Publicação
The Portuguese real exchange rate, 1995-2010 : competitiveness or price effects?
| Resumo: | We disentangle the extent to which the real exchange rate appreciation in Por- tugal during 1995-2010 re ected the emergence of wage-productivity misalignments or, instead, changes in the relative price of tradable and non-tradable goods. The available data suggests that the latter e ect dominated at the aggregate level. The evidence is consistent with the view that the external imbalance that character- ized the Portuguese economy during the 1990s and early 2000s was triggered by the liberalization of capital ows, and not by dysfunctional wage setting institu- tions. Using the Fundamental Equilibrium Exchange Rate approach, we nd that recent oil price shocks played an important role in explaining the real exchange rate overvaluation in Portugal. |
|---|---|
| Autores principais: | Freitas, Miguel Lebre de |
| Outros Autores: | Castro, Miguel de Faria e |
| Assunto: | Real exchange rate FERER Unit labor costs |
| Ano: | 2014 |
| País: | Portugal |
| Tipo de documento: | working paper |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade do Minho |
| Idioma: | inglês |
| Origem: | RepositóriUM - Universidade do Minho |
| _version_ | 1866878137705431040 |
|---|---|
| author | Freitas, Miguel Lebre de |
| author2 | Castro, Miguel de Faria e |
| author2_role | author |
| author_facet | Freitas, Miguel Lebre de Castro, Miguel de Faria e |
| author_role | author |
| contributor_name_str_mv | Universidade do Minho |
| country_str | PT |
| creators_json_txt | [{\"Person.name\":\"Freitas, Miguel Lebre de\"},{\"Person.name\":\"Castro, Miguel de Faria e\"}] |
| datacite.contributors.contributor.contributorName.fl_str_mv | Universidade do Minho |
| datacite.creators.creator.creatorName.fl_str_mv | Freitas, Miguel Lebre de Castro, Miguel de Faria e |
| datacite.date.Accepted.fl_str_mv | 2014-01-01T00:00:00Z |
| datacite.date.available.fl_str_mv | 2014-09-19T14:54:44Z |
| datacite.date.embargoed.fl_str_mv | 2014-09-19T14:54:44Z |
| datacite.rights.fl_str_mv | http://purl.org/coar/access_right/c_abf2 |
| datacite.subjects.subject.fl_str_mv | Real exchange rate FERER Unit labor costs |
| datacite.titles.title.fl_str_mv | The Portuguese real exchange rate, 1995-2010 : competitiveness or price effects? |
| dc.contributor.none.fl_str_mv | Universidade do Minho |
| dc.creator.none.fl_str_mv | Freitas, Miguel Lebre de Castro, Miguel de Faria e |
| dc.date.Accepted.fl_str_mv | 2014-01-01T00:00:00Z |
| dc.date.available.fl_str_mv | 2014-09-19T14:54:44Z |
| dc.date.embargoed.fl_str_mv | 2014-09-19T14:54:44Z |
| dc.format.none.fl_str_mv | application/pdf |
| dc.identifier.none.fl_str_mv | https://hdl.handle.net/1822/30200 |
| dc.language.none.fl_str_mv | eng |
| dc.publisher.none.fl_str_mv | Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE) |
| dc.rights.none.fl_str_mv | http://purl.org/coar/access_right/c_abf2 |
| dc.subject.none.fl_str_mv | Real exchange rate FERER Unit labor costs |
| dc.title.fl_str_mv | The Portuguese real exchange rate, 1995-2010 : competitiveness or price effects? |
| dc.type.none.fl_str_mv | http://purl.org/coar/resource_type/c_8042 |
| description | We disentangle the extent to which the real exchange rate appreciation in Por- tugal during 1995-2010 re ected the emergence of wage-productivity misalignments or, instead, changes in the relative price of tradable and non-tradable goods. The available data suggests that the latter e ect dominated at the aggregate level. The evidence is consistent with the view that the external imbalance that character- ized the Portuguese economy during the 1990s and early 2000s was triggered by the liberalization of capital ows, and not by dysfunctional wage setting institu- tions. Using the Fundamental Equilibrium Exchange Rate approach, we nd that recent oil price shocks played an important role in explaining the real exchange rate overvaluation in Portugal. |
| dirty | 0 |
| eu_rights_str_mv | openAccess |
| format | workingPaper |
| fulltext.url.fl_str_mv | https://prod-dspace.uminho.pt/bitstreams/de36bcfc-a146-419d-a597-b0f41862cb4b/download |
| id | rum_ee90d6403bbf6a40969d3a7dc528dfdc |
| identifier.url.fl_str_mv | https://hdl.handle.net/1822/30200 |
| instacron_str | repositorium |
| institution | Universidade do Minho |
| instname_str | Universidade do Minho |
| language | eng |
| network_acronym_str | rum |
| network_name_str | RepositóriUM - Universidade do Minho |
| oai_identifier_str | oai:repositorium.uminho.pt:1822/30200 |
| organization_str_mv | urn:organizationAcronym:repositorium |
| person_str_mv | Freitas, Miguel Lebre de Castro, Miguel de Faria e |
| publishDate | 2014 |
| publisher.none.fl_str_mv | Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE) |
| reponame_str | RepositóriUM - Universidade do Minho |
| repository_id_str | urn:repositoryAcronym:rum |
| service_str_mv | urn:repositoryAcronym:rum |
| spelling | engUniversidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)porWe disentangle the extent to which the real exchange rate appreciation in Por- tugal during 1995-2010 re ected the emergence of wage-productivity misalignments or, instead, changes in the relative price of tradable and non-tradable goods. The available data suggests that the latter e ect dominated at the aggregate level. The evidence is consistent with the view that the external imbalance that character- ized the Portuguese economy during the 1990s and early 2000s was triggered by the liberalization of capital ows, and not by dysfunctional wage setting institu- tions. Using the Fundamental Equilibrium Exchange Rate approach, we nd that recent oil price shocks played an important role in explaining the real exchange rate overvaluation in Portugal.application/pdfporThe Portuguese real exchange rate, 1995-2010 : competitiveness or price effects?Freitas, Miguel Lebre deCastro, Miguel de Faria eHostingInstitutionOrganizationalUniversidade do Minhoe-mailmailto:repositorium@usdb.uminho.ptrepositorium@usdb.uminho.pt2014-09-19T14:54:44Z20142014-01-01T00:00:00ZHandlehttps://hdl.handle.net/1822/30200http://purl.org/coar/access_right/c_abf2open accessReal exchange rateFERERUnit labor costs1138692 bytesother research producthttp://purl.org/coar/resource_type/c_8042working paperhttp://purl.org/coar/access_right/c_abf2application/pdffulltexthttps://prod-dspace.uminho.pt/bitstreams/de36bcfc-a146-419d-a597-b0f41862cb4b/download |
| spellingShingle | The Portuguese real exchange rate, 1995-2010 : competitiveness or price effects? Freitas, Miguel Lebre de Real exchange rate FERER Unit labor costs |
| status | SINGLETON |
| subject.fl_str_mv | Real exchange rate FERER Unit labor costs |
| title | The Portuguese real exchange rate, 1995-2010 : competitiveness or price effects? |
| title_full | The Portuguese real exchange rate, 1995-2010 : competitiveness or price effects? |
| title_fullStr | The Portuguese real exchange rate, 1995-2010 : competitiveness or price effects? |
| title_full_unstemmed | The Portuguese real exchange rate, 1995-2010 : competitiveness or price effects? |
| title_short | The Portuguese real exchange rate, 1995-2010 : competitiveness or price effects? |
| title_sort | The Portuguese real exchange rate, 1995-2010 : competitiveness or price effects? |
| topic | Real exchange rate FERER Unit labor costs |
| topic_facet | Real exchange rate FERER Unit labor costs |
| url | https://hdl.handle.net/1822/30200 |
| visible | 1 |