01544cas a2200241 a 4500 AALejournalIMF012759 230101c9999 xx r poo 0 0eng d 15.00 USD 9781589062030 1020-7635 BD-DhAAL BD-DhAAL Flood, Robert. IMF Staff Papers, Volume 50, No. 3 / Robert Flood. Washington, D.C. : International Monetary Fund, 2003. 1 online resource (204 pages) IMF Staff 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 analyzes the issue of purchasing power parity using real effective exchange rate (REER) data for 20 industrial countries in the post-Bretton Woods period. The serial correlation-robust median-unbiased estimator yields a cross-country average of half-lives of deviations from parity of about eight years, with the REER of several countries displaying permanent deviations from parity. The paper analyzes integration of Africa into world trade. The high-yield spread as a predictor of real economic activity is also examined. Mode of access: Internet IMF Staff Papers; IMF Staff Papers ; No. 2003/003 Full text available on IMF http://elibrary.imf.org/view/journals/024/2003/003/024.2003.issue-003-en.xml IMF e-Library