Determinants of Venezuela's equilibrium real exchange rate / Juan Zalduendo.

The Venezuelan Bolivar is pegged to the U.S. dollar and supported by foreign exchange restrictions. To assess the appropriateness of the peg during the current period of high oil export earnings and the likely consequences of a liberalization, this paper attempts to disentangle the effects of oil pr...

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Bibliographic Details
Main Author: Zalduendo, Juan (Author)
Corporate Author: International Monetary Fund. Western Hemisphere Department
Format: eBook
Language:English
Published: [Washington, D.C.] : International Monetary Fund, Western Hemisphere Dept., ©2006.
Series:IMF working paper ; WP/06/74.
Subjects:
Online Access:Click for online access

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100 1 |a Zalduendo, Juan,  |e author. 
245 1 0 |a Determinants of Venezuela's equilibrium real exchange rate /  |c Juan Zalduendo. 
260 |a [Washington, D.C.] :  |b International Monetary Fund, Western Hemisphere Dept.,  |c ©2006. 
300 |a 1 online resource (17 pages) :  |b illustrations 
336 |a text  |b txt  |2 rdacontent 
337 |a computer  |b c  |2 rdamedia 
338 |a online resource  |b cr  |2 rdacarrier 
340 |g polychrome.  |2 rdacc  |0 http://rdaregistry.info/termList/RDAColourContent/1003 
347 |a data file 
490 1 |a IMF working paper,  |x 2227-8885 ;  |v WP/06/74 
504 |a Includes bibliographical references. 
588 0 |a Print version record. 
520 |a The Venezuelan Bolivar is pegged to the U.S. dollar and supported by foreign exchange restrictions. To assess the appropriateness of the peg during the current period of high oil export earnings and the likely consequences of a liberalization, this paper attempts to disentangle the effects of oil prices from other factors underlying the equilibrium real exchange rate, and examines the role of foreign exchange controls by extending the application of a vector error correction (VEC) model to parallel market exchange rates. Several findings are worth noting. First, oil prices have indeed played a significant role in determining a time-varying equilibrium real exchange rate path. Second, oil prices are not the only important determinant of the real effective exchange rate: declining productivity is also a key factor. Third, appreciation pressures are rising. Finally, the speed of convergence of a VEC model using parallel rather than official rates is higher, suggesting that the government has been able to maintain sharp deviations between the official and equilibrium rates because of Venezuela's oil dependency and the concentration of oil income in government hands. 
506 |3 Use copy  |f Restrictions unspecified  |2 star  |5 MiAaHDL 
533 |a Electronic reproduction.  |b [Place of publication not identified] :  |c HathiTrust Digital Library,  |d 2010.  |5 MiAaHDL 
538 |a Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.  |u http://purl.oclc.org/DLF/benchrepro0212  |5 MiAaHDL 
583 1 |a digitized  |c 2010  |h HathiTrust Digital Library  |l committed to preserve  |2 pda  |5 MiAaHDL 
505 0 |a Contents -- I. INTRODUCTION -- II. THE FRAMEWORK -- III. ADJUSTING FOR THE PARALLEL EXCHANGE MARKET -- IV. ASSESSMENT OF OVER- OR UNDER-VALUATION -- V. CONCLUSIONS -- References 
546 |a English. 
650 0 |a Foreign exchange rates  |z Venezuela  |x Econometric models. 
650 0 |a Foreign exchange  |z Venezuela. 
650 7 |a Foreign exchange  |2 fast 
650 7 |a Foreign exchange rates  |x Econometric models  |2 fast 
651 7 |a Venezuela  |2 fast  |1 https://id.oclc.org/worldcat/entity/E39PBJmDpj4Bm8XF33tDc3kxDq 
710 2 |a International Monetary Fund.  |b Western Hemisphere Department. 
776 0 8 |i Print version:  |a Zalduendo, Juan.  |t Determinants of Venezuela's equilibrium real exchange rate.  |d [Washington, D.C.] : International Monetary Fund, Western Hemisphere Dept., 2006  |w (OCoLC)74114042 
830 0 |a IMF working paper ;  |v WP/06/74. 
856 4 0 |u https://ebookcentral.proquest.com/lib/holycrosscollege-ebooks/detail.action?docID=3014494  |y Click for online access 
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