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Unit value export and import indices compiled from returns to customs authorities are often used as surrogates for price indices in the measurement of inflation transmission, terms of trade (effects), and to deflate import and export value series to derive volume series. Their widespread use is mainly due to their relatively low cost compared with establishment price surveys. This paper provides evidence of substantial bias in their representation of such price changes. Their continued use would mislead economic analysis. The paper considers the efficacy of alternative strategies for their improvement, and argues for a move to establishment-based price surveys.

Exports and Imports --- Macroeconomics --- Price Level --- Inflation --- Deflation --- Trade: General --- Empirical Studies of Trade --- International economics --- Price indexes --- Exports --- Imports --- Import price indexes --- Terms of trade --- Economic policy --- nternational cooperation --- Germany --- Price indexes. --- Terms of trade. --- Nternational cooperation

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This paper reviews Fiji’s growth performance since the late 1960s and empirically examines the factors underlying its weak performance. It concludes that Fiji’s growth performance, like most of the other Pacific island economies, has been constrained by its remoteness and vulnerability to external shocks. The main constraints to growth associated with small island economies are reviewed along with developments in the policy framework. The paper also analyzes Fiji’s growth performance and output behavior from different angles using three approaches: the Hodrick-Prescott filter, a growth accounting framework, and a reduced form equation.

Exports and Imports --- Foreign Exchange --- Empirical Studies of Trade --- Currency --- Foreign exchange --- International economics --- Real exchange rates --- Real effective exchange rates --- Exchange rates --- Terms of trade --- Exchange rate assessments --- International trade --- Economic policy --- nternational cooperation --- Fiji, Republic of --- Nternational cooperation

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We identify structural breaks in economic growth in 140 countries and use these to define "growth spells:" periods of high growth preceded by an upbreak and ending either with a downbreak or with the end of the sample. Growth spells tend to be shorter in African and Latin American countries than elsewhere. We find that growth duration is positively related to: the degree of equality of the income distribution; democratic institutions; export orientation (with higher propensities to export manufactures, greater openness to FDI, and avoidance of exchange rate overvaluation favorable for duration); and macroeconomic stability (with even moderate instability curtailing growth duration).

Business & Economics --- Economic Theory --- Economic development --- Econometric models. --- Exports and Imports --- Macroeconomics --- Aggregate Factor Income Distribution --- Empirical Studies of Trade --- Trade: General --- International economics --- Income distribution --- Income --- Terms of trade --- Exports --- Income inequality --- Economic policy --- nternational cooperation --- United States --- Nternational cooperation

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This paper computes Malawi's equilibrium real exchange rate as a function of its fundamentals as derived from economic theory. It finds evidence in favor of the equilibrium approach to exchange rate determination, with several variables (particularly government consumption and real per capita growth) found to drive movements in the time-varying equilibrium real exchange rate. The results also indicate that following a shock there is a rapid reversion of the real exchange rate to its time-varying equilibrium, with a half-life of reversion of about 11 months.

Exports and Imports --- Foreign Exchange --- Macroeconomics --- Open Economy Macroeconomics --- Empirical Studies of Trade --- Macroeconomics: Consumption --- Saving --- Wealth --- Currency --- Foreign exchange --- International economics --- Real exchange rates --- Real effective exchange rates --- Exchange rates --- Terms of trade --- Government consumption --- International trade --- National accounts --- Economic policy --- nternational cooperation --- Consumption --- Economics --- Malawi --- Nternational cooperation

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This paper presents a methodology to estimate equilibrium real exchange rates (ERER) for Sub-Saharan African (SSA) countries using both single-country and panel estimation techniques. The limited data set hinders single-country estimation for most countries in the sample, but panel estimates are statistically and economically significant, and generally robust to different estimation techniques. The results replicate well the historical experience for a number of countries in the sample. Panel techniques can also be used to derive out of sample estimates for countries with a more limited data set.

Econometrics --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Information Management --- Estimation --- Macroeconomics: Consumption --- Saving --- Wealth --- Technological Change: Choices and Consequences --- Diffusion Processes --- Empirical Studies of Trade --- Currency --- Foreign exchange --- Econometrics & economic statistics --- Knowledge management --- International economics --- Real exchange rates --- Estimation techniques --- Government consumption --- Technology transfer --- Terms of trade --- Econometric models --- Consumption --- Economics --- Economic policy --- nternational cooperation --- Burkina Faso --- Foreign exchange rates --- Nternational cooperation