Real and nominal effective exchange rates for 22 LDCs: 1971:1–1990:4

Mohsen Bahmani‐Óskooee

88 citations0/0 files storedApplied Economics

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Abstract

The International Monetary Fund constructs and publishes the real and nominal effective exchange rates, mostly for developed but not less developed countries. This paper employs a method of constructing real and nominal effective exchange rate from the literature to produce quarterly data over the 1971–1990 period for 22 developing nations. As an application, the stationarity of real effective exchange rates are determined to establish the empirical validity of the Purchasing Power Parity Theory (PPP). The results reveal that PPP fails to hold for most countries.

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References

1989The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis 1988An empirical examination of long-run purchasing power parity using cointegration techniques 1989National price levels, purchasing power parity, and cointegration: a test of four high inflation economies 1958International economics : a policy approach

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