Madagascar

The purpose of this paper is to assess Madagascar's competitiveness in recent years, using both price and nonprice indicators and an exchange rate assessment of the currency. We estimate the distance between the equilibrium and the actual real exchange rates using three methods: the macroeconomic balance approach, the external sustainability approach, and the reduced-form equilibrium real exchange rate approach. These methods suggest that in the medium term the real exchange rate is only slightly overvalued. We also carry out a comparative analysis of nonprice indicators and find that Madagasc

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Year of publication:	2009
Authors:	Eyraud, Luc
Publisher:	Washington : International Monetary Fund
Subject:	Madagaskar \| Madagascar \| Armutsbekämpfung \| Poverty reduction

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Extent:	Online-Ressource (32 p)
Series:	IMF Working Papers IMF working paper ; WP/09/107
Type of publication:	Book / Working Paper
Language:	English
Notes:	Description based upon print version of record CONTENTS; I. Introduction; II. Export Performance of Madagascar; A. Export Acceleration and Better Trade Specialization Since the 1990s; List of Figures; 1: Growth in Export Volume; 2: Structure of Exports in Value; B. Decline in Market Share Since the 1990s; 3: Nominal Market Share Since 1980; 4: Market Share in Nominal and Real Terms since 1990; III. Price Competitiveness: A Descriptive Analysis; 5: Real Market Share Relative to SADC and Asian Competitors; A. Real Depreciation of the Ariary During the 1980s; 6: Real Effective Exchange Rate; B. Real Appreciation of the Ariary since 2004 7: Consumer Price Index8: Nominal and Real Effective Exchange Rates; IV. Price Competitiveness: Exchange Rate Assessment; List of Tables; 1: Wage and Nonwage Costs in Madagascar and Comparator Countries; A. The Macroeconomic Balance Approach; B. The External Sustainability Approach; 9: Results from the MB Method; 10: NEP-Stabilizing CA; C. The Equilibrium Real Exchange Rate Approach; 11: Actual and Estimated REER of the Ariary; 2: Summary of the Results from the Three Methods; V. Nonprice Competitiveness: A Descriptive Analysis; A. Assessment of Structural Competitiveness B. Constraints on Trade and Business in Madagascar and Mauritius12: Composite Indicators of Competitiveness; 13: Trading Across Borders Index; 3: Comparison of Madagascar and Mauritius on World Bank Surveys; VI. Conclusions and Policy Implications; APPENDIX; 4: Assumptions Underlying the Three Cases; 5: Current Account Elasticity Formulas; 6: Estimates of the Export and Import Elasticities; 7: Estimates of the Current Account Elasticity; 8: Panel Unit Root Tests; 9: Panel Cointegration Tests; 10: Panel Estimates
ISBN:	978-1-4518-7254-5 ; 978-1-4519-8827-7 ; 978-1-4518-7254-5
Source:	ECONIS - Online Catalogue of the ZBW

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