Uruguay: Selected Issues

February 22, 2019

Preview Citation

Format: Chicago

Uruguay: Selected Issues, (USA: International Monetary Fund, 2019) accessed November 12, 2024

Summary

This Selected Issues paper analyzes the sectoral trends and the impact of the real effective exchange rate (REER) changes on sectoral exports using the detailed product data from the United Nations’ Commodity Trade Statistics Database (Comtrade). This paper focuses on Uruguay’s product- and sector-specific global export market shares. It also estimates the sensitivity of these market shares to real effective exchange rate by using the product data from the Comtrade database and building on the work presented in IMF (2017). The paper estimates the elasticities of product market shares with respect to real exchange rates for Uruguay only. Rather than using time dummies to isolate the potential impact of the time trend, the lagged value of the change in shares as an additional independent variable has been added. The paper concludes that Uruguay’s manufacturing exports are sensitive to the changes in REER, and, accordingly, that productivity-enhancing measures to promote competitiveness would be beneficial.

Subject: Economic sectors, Exchange rates, Exports, Foreign exchange, International trade, Manufacturing, Real effective exchange rates

Keywords: Asia and Pacific, Commodity export, CR, Exchange rates, Exports, FX intervention, FX purchase, FX sale, Global, Intervention data, ISCR, Manufacturing, Real effective exchange rates, Western Hemisphere

Publication Details

Pages:

31
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/065
Stock No:

1URYEA2019002
ISBN:

9781484399958
ISSN:

1934-7685

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