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    Global Value Chains and Effective Exchange Rates at the Country - Sector Level

    Patel, Nikhil; Wang, Zhi; Wei, Shang-Jin | December 2017
    Abstract
    The real effective exchange rate (REER) is one of the most cited statistical constructs in open-economy macroeconomics. We show that the models used to compute these numbers are not rich enough to allow for the rising importance of global value chains. Moreover, because different sectors within a country participate in international production sharing in different ways, sector level variations are also important for determining competitiveness. Incorporating these features, we develop a framework to compute REER at the sector, country, and bilateral level and apply it on inter-country input-output tables to study the properties of the new measures of REER for 35 sectors in 40 countries.
    Citation
    Patel, Nikhil; Wang, Zhi; Wei, Shang-Jin. 2017. Global Value Chains and Effective Exchange Rates at the Country - Sector Level. © Asian Development Bank Institute. http://hdl.handle.net/11540/7801.
    Keywords
    Social condition
    Economic dependence
    Economic assistance
    International monetary relations
    International monetary relations
    International trade
    National accounting
    Market
    Project impact
    Development projects
    Program management
    Performance appraisal
    Project appraisal
    Technology assessment
    Macroeconomic
    Macroeconomic Analysis
    Macroeconomic Framework
    Macroeconomic Models
    Macroeconomic Performance
    Macroeconomic Planning
    Macroeconomic Policies
    Macroeconomic Reform
    Macroeconomic Stabilization
    Results-Based Monitoring And Evaluation
    Project Evaluation & Review Technique
    Project Evaluation
    Program Evaluation
    Performance Evaluation
    Operations Evaluation
    Evaluation Methods
    Evaluation
    Exchange
    Comparative economics
    Index number
    Monetary policy
    Value analysis
    Adjustment cost
    Transaction cost
    Conditionality
    International relations
    Cumulative effects assessment
    Grievance procedures
    Participatory monitoring and evaluation
    Exchange rate
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    Citable URI
    http://hdl.handle.net/11540/7801
    Metadata
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    adbi-wp799.pdf (996.4Kb)
    Author
    Patel, Nikhil
    Wang, Zhi
    Wei, Shang-Jin
    Theme
    Economics
    Evaluation
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise