Purchasing Power Parities of Currencies Recente Advances in Methods and Applications

Recent Advances in Methods and Applications

By: D. S.P. Rao (Editor)

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Hardcover | 1 December 2010

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Hardcover
424 Pages

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23.5 x 16.51 x 3.18

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Purchasing power parities (PPPs) of currencies are being increasingly used in place of exchange rates for comparisons of real income, measurement of global inequality and poverty, calculation of human development index and in the assessment of economic performance of nations. Despite this increasing popularity of PPPs, its users have very little appreciation of the data and methods used in the derivation of PPPs. This important book brings together a number of significant contributions from leading researchers in this field, offering a comprehensive review of the latest methods used in the construction and application of PPPs. It also provides a broad overview of the current state-of-the-art both in terms of techniques as well as current practice at various international organizations.

Industry Reviews

'Perhaps the most significant challenge economists face when comparing economic aggregates across countries is that the data needs to be expressed in a common currency. The use of Purchasing Power Parities (PPPs) to convert national GDP's into a common currency, for example, is the recognized method to avoid the deficiencies in exchange rates. However, the methodology to produce PPPs is probably the most complex and difficult statistical activity in the world. The recently completed 2005 International Comparison Program (ICP) included 146 countries with huge variations in the size and structure of their economies and covered all components of the GDP. Because of the huge differences in the scope and scale of national economies, the ICP was organized to first produce regional PPPs followed by their linkage to produce global PPP's. Many of the problems encountered are considered in this book. The list of authors reads like a who's who in the field of international economic statistics who provide a valuable addition to the knowledge about PPPs. Purchasing Power Parities fits a critical need as it brings together the most recent significant developments to improve the estimation of internationally comparable economic indicators.' -- Frederic A. Vogel, Global Manager, International Comparison Program, 2005 and Consultant, World Bank, Washington, US
'This book makes a major contribution to the literature on purchasing power parities (PPPs). It is the latest in a flow of important studies which started in 1940. The eminent contributors are mainly concerned with presenting new methods of estimation, rather than new estimates of world performance. Purchasing Power Parities of Currencies contains 13 essays. Most are concerned with complicated problems now at the cutting edge of PPP measurement, with innovative suggestions for sophisticated improvements of present techniques of estimating PPPs. When the World Bank PPP estimates for 2011 emerge, readers of the book will be well equipped to scrutinize its methodological approach with a critical eye.' -- Angus Maddison, United Nations University-MERIT, Maastricht and University of Groningen, Netherlands

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