On the Suitability of Alternative Competitiveness Indicators for Explaining Real Exports of Advanced Economies

Autor:	Oliver Hossfeld, Christoph Fischer, Karin Radeck
Rok vydání:	2017
Předmět:	Macroeconomics Economics and Econometrics 050208 finance Repeated sampling Cointegration 05 social sciences Sample (statistics) World trade Discount points Variable (computer science) Order (exchange) 0502 economics and business Economics 050207 economics Developed country
Zdroj:	Open Economies Review. 29:119-139
ISSN:	1573-708X 0923-7992
DOI:	10.1007/s11079-017-9457-9
Popis:	We discuss the relative merits of various indicators of international price competitiveness from a conceptual point of view, and empirically check which indicator serves best to predict real exports in the long run. To this end, a panel cointegration analysis is conducted, augmented by a forecast exercise. In the latter, repeated sampling techniques are used in order to avoid arbitrary sample splits. In line with the theoretical reasoning, we find that broad price- and cost-based indicators are to be preferred to narrow price-based measures such as CPI- or PPI-deflated real exchange rates. Furthermore, the evidence points towards using world trade as external activity variable instead of GDP- or real imports-based measures.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::ac9fa502f54b4faadc410475818bc083 https://doi.org/10.1007/s11079-017-9457-9 Zobrazit plný text záznamu Full text from SpringerLink