This paper aims to estimate the equilibrium real exchange rate for the Brazilian economy. The equilibrium exchange rate is defined as the level of exchange that guarantees that the net foreign asset position is stable over time. An econometric model is estimated using cointegration techniques....

This paper investigates the relationship between interest rate and volatility of real effective exchange rate in Brazil. Through a simultaneous multivariate GARCH model, which allows estimating equations for the mean and variance in a single stage, it was observed that: it’s not possible to...

This paper aims at assessing the effects of real exchange rate overvaluation over the export composition for developing countries in a time span of 1970-2004. For this intent, it is estimated an exchange rate overvaluation index by using panel cointegration techniques (Dynamic Ordinary Least...

The paper revisits the issue of poverty-specific purchasing power parities (PPPs), using the most recent (2011) International Comparison Program (ICP) results. The World Bank's global poverty count uses a common international poverty line -- currently $1.90 at 2011 international prices-based on...

Learning from experience to improve future infrastructure public-private partnerships is a focal issue for policy makers, financiers, implementers, and private sector stakeholders. An extensive body of case studies and "lessons learned" aims to improve the likelihood of success and attempts to...

This paper investigates cross-sectoral productivity differentials in South African industry and their distributional consequences. The analysis shows that typically, traded sectors have experienced low productivity growth over the past decade, while skill intensive service sectors have had...

This paper assesses the equilibrium value of the Argentine peso exchange rate based on the country's economic fundamentals and compares it with the official exchange rate value. The paper estimates a behavioral equilibrium exchange rate model that allows for movements in the equilibrium real...

This paper makes analytical, methodological and empirical contributions to the literature on purchasing power parity. Purchasing power parities are required in a host of cross-country welfare comparisons, such as poverty rates and gross domestic product. The subject has recently generated much...

This paper analyzes how the exchange rate elasticity of exports has changed over time and across countries and sectors, and how the formation of global value chains has affected this relationship. The analysis uses a panel framework covering 46 countries over the period 1996-2012, and first...

A widely shared view holds that there is no policy-exploitable causal connection from saving to growth because domestic saving is fully endogenous, optimally determined, or substitutable by foreign saving. Yet, abandoning these assumptions, which are questionable in the real world of frictions,...