Front Matter

Front Matter

Steven Symansky, Peter Clark, Leonardo Bartolini, and Tamim Bayoumi
Published Date:
September 1994
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    © 1994 International Monetary Fund

    Library of Congress Cataloging-in-Publication Data

    Exchange rates and economic fundamentals : a framework for analysis / Peter Clark … [et al.].

    • p. cm. — (Occasional Paper, ISSN 0251-6365 ; 115)

    • Includes bibliographical references.

    • ISBN 1-55775-451-9 : ($15.00, $12.00)

    • 1. Foreign exchanges rates. I. Clark, Peter B. (Peter Barton). 1941– II. Series: Occasional paper (International Monetary Fund) ; no. 115.

    HG3851.E936 1994




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    The following symbols have been used throughout this paper:

    … to indicate that data are not available;

    — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    – between years or months (e.g., 1991–92 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

    / between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


    This study was prepared in the Research Department of the International Monetary Fund and addresses a number of issues related to the assessment of exchange rates. The authors are all in the Economic Modeling and External Adjustment Division of the Research Department. Peter Clark is the Division Chief and Assistant Director of the Research Department, Steven Symansky is the Deputy Division Chief, and Leonardo Bartolini and Tamim Bayoumi are economists. The paper has benefited from comments and suggestions by many of their colleagues at the Fund, primarily other members of the division: Bankim Chadha, Douglas Laxton, Hamid Faruqee, and Stephen Tokarick. In addition, the authors would especially like to single out Michael Mussa and Morris Goldstein for extensive advice and comments. Finally, the authors would like to thank Anthony Turner for providing assistance with data issues related to unit labor costs, Edward Broxson for bibliographic research, and Susanna Mursula and Youkyong Kwon for valuable and skilled work on the charts. J.R. Morrison of the External Relations Department edited the paper and coordinated production, and Alicia Etchebarne-Bourdin assisted in composition. The views expressed in the paper are the sole responsibility of the authors and do not necessarily reflect the views of the Executive Directors of the IMF or other members of its staff.

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