Exchange rate misalignment : concepts and measurement for developing countries

목차 (Table of Contents)

• CONTENTS
• Foreword = ⅸ
• About the Authors = xiii
• Acknowledgments = xv
• Acronyms and Abbreviations = xvii
• 1. Exchange Rate Misalignment : An Overview / Peter J. Montiel ; Lawrence E. Hinkle = 1
• The Real Exchange Rate : Concepts and Measurement = 4
• Determinations of the Equilibrium Real Exchange Rate = 10
• Methodologies for Estimating the Equilibrium RER : Empirical Applications = 14
• Policy and Operational Considerations = 28
• Conclusions = 32
• Part Ⅰ : The Real Exchange Rate : Concepts and Measurement
• 2. External Real Exchange Rates : Purchasing Power Parity, the Mundell-Fleming Model, and Competitiveness in Traded Goods / Lawrence E. Hinkle ; Fabien Nsengiyumva = 41
• Common Features of All External Real Exchange Rate Indexes Measurement of the Different RER Concepts : Choosing Appropriate Price or Cost Indexes = 72
• Comparison of Alternative External RER Measures : Competitiveness and the Terms of Trade = 86
• Summary and Conclusions = 92
• Appendix A : International Comparison Programme Exchange Rates = 99
• Appendis B : The Relationship between Profitability, Competitiveness, and the Different External RERs = 105
• 3. The Two-Good Internal RER for Tradables and Nontradables / Lawrence E. Hinkle ; Fabien Nsengiyumva = 113
• The Two-Good Internal RER for Tradables and Nontradables : Concepts and Measurement = 116
• The Relationship between the External RER and the Two-Good Internal RER = 129
• External RERs as Proxies for the Two-Good Internal RER = 141
• Summary = 152
• Appendix : Direct Estimation of the Internal RER from National Accounts Data = 155
• 4. The Three-Good Internal RER for Exports, Imports, and Domestic Goods / Lawrence E. Hinkle ; Fabien Nsengiyumva = 175
• The Three-Good Internal RER for Imports and Exports : Concepts and Measurement = 176
• The Terms of Trade, the Internal RERs for Imports and Exports, and the External RER = 186
• Summary and Conclusion = 201
• Appendix A : The Relationship between the Internal RER for Imports, the External RER, and the Terms of Trade = 209
• Appendix B : An Additional Possible Proxy for the Three-Good Internal RER = 212
• Part Ⅱ : Determinants of the Equilibrium Real Exchange Rate
• 5. The Long-Run Equilibrium Real Exchange Rate : Conceptual Issues and Empirical Research / Peter J. Montiel= 219
• Conceptual Issues = 220
• Empirical Estimation : Industrial Countries = 233
• Empirical Estimation : Developing Countries = 254
• Summary = 260
• 6. Determinants of the Long-Run Equilibrium Real Exchange Rate : An Analytical Model / Peter J. Montiel = 264
• The Analytical Framework = 266
• The Long-Run Equilibrium Real Exchange Rate = 274
• Long-Run Fundamentals = 278
• Summary and Conclusions = 289
• Part Ⅲ : Methodologies for Estimating the Equilibrium RER : Empirical Applications
• 7. Estimating the Equilibrium Real Exchange Rate Empirically : Operational Approaches / Theodore O. Ahlers ; Lawrence E. Hinkle = 293
• The Relative PPP-Based Approach to RER Misalignment = 296
• The Trade-Equations Approach : Establishing the Quantitative Relationship between the RER and the Resource Balance = 313
• Determining the Target Resource Balance = 321
• Adjusting the Initial Resource Balance = 333
• Conclusion : Advantages and Limitations of the Trade-Equations Metholology = 342
• Appendix A : The RER, Trade-Elasticities, Resource Balance Relationship in a Three-Good Framework = 345
• Appendix B : Representative Estimates of the Income Elasticity of Demand for Imports = 354
• Appendix C : Formulas for Exchange Rate Appreciation, Depreciation, and Misalignment in Domestic and Foreign-Currency Terms = 356
• 8. Estimates of Real Exchange Rate Misalignment with a Simple General- Equilibrium Model / Shantayanan Devarajan = 359
• The DLR Model = 361
• Applying the DLR Model to the Pre-1994 CFA Zone = 365
• Sensitivity Analyses and Extensions = 372
• Conclusion = 378
• Appendix : The DLR Model = 380
• 9. Long-Run Real Exchange Rate Changes in Developing Countries : Simulations from an Econometric Model / Nadeem Ul Haque ; Peter J. Montiel = 381
• A Brief Description of the Model = 383
• Domestic Policy Shocks = 391
• External Shocks = 395
• Summary and Conclusions = 398
• Appendix : An Application to Thailand = 402
• 10. Single-Equation Estimation of the Equilibrium Real Exchange Rate / John Baffes; Ibrahim A. Elbadawi ; Stephen A. O'Connell = 405
• Step One : Modeling the Equilibrium Real Exchange Rate = 407
• A Brief Detour : Motivating the Single-Equation Approach = 418
• Step Two : Estimation = 425
• Step Three : Calculating the Equilibrium Real Exchange Rate = 443
• Conclusions = 451
• Appendix A : Conditioning and Weak Exogeneity = 456
• Appendix B : Data Description = 459
• Appendix C : Sustainable Fundamentals = 461
• Part Ⅳ : Policy and Operational Considerations
• 11. The Three Pessimisms : Real Exchange Rates and Trade Flows in Developing Countries / Nita Ghei ; Lant Pritchett = 467
• The Import Response to a Real Depreciation = 470
• Export Demand Pessimism = 482
• The Export Supply Response to RER Movements = 485
• Summary and Conclusion = 494
• 12. The Use of the Parallel Market Rate as a Guide to Setting the Official Exchange Rate / Nita Ghei ; Steven B. Kamin = 497
• Essential Characteristics of Parallel Exchange Markets = 499
• A Simple Model of Parallel Exchange Rate Determination = 505
• Trends in Official and Parallel Real Exchange Rates = 522
• Summary and Conclusions = 532
• Appendix : Sensitivity of Results to Choice of Real Exchange Rate = 535
• 13. A Note on Nominal Devaluations, Inflation, and the Real Exchange Rate / Nita Ghei ; Lawrence E. Hinkle = 539
• Devaluations, Inflation, and the External RER : the Stylized Facts = 544
• An Accounting Framework for Determining Consistent Nominal and Relative Prices = 552
• Conclusion : Advantage and Limitations of the Consistency Framework = 570
• Appendix : The Accounting Framework for the Two-Good Internal RER = 573
• References = 587
• Index = 605