current account ""norms"". The main finding of these analyses is that there is little evidence of overvaluation of |
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