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100   $a20100902d2009      uf         0
101 0 $aeng
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181   $ctxt
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183   $acr
200 10$aMadagascar $ea competitiveness and exchange rate assessment /$fLuc Eyraud
205   $a1st ed.
210   $a[Washington, D.C.] $cInternational Monetary Fund$d2009
215   $a30 p. $cill
225 1 $aIMF working paper ;$vWP/09/107
300   $aBibliographic Level Mode of Issuance: Monograph
311   $a1-4519-1684-1 
320   $aIncludes bibliographical references.
327   $aIntro -- CONTENTS -- I. Introduction -- II. Export Performance of Madagascar -- A. Export Acceleration and Better Trade Specialization Since the 1990s -- B. Decline in Market Share Since the 1990s -- III. Price Competitiveness: A Descriptive Analysis -- A. Real Depreciation of the Ariary During the 1980s -- B. Real Appreciation of the Ariary since 2004 -- IV. Price Competitiveness: Exchange Rate Assessment -- A. The Macroeconomic Balance Approach -- B. The External Sustainability Approach -- C. The Equilibrium Real Exchange Rate Approach -- V. Nonprice Competitiveness: A Descriptive Analysis -- A. Assessment of Structural Competitiveness -- B. Constraints on Trade and Business in Madagascar and Mauritius -- VI. Conclusions and Policy Implications -- APPENDIX -- List of Figures -- 1: Growth in Export  Volume -- 2: Structure of  Exports in Value -- 3: Nominal Market  Share Since 1980 -- 4: Market Share in  Nominal and Real Terms since 1990 -- 5: Real Market  Share Relative to SADC and Asian Competitors -- 6: Real Effective  Exchange Rate -- 7: Consumer Price  Index -- 8: Nominal and  Real Effective Exchange Rates -- 9: Results from the  MB Method -- 10: NEP-Stabilizing  CA -- 11: Actual and  Estimated REER of the Ariary -- 12: Composite  Indicators of Competitiveness -- 13: Trading Across Borders Index -- List of Tables -- 1: Wage and Nonwage  Costs in Madagascar and Comparator Countries -- 2: Summary of the  Results from the Three Methods -- 3: Comparison of  Madagascar and Mauritius on World Bank Surveys -- 4: Assumptions  Underlying the Three Cases -- 5: Current Account  Elasticity Formulas -- 6: Estimates of the  Export and Import Elasticities -- 7: Estimates of the  Current Account Elasticity -- 8: Panel Unit Root Tests -- 9: Panel Cointegration  Tests -- 10: Panel Estimates.
330 3 $aThe purpose of this paper is to assess Madagascar's competitiveness in recent years, using both price and nonprice indicators and an exchange rate assessment of the currency. We estimate the distance between the equilibrium and the actual real exchange rates using three methods: the macroeconomic balance approach, the external sustainability approach, and the reduced-form equilibrium real exchange rate approach. These methods suggest that in the medium term the real exchange rate is only slightly overvalued. We also carry out a comparative analysis of nonprice indicators and find that Madagascar performs less favorably than its competitors on structural competitiveness.
410  0$aIMF working paper ;$vWP/09/107.
606   $aCompetition$zMadagascar
606   $aForeign exchange rates$zMadagascar
615  0$aCompetition
615  0$aForeign exchange rates
676   $a338.19234
700   $aEyraud$b Luc$01103642
712 02$aInternational Monetary Fund.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910825976003321
996   $aMadagascar$93978591
997   $aUNINA