Title International competitiveness of the Mediterranean quartet : a heterogeneous-product approach / Herman Z. Bennett and Ziga Zarnic ; authorized for distribution by James Daniel

Published Washington : International Monetary Fund, Oct. 2008 [Washington, District of Columbia] : International Monetary Fund, 2008 ©2008

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Description 1 online resource (37 pages) Series IMF Working Papers IMF Working Papers Contents I. Introduction; II. Methodology; A.A Generic Approach to Aggregate Relative Cost Competitiveness; B. Global Goods, Local Consumption of Local Production, RPA, and Aggregated Cost Measures; III. Data; A. Goods and Services; B. Global Goods; IV. Results; A. The Effect of the Heterogeneous-Product Approach and Services; B. Differentiated ULC by Sector; V. The Profile of International Competitors; A. Goods; B. Services; VI. Conclusion; Figures; 1. Real Appreciation in the MQ vs. the Rest of the Euro Area, 1998-2006 2. Importance of China and Germany as Competitors of the MQ in High-Tech and Low-Tech Sectors in Goods, 1998-2005Tables; 1. Literature Overview; 2. ULC-Based REER Indices, Goods, 1998-2006: Heterogeneous-Product Approach (G) and Representative-Product Approach (1G); 3. Net Appreciation Differential Since 1998: Marginal Effect of Heterogeneous-Product Approach (G vs. 1G); 4. Net Appreciation Differential Since 1998: Robustness Check 1 (1G vs. IMF); 5. Net Appreciation Differential Since 1998: Marginal Effect of Extended Sample (G vs. G27) 11. Net Appreciation Differential Since 1998: Joint Marginal Effect of the Heterogeneous- Product Approach, Including Services (GS vs. 1G)12. Net Appreciation Differential Since 1998: Marginal Effect of Differentiated ULC (Gd vs G); 13. Structure of Competitors: Goods; 14. Structure of Competitors in High-Tech and Low-Tech Sectors in 2005; 15. Structure of Competitors: Services; 16. Main Competitors in 2005: Goods; 17. Main Competitors in 2004: Services; Appendix Tables; A1. Availability of Unit Labor Cost Data; A2. Classification of Global Goods; References Summary The real effective exchange rate (REER) is the most commonly used measure for assessing international competitiveness. We develop a methodology to estimate the REER that incorporates two distinctive elements that are not considered in the current literature and apply it to the Mediterranean Quartet (MQ) of Greece, Italy, Portugal, and Spain, whose common pattern of real appreciation has created concern in policy and academic circles. The two elements that we add to the existing literature are (i) product heterogeneity when identifying each country's international competitors and their weights Bibliography Includes bibliographical references Notes English Print version record Online resource; title from PDF front page (ebrary, viewed February 26, 2014) Subject Competition -- Greece -- Econometric models Competition -- Italy -- Econometric models Competition -- Portugal -- Econometric models Competition -- Spain -- Econometric models Foreign exchange rates -- Greece -- Econometric models Foreign exchange rates -- Italy -- Econometric models Foreign exchange rates -- Portugal -- Econometric models Foreign exchange rates -- Spain -- Econometric models Foreign exchange rates -- Econometric models Competition -- Econometric models Commerce -- Econometric models SUBJECT Greece -- Commerce -- Econometric models Italy -- Commerce -- Econometric models Portugal -- Commerce -- Econometric models Spain -- Commerce -- Econometric models Subject Portugal Greece Italy Spain Form Electronic book Author Zarnic, Ziga Daniel, James ISBN 1462319467 9781462319466 1452773297 9781452773292 9786612841910 6612841915 1282841912 9781282841918 1451870981 9781451870985

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