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Exchange Rate Misalignment : Concepts and Measurement for Developing Countries - Lawrence E. Hinkle

Exchange Rate Misalignment

Concepts and Measurement for Developing Countries

By: Lawrence E. Hinkle (Editor), Peter J. Monteil (Editor)

Hardcover

Published: 1st August 1999
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'Some people may believe that crises are an inevitable feature of the capitalist system. Others hold that exchange-rate crises will vanish as more and more countries adopt floating exchange rates... But, some of us believe that crises can be avoided or at least limited by good economic management, and that having a reasonable idea of where the equilibrium exchange rate lies is an essential requirement for good macro management...'- John Williamson, Chief Economist, South Asia Region, World Bank'Exchange Rate Misalignment' provides a comprehensive treatment of the conceptual and empirical issues concerning measuring exchange rate misalignment in developing countries. The report hopes to provide policymakers and their advisors with a compendium of practical techniques for estimating equilibrium real exchange rates. The book analyzes, in detail, four methodologies for the empirical estimation of the long-run equilibrium real exchange rate.The findings of the report include: -- An assessment of alternative empirical measures of the internal and external real exchange rates. -- An up-to-date survey of the literature on estimating equilibrium exchange rates in both industrial and developing countries. -- A detailed presentation of currently available methodologies for empirically estimating the equilibrium exchange rate in developing countries. The analytical depth and practical techniques provided in 'Exchange Rate Misalignment' make this book an invaluable resource for policymakers and foreign exchange specialists in the public and private sector.Published by Oxford University Press for the World Bank.

Reviewed in Moneta e Credito more than anything else, it is invaluable for promoting the debate on the appropriate levels of exchange rates and misalignments * Christopher Tsoukis, Journal of Development Studies * an invaluable compendium of the state of the debate on LRER and of RER misalighnments. It offers wide-ranging reviews of existing literature, concepts and techniques and is interesting in its eclectiscism of the most suitable concepts or estimation approaches for the questions at hand. * Christopher Tsoukis, Journal of Development Studies *

Foreword
About the Authors
Acknowledgments
Acronyms and Abbreviations
Exchange Rate Misalignment: An Overviewp. 1
The Real Exchange Rate: Concepts and Measurement
External Real Exchange Rates: Purchasing Power Parity, the Mundell-Fleming Model, and Competitiveness in Traded Goodsp. 41
The Two-Good Internal RER for Tradables and Nontradablesp. 113
The Three-Good Internal RER for Exports, Imports, and Domestic Goodsp. 175
Determinants of the Equilibrium Real Exchange Rate
The Long-Run Equilibrium Real Exchange Rate: Conceptual Issues and Empirical Researchp. 219
Determinants of the Long-Run Equilibrium Real Exchange Rate: An Analytical Modelp. 264
Methodologies for Estimating the Equilibrium RER: Empirical Applications
Estimating the Equilibrium Real Exchange Rate Empirically: Operational Approachesp. 293
Estimates of Real Exchange Rate Misalignment with a Simple General-Equilibrium Modelp. 359
Long-Run Real Exchange Rate Changes in Developing Countries: Simulations from an Econometric Modelp. 381
Single-Equation Estimation of the Equilibrium Real Exchange Ratep. 405
Policy and Operational Considerations
The Three Pessimisms: Real Exchange Rates and Trade Flows in Developing Countriesp. 467
The Use of the Parallel Market Rate as a Guide to Setting the Official Exchange Ratep. 497
A Note on Nominal Devaluations, Inflation, and the Real Exchange Ratep. 539
Referencesp. 587
Indexp. 605
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780195211269
ISBN-10: 019521126X
Series: World Bank Publication
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 632
Published: 1st August 1999
Country of Publication: US
Dimensions (cm): 24.64 x 16.71  x 5.08
Weight (kg): 1.11