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010   $a9786613826114
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100   $a20020129d2006      uf         0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aDeterminants of Venezuela?s Equilibrium Real Exchange Rate /$fJuan Zalduendo
205   $a1st ed.
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2006.
215   $a1 online resource (19 p.)
225 1 $aIMF Working Papers
300   $a"March 2006."
311   $a1-4518-6334-9 
320   $aIncludes bibliographical references.
327   $a""Contents""; ""I. INTRODUCTION""; ""II. THE FRAMEWORK""; ""III. ADJUSTING FOR THE PARALLEL EXCHANGE MARKET""; ""IV. ASSESSMENT OF OVER- OR UNDER-VALUATION""; ""V. CONCLUSIONS""; ""References""
330 3 $aThe Venezuelan Bolivar is pegged to the U.S. dollar and supported by foreign exchange restrictions. To assess the appropriateness of the peg during the current period of high oil export earnings and the likely consequences of a liberalization, this paper attempts to disentangle the effects of oil prices from other factors underlying the equilibrium real exchange rate, and examines the role of foreign exchange controls by extending the application of a vector error correction (VEC) model to parallel market exchange rates. Several findings are worth noting. First, oil prices have indeed played a significant role in determining a time-varying equilibrium real exchange rate path. Second, oil prices are not the only important determinant of the real effective exchange rate: declining productivity is also a key factor. Third, appreciation pressures are rising. Finally, the speed of convergence of a VEC model using parallel rather than official rates is higher, suggesting that the government has been able to maintain sharp deviations between the official and equilibrium rates because of Venezuela's oil dependency and the concentration of oil income in government hands.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2006/074
606   $aForeign exchange rates$zVenezuela$xEconometric models
606   $aForeign exchange$zVenezuela
606   $aForeign Exchange$2imf
606   $aMacroeconomics$2imf
606   $aEnergy: Demand and Supply$2imf
606   $aPrices$2imf
606   $aCurrency$2imf
606   $aForeign exchange$2imf
606   $aReal exchange rates$2imf
606   $aOil prices$2imf
606   $aReal effective exchange rates$2imf
606   $aMultiple currency practices$2imf
606   $aExchange rates$2imf
607   $aVenezuela, República Bolivariana de$2imf
615  0$aForeign exchange rates$xEconometric models.
615  0$aForeign exchange
615  7$aForeign Exchange
615  7$aMacroeconomics
615  7$aEnergy: Demand and Supply
615  7$aPrices
615  7$aCurrency
615  7$aForeign exchange
615  7$aReal exchange rates
615  7$aOil prices
615  7$aReal effective exchange rates
615  7$aMultiple currency practices
615  7$aExchange rates
700   $aZalduendo$b Juan$01610666
712 02$aInternational Monetary Fund.$bWestern Hemisphere Dept.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910826872403321
996   $aDeterminants of Venezuela?s Equilibrium Real Exchange Rate$94077573
997   $aUNINA