LEADER 05549oam 22010334 450 001 9910960080303321 005 20250426110443.0 010 $a9786612843228 010 $a9781462366873 010 $a1462366872 010 $a9781451872545 010 $a1451872542 010 $a9781451988277 010 $a1451988273 010 $a9781282843226 010 $a1282843222 035 $a(CKB)3170000000055260 035 $a(SSID)ssj0000942106 035 $a(PQKBManifestationID)11582404 035 $a(PQKBTitleCode)TC0000942106 035 $a(PQKBWorkID)10984269 035 $a(PQKB)11129184 035 $a(OCoLC)550669510 035 $a(MiAaPQ)EBC1605904 035 $a(IMF)WPIEE2009107 035 $a(IMF)WPIEA2009107 035 $aWPIEA2009107 035 $a(EXLCZ)993170000000055260 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMadagascar : $eA Competitiveness and Exchange Rate Assessment /$fLuc Eyraud 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a30 p. $cill 225 1 $aIMF Working Papers 300 $aBibliographic Level Mode of Issuance: Monograph 311 08$a9781451916843 311 08$a1451916841 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 Papers; Working Paper ;$vNo. 2009/107 606 $aCompetition$zMadagascar 606 $aForeign exchange rates$zMadagascar 606 $aCompetition$2imf 606 $aCurrency$2imf 606 $aExchange rates$2imf 606 $aExport performance$2imf 606 $aExports and Imports$2imf 606 $aExports$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aForeign Exchange$2imf 606 $aForeign exchange$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aInternational economics$2imf 606 $aReal effective exchange rates$2imf 606 $aReal exchange rates$2imf 606 $aTrade: General$2imf 607 $aMadagascar, Republic of$2imf 615 0$aCompetition 615 0$aForeign exchange rates 615 7$aCompetition 615 7$aCurrency 615 7$aExchange rates 615 7$aExport performance 615 7$aExports and Imports 615 7$aExports 615 7$aFinance 615 7$aFinance: General 615 7$aForeign Exchange 615 7$aForeign exchange 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aInternational economics 615 7$aReal effective exchange rates 615 7$aReal exchange rates 615 7$aTrade: General 676 $a338.19234 700 $aEyraud$b Luc$01103642 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910960080303321 996 $aMadagascar$94371898 997 $aUNINA