Lee, J., G.M. Milesi-Ferretti, J. Ostry, A. Prati and L. Ricci (2008), “Exchange Rate Assessments: CGER Methodologies,” IMF Occasional Paper No. 261.
Leichter, J, C. Mocci and S. Pozzuoli (2010), “Measuring External Competitiveness: An Overview”, Ministry of Economy and Finance Working Paper No. 2, April.
Ricci, L., G.M. Milesi-Ferretti and J. Lee (2008), “Real Exchange Rates and Fundamentals: A Cross-Country Perspective,” IMF Working Paper No. 08/13.
Prepared by Valentina Flamini (EUR).
The only exception was 1998, with a surplus of 3.1 percent of GDP.
The underling basket of PPI includes a wide range of intermediate goods that are subject to international competition, and labor costs capture differences in wages and other related costs.