International Competitiveness of the Mediterranean Quartet: A Heterogeneous-Product Approach
The real effective exchange rate (REER) is the most commonly used measure for assessing international competitiveness. We develop a methodology to estimate the REER that incorporates two distinctive elements that are not considered in the current literature and apply it to the Mediterranean Quartet...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2008
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 08/240 |
| Schlagworte: | |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | The real effective exchange rate (REER) is the most commonly used measure for assessing international competitiveness. We develop a methodology to estimate the REER that incorporates two distinctive elements that are not considered in the current literature and apply it to the Mediterranean Quartet (MQ) of Greece, Italy, Portugal, and Spain, whose common pattern of real appreciation has created concern in policy and academic circles. The two elements that we add to the existing literature are (i) product heterogeneity when identifying each country''s international competitors and their weights and (ii) a comprehensive treatment of services exports. Our refined measure suggests a modest reduction in the observed REER gap between the MQ countries and the other euro area countries. In particular, considering product heterogeneity and services exports implies a lower real appreciation from 1998 to 2006 on the order of 2-3 percent for all MQ countries. These are difference-in-difference estimates relative to the results obtained for the rest of the euro area countries using the same methodology |
| Beschreibung: | Includes bibliographical references |
| Beschreibung: | 1 Online-Ressource (35 p) |
| ISBN: | 1451870981 9781451870985 |
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| index_date | 2024-07-03T20:13:25Z |
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| oclc_num | 457179979 |
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| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| physical | 1 Online-Ressource (35 p) |
| psigel | ZDB-1-IMF |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Bennett, Herman Z. Verfasser aut International Competitiveness of the Mediterranean Quartet A Heterogeneous-Product Approach Bennett, Herman Z Washington, D.C International Monetary Fund 2008 1 Online-Ressource (35 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 08/240 Includes bibliographical references The real effective exchange rate (REER) is the most commonly used measure for assessing international competitiveness. We develop a methodology to estimate the REER that incorporates two distinctive elements that are not considered in the current literature and apply it to the Mediterranean Quartet (MQ) of Greece, Italy, Portugal, and Spain, whose common pattern of real appreciation has created concern in policy and academic circles. The two elements that we add to the existing literature are (i) product heterogeneity when identifying each country''s international competitors and their weights and (ii) a comprehensive treatment of services exports. Our refined measure suggests a modest reduction in the observed REER gap between the MQ countries and the other euro area countries. In particular, considering product heterogeneity and services exports implies a lower real appreciation from 1998 to 2006 on the order of 2-3 percent for all MQ countries. These are difference-in-difference estimates relative to the results obtained for the rest of the euro area countries using the same methodology Online-Ausg Competition Greece Econometric models Competition Italy Econometric models Competition Portugal Econometric models Competition Spain Econometric models Foreign exchange rates Greece Econometric models Electronic books Zarnic, Ziga Sonstige oth http://elibrary.imf.org/view/IMF001/09412-9781451870985/09412-9781451870985/09412-9781451870985.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Bennett, Herman Z. International Competitiveness of the Mediterranean Quartet A Heterogeneous-Product Approach Competition Greece Econometric models Competition Italy Econometric models Competition Portugal Econometric models Competition Spain Econometric models Foreign exchange rates Greece Econometric models |
| title | International Competitiveness of the Mediterranean Quartet A Heterogeneous-Product Approach |
| title_auth | International Competitiveness of the Mediterranean Quartet A Heterogeneous-Product Approach |
| title_exact_search | International Competitiveness of the Mediterranean Quartet A Heterogeneous-Product Approach |
| title_exact_search_txtP | International Competitiveness of the Mediterranean Quartet A Heterogeneous-Product Approach |
| title_full | International Competitiveness of the Mediterranean Quartet A Heterogeneous-Product Approach Bennett, Herman Z |
| title_fullStr | International Competitiveness of the Mediterranean Quartet A Heterogeneous-Product Approach Bennett, Herman Z |
| title_full_unstemmed | International Competitiveness of the Mediterranean Quartet A Heterogeneous-Product Approach Bennett, Herman Z |
| title_short | International Competitiveness of the Mediterranean Quartet |
| title_sort | international competitiveness of the mediterranean quartet a heterogeneous product approach |
| title_sub | A Heterogeneous-Product Approach |
| topic | Competition Greece Econometric models Competition Italy Econometric models Competition Portugal Econometric models Competition Spain Econometric models Foreign exchange rates Greece Econometric models |
| topic_facet | Competition Greece Econometric models Competition Italy Econometric models Competition Portugal Econometric models Competition Spain Econometric models Foreign exchange rates Greece Econometric models |
| url | http://elibrary.imf.org/view/IMF001/09412-9781451870985/09412-9781451870985/09412-9781451870985.xml |
| work_keys_str_mv | AT bennetthermanz internationalcompetitivenessofthemediterraneanquartetaheterogeneousproductapproach AT zarnicziga internationalcompetitivenessofthemediterraneanquartetaheterogeneousproductapproach |