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APPENDIX 1. Estimating Equilibrium Real Exchange Rates in the Baltics in a Cointegration Framework

APPENDIX 1. Estimating Equilibrium Real Exchange Rates in the Baltics in a Cointegration Framework »

Source: The Baltics : Competitiveness on the Eve of EU Accession

Series: IMF Special Issues

Author(s): Yuan Xiao , Robert Burgess , and Stefania Fabrizio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2004

ISBN: 9781589063266

Keywords: European Union, Labor productivity, Real effective exchange rates, exchange rates, exchange rate, real exchange rate, real exchange rates, inflation

This appendix considers the behavior of real effective exchange rates (REERs) in the Baltics over the period 1994–2002. The analysis is based on a theoretical framework that encompa...

The Baltics
			: Competitiveness on the Eve of EU Accession

The Baltics : Competitiveness on the Eve of EU Accession »

Series: IMF Special Issues

Author(s): Yuan Xiao , Robert Burgess , and Stefania Fabrizio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2004

DOI: http://dx.doi.org/10.5089/9781589063266.058

ISBN: 9781589063266

Keywords: European Union, Labor productivity, Real effective exchange rates, exchange rates, exchange rate, real exchange rate, real exchange rates, inflation

Large current account deficits in Estonia and Latvia, and the continued real appreciation of the exchange rate in Lithuania, have prompted concerns about the competitiveness of the Baltic economies, and called into...

Chapter 2. Assessing Competitiveness

Chapter 2. Assessing Competitiveness »

Source: The Baltics : Competitiveness on the Eve of EU Accession

Series: IMF Special Issues

Author(s): Yuan Xiao , Robert Burgess , and Stefania Fabrizio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2004

ISBN: 9781589063266

Keywords: European Union, Labor productivity, Real effective exchange rates, exchange rates, exchange rate, real exchange rate, real exchange rates, inflation

This chapter assesses developments in the Baltic countries’ external competitiveness by reviewing a range of standard indicators. These include price-and cost-based measures of the real effective exchange ra...

Chapter 5. Conclusions and Policy Implications

Chapter 5. Conclusions and Policy Implications »

Source: The Baltics : Competitiveness on the Eve of EU Accession

Series: IMF Special Issues

Author(s): Yuan Xiao , Robert Burgess , and Stefania Fabrizio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2004

ISBN: 9781589063266

Keywords: European Union, Labor productivity, Real effective exchange rates, exchange rates, exchange rate, real exchange rate, real exchange rates, inflation

Since 1999, real effective exchange rates in the Baltics have been quite stable compared to the strong real appreciations experienced earlier in the transition process. REER indicators based on measures of r...

Chapter 4. Equilibrium Real Exchange Rates

Chapter 4. Equilibrium Real Exchange Rates »

Source: The Baltics : Competitiveness on the Eve of EU Accession

Series: IMF Special Issues

Author(s): Yuan Xiao , Robert Burgess , and Stefania Fabrizio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2004

ISBN: 9781589063266

Keywords: European Union, Labor productivity, Real effective exchange rates, exchange rates, exchange rate, real exchange rate, real exchange rates, inflation

Whether or not recent movements in real exchange rates are a cause for concern depends on whether they reflect underlying changes in equilibrium exchange rates. This chapter therefore considers a range of fa...

CHAPTER 7. Financial System and Institutions

CHAPTER 7. Financial System and Institutions »

Source: Mauritius : Challenges of Sustained Growth

Series: IMF Special Issues

Author(s): James Yao , Gamal El-Masry , Padamja Khandelwal , and Emilio Sacerdoti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2005

ISBN: 9781589064164

Keywords: Development, Economic growth, inflation, monetary policy, financial system, export sector, banking

Mauritius has one of the more sophisticated financial systems in Africa, a system that is soundly capitalized and profitable. Assets of the banking system represent about 100 percent of GDP. While the financ...

CHAPTER 6. Fiscal Developments

CHAPTER 6. Fiscal Developments »

Source: Mauritius : Challenges of Sustained Growth

Series: IMF Special Issues

Author(s): James Yao , Gamal El-Masry , Padamja Khandelwal , and Emilio Sacerdoti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2005

ISBN: 9781589064164

Keywords: Development, Economic growth, inflation, monetary policy, financial system, export sector, banking

Over the past 25 years, Mauritius’s public finances have experienced three distinct phases: large fiscal deficits in the early 1980s, followed by a period of fiscal consolidation and discipline during the la...

Chapter 1. Introduction

Chapter 1. Introduction »

Source: The Baltics : Competitiveness on the Eve of EU Accession

Series: IMF Special Issues

Author(s): Yuan Xiao , Robert Burgess , and Stefania Fabrizio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2004

ISBN: 9781589063266

Keywords: European Union, Labor productivity, Real effective exchange rates, exchange rates, exchange rate, real exchange rate, real exchange rates, inflation

Concerns about the competitiveness of the Baltic economies have reemerged, as current account deficits have widened in Estonia and Latvia, and the real exchange rate has continued to appreciate in Lithuania....

CHAPTER 5. Labor Market and Educational System

CHAPTER 5. Labor Market and Educational System »

Source: Mauritius : Challenges of Sustained Growth

Series: IMF Special Issues

Author(s): James Yao , Gamal El-Masry , Padamja Khandelwal , and Emilio Sacerdoti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2005

ISBN: 9781589064164

Keywords: Development, Economic growth, inflation, monetary policy, financial system, export sector, banking

Despite strong economic growth, averaging just below 6 percent per year over the last two decades, a “U”-curve phenomenon of Mauritian unemployment can be observed (Figure 5.1). The unemployment rate plunged...

CHAPTER 9. Medium-Term Challenges and Concluding Remarks

CHAPTER 9. Medium-Term Challenges and Concluding Remarks »

Source: Mauritius : Challenges of Sustained Growth

Series: IMF Special Issues

Author(s): James Yao , Gamal El-Masry , Padamja Khandelwal , and Emilio Sacerdoti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2005

ISBN: 9781589064164

Keywords: Development, Economic growth, inflation, monetary policy, financial system, export sector, banking

The Factors Behind Sustained Growth The discussion in the previous chapters leads to some key conclusions. First, the Mauritian growth performance since the 1970s has been exceptiona...