nontraded goods, and it analyzes the impact of country- specific and global productivity shocks on the current account and … productivity growth. Second, global traded productivity and country-specific nontraded productivity growth have no effect on the … current account, but they have significant impact on investment. Third, global component of nontraded productivity is …

The evidence for a productivity-based explanation for real exchange rate behavior of East Asian currencies is examined …. Using sectoral output and employment data, relative prices and relative productivity levels are calculated for China … rates and relative productivity ratios, one finds a relationship for Japan, Malaysia, the Philippines. Only when augmenting …