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|z 9781498302760
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|a 1018-5941
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|a Tashu, Melesse.
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|a Drivers of Peru's Equilibrium Real Exchange Rate :
|b Is the Nuevo Sol a Commodity Currency? /
|c Melesse Tashu.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2015.
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|a 1 online resource (28 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper tests the hypothesis of 'commodity currency' on the nuevo sol and, more generally, identifies the drivers of Peru's equilibrium real exchange rate using a cointegration analysis. The results show that export commodity prices do not have a statistically significant impact on Peru's real effective exchange rate, suggesting that the nuevo sol is not a commodity currency. The paper provides empirical evidence that large profit repatriation and foreign exchange intervention have effectivelly insulated Peru's real exchange rate from the impact of commodity price shocks. Peru's equilibrium real exchange rate is found to be driven mostly by productivity and government consumption.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2015/026
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2015/026/001.2015.issue-026-en.xml
|z IMF e-Library
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