01648cas a2200253 a 4500 AALejournalIMF002876 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451845600 1018-5941 BD-DhAAL BD-DhAAL Sorsa, Piritta. Competitiveness in Bulgaria : An Assessment of the Real Effective Exchange Rate / Piritta Sorsa, Dimitar Chobanov. Washington, D.C. : International Monetary Fund, 2004. 1 online resource (25 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper presents an empirical analysis of the medium- and long-term determinants of the real (effective) exchange rate (RER) of the Bulgarian lev using elements from the natural real exchange rate (NATREX) and the behavioral equilibrium exchange rate (BEER) approaches. The results indicate that the RER is driven by fundamentals, including labor productivity, terms of trade, world real interest rates, gross savings, and foreign direct investment. The model also shows that there is no significant misalignment of the Bulgarian lev. Mode of access: Internet Chobanov, Dimitar. IMF Working Papers; Working Paper ; No. 2004/037 Full text available on IMF http://elibrary.imf.org/view/journals/001/2004/037/001.2004.issue-037-en.xml IMF e-Library