01810cas a2200265 a 4500 AALejournalIMF009652 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451868753 1018-5941 BD-DhAAL BD-DhAAL Ricci, Luca. Real Exchange Rates and Fundamentals : A Cross-Country Perspective / Luca Ricci, Jaewoo Lee, Gian Milesi-Ferretti. Washington, D.C. : International Monetary Fund, 2008. 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 employs newly constructed measures for productivity differentials, external imbalances, and commodity terms of trade to estimate a panel cointegrating relationship between real exchange rates and a set of fundamentals for a sample of 48 industrial countries and emerging markets. It finds evidence of a strong positive relation between the CPI-based real exchange rate and commodity terms of trade. The estimated impact of productivity growth differentials between traded and nontraded goods, while statistically significant, is small. Increases in net foreign assets and in government consumption tend to be associated with appreciating real exchange rates. Mode of access: Internet Lee, Jaewoo. Milesi-Ferretti, Gian. IMF Working Papers; Working Paper ; No. 2008/013 Full text available on IMF http://elibrary.imf.org/view/journals/001/2008/013/001.2008.issue-013-en.xml IMF e-Library