LEADER 05824oam 22011054 450 001 9910828975203321 005 20200520144314.0 010 $a1-4623-4568-9 010 $a1-4527-8034-X 010 $a1-282-84299-4 010 $a1-4518-7225-9 010 $a9786612842993 035 $a(CKB)3170000000055249 035 $a(EBL)1608259 035 $a(SSID)ssj0000940058 035 $a(PQKBManifestationID)11512679 035 $a(PQKBTitleCode)TC0000940058 035 $a(PQKBWorkID)10956250 035 $a(PQKB)10821217 035 $a(OCoLC)551073601 035 $a(IMF)WPIEE2009078 035 $a(MiAaPQ)EBC1608259 035 $a(IMF)WPIEA2009078 035 $a(EXLCZ)993170000000055249 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aAssessing Exchange Rate Competitiveness in the Eastern Caribbean Currency Union /$fEmilio Pineda, Paul Cashin, Yan Sun 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (43 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1660-4 320 $aIncludes bibliographical references. 327 $aContents; 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 327 $a3. 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 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 327 $a8. 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 330 3 $aThis paper uses three methods to assess movements of real exchange rates in the ECCU over time. First, the purchasing power parity hypothesis is tested and then used to provide a benchmark for equilibrium real exchange rates in the region. Second, a fundamentals-based equilibrium real exchange rate approach is used to explore sources of real exchange rate fluctuations in ECCU countries. And third, a macroeconomic balance approach is used to estimate equilibrium current account or current account "norms". The main finding of these analyses is that there is little evidence of overvaluation of the EC dollar. Furthermore, this paper contributes to the literature by analyzing the distinctive impact of tourism in determining real exchange rates through the wealth effect induced by tourism-driven increases in terms of trade and productivity. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/078 606 $aForeign exchange rates$zCaribbean Area 606 $aMonetary unions$zCaribbean Area 606 $aBalance of payments$2imf 606 $aCurrency$2imf 606 $aCurrent Account Adjustment$2imf 606 $aCurrent account balance$2imf 606 $aExports and Imports$2imf 606 $aForeign Exchange$2imf 606 $aForeign exchange$2imf 606 $aGambling$2imf 606 $aHospitality, leisure & tourism industries$2imf 606 $aIndustries: Hospital,Travel and Tourism$2imf 606 $aInternational economics$2imf 606 $aPurchasing power parity$2imf 606 $aReal effective exchange rates$2imf 606 $aReal exchange rates$2imf 606 $aRecreation$2imf 606 $aRestaurants$2imf 606 $aShort-term Capital Movements$2imf 606 $aSports$2imf 606 $aTourism$2imf 607 $aUnited States$2imf 615 0$aForeign exchange rates 615 0$aMonetary unions 615 7$aBalance of payments 615 7$aCurrency 615 7$aCurrent Account Adjustment 615 7$aCurrent account balance 615 7$aExports and Imports 615 7$aForeign Exchange 615 7$aForeign exchange 615 7$aGambling 615 7$aHospitality, leisure & tourism industries 615 7$aIndustries: Hospital,Travel and Tourism 615 7$aInternational economics 615 7$aPurchasing power parity 615 7$aReal effective exchange rates 615 7$aReal exchange rates 615 7$aRecreation 615 7$aRestaurants 615 7$aShort-term Capital Movements 615 7$aSports 615 7$aTourism 676 $a338.28394 700 $aPineda$b Emilio$01768976 701 $aCashin$b Paul$01632384 701 $aSun$b Yan$0690256 801 0$bDcWaIMF 906 $aBOOK 912 $a9910828975203321 996 $aAssessing Exchange Rate Competitiveness in the Eastern Caribbean Currency Union$94235407 997 $aUNINA