LEADER 06927oam 22011294 450 001 9910820683803321 005 20240402050404.0 010 $a1-4623-1946-7 010 $a1-4527-7329-7 010 $a9786612841910 010 $a1-282-84191-2 010 $a1-4518-7098-1 035 $a(CKB)3170000000055073 035 $a(EBL)1607946 035 $a(SSID)ssj0000944151 035 $a(PQKBManifestationID)11597307 035 $a(PQKBTitleCode)TC0000944151 035 $a(PQKBWorkID)10982503 035 $a(PQKB)10509079 035 $a(OCoLC)457179979 035 $a(IMF)WPIEE2008240 035 $a(MiAaPQ)EBC1607946 035 $a(EXLCZ)993170000000055073 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aInternational Competitiveness of the Mediterranean Quartet : $eA Heterogeneous-Product Approach /$fHerman Bennett, Ziga Zarnic 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (37 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/240 300 $aDescription based upon print version of record. 311 $a1-4519-1551-9 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Methodology; A. A Generic Approach to Aggregate Relative Cost Competitiveness; B. Global Goods, Local Consumption of Local Production, RPA, and Aggregated Cost Measures; III. Data; A. Goods and Services; B. Global Goods; IV. Results; A. The Effect of the Heterogeneous-Product Approach and Services; B. Differentiated ULC by Sector; V. The Profile of International Competitors; A. Goods; B. Services; VI. Conclusion; Figures; 1. Real Appreciation in the MQ vs. the Rest of the Euro Area, 1998-2006 327 $a2. Importance of China and Germany as Competitors of the MQ in High-Tech and Low-Tech Sectors in Goods, 1998-2005Tables; 1. Literature Overview; 2. ULC-Based REER Indices, Goods, 1998-2006: Heterogeneous-Product Approach (G) and Representative-Product Approach (1G); 3. Net Appreciation Differential Since 1998: Marginal Effect of Heterogeneous-Product Approach (G vs. 1G); 4. Net Appreciation Differential Since 1998: Robustness Check 1 (1G vs. IMF); 5. Net Appreciation Differential Since 1998: Marginal Effect of Extended Sample (G vs. G27) 327 $a6. Net Appreciation Differential Since 1998: Marginal Effect of Domestic Market Competition (G vs. GDM)7. The Structure of Competitors: Heterogeneous- vs. Representative-Product Approach (?) and vs. Partners Approach (?p); 8. ULC-Based REER Indices, Services, 1998-2006: Services Heterogeneous-Product Approach (S); 9. Net Appreciation Differential Since 1998: Difference Between Services and Goods (S vs. G); 10. ULC-Based REER Indices, Goods and Services, 1998-2006: A Heterogeneous-Product Approach (GS) 327 $a11. Net Appreciation Differential Since 1998: Joint Marginal Effect of the Heterogeneous- Product Approach, Including Services (GS vs. 1G)12. Net Appreciation Differential Since 1998: Marginal Effect of Differentiated ULC (Gd vs G); 13. Structure of Competitors: Goods; 14. Structure of Competitors in High-Tech and Low-Tech Sectors in 2005; 15. Structure of Competitors: Services; 16. Main Competitors in 2005: Goods; 17. Main Competitors in 2004: Services; Appendix Tables; A1. Availability of Unit Labor Cost Data; A2. Classification of Global Goods; References 330 3 $aThe real effective exchange rate (REER) is the most commonly used measure for assessing international competitiveness. We develop a methodology to estimate the REER that incorporates two distinctive elements that are not considered in the current literature and apply it to the Mediterranean Quartet (MQ) of Greece, Italy, Portugal, and Spain, whose common pattern of real appreciation has created concern in policy and academic circles. The two elements that we add to the existing literature are (i) product heterogeneity when identifying each country's international competitors and their weights and (ii) a comprehensive treatment of services exports. Our refined measure suggests a modest reduction in the observed REER gap between the MQ countries and the other euro area countries. In particular, considering product heterogeneity and services exports implies a lower real appreciation from 1998 to 2006 on the order of 2-3 percent for all MQ countries. These are difference-in-difference estimates relative to the results obtained for the rest of the euro area countries using the same methodology. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/240 606 $aCompetition$zGreece$xEconometric models 606 $aCompetition$zItaly$xEconometric models 606 $aCompetition$zPortugal$xEconometric models 606 $aCompetition$zSpain$xEconometric models 606 $aForeign exchange rates$zGreece$xEconometric models 606 $aExports and Imports$2imf 606 $aFinance: General$2imf 606 $aForeign Exchange$2imf 606 $aIndustries: Manufacturing$2imf 606 $aTrade: General$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aIndustry Studies: Manufacturing: General$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aInternational economics$2imf 606 $aFinance$2imf 606 $aManufacturing industries$2imf 606 $aReal effective exchange rates$2imf 606 $aCompetition$2imf 606 $aManufacturing$2imf 606 $aExports$2imf 606 $aService exports$2imf 607 $aSpain$2imf 615 0$aCompetition$xEconometric models. 615 0$aCompetition$xEconometric models. 615 0$aCompetition$xEconometric models. 615 0$aCompetition$xEconometric models. 615 0$aForeign exchange rates$xEconometric models. 615 7$aExports and Imports 615 7$aFinance: General 615 7$aForeign Exchange 615 7$aIndustries: Manufacturing 615 7$aTrade: General 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aIndustry Studies: Manufacturing: General 615 7$aCurrency 615 7$aForeign exchange 615 7$aInternational economics 615 7$aFinance 615 7$aManufacturing industries 615 7$aReal effective exchange rates 615 7$aCompetition 615 7$aManufacturing 615 7$aExports 615 7$aService exports 676 $a338.5 700 $aBennett$b Herman$01602647 701 $aZarnic$b Ziga$01602648 801 0$bDcWaIMF 906 $aBOOK 912 $a9910820683803321 996 $aInternational Competitiveness of the Mediterranean Quartet$93926669 997 $aUNINA