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WDP35August 1988
World Bank Discussion Papers
Global Trends inReal Exchange Rates,1960 to 1984
Adrian Wood
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RECENT WORLD BANK DISCUSSION PAPERS
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No. 8. Macroeconomic Policies, Debt Accumulation, and Adjustment in Brazil,1965-84. Celso L. Martone
No. 9. The Safe Motherhood Initiative: Proposals for Action. Barbara Herzand Anthony R. Measham [Also available in French (9F) andSpanish (9S)]
No. 10. Improving Urban Employment and Labor Productivity. Friedrich Kahnert
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No. 12. Economic Growth and the Returns to Investment. Dennis Anderson
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No. 17. Private Enterprise in Africa: Creating a Better Environment.Keith Marsden and Therese Belot
No. 18. Rural Water Supply and Sanitation: Time for a Change.Anthony A. Churchill, with the assistance of David de Ferranti,Robert Roche, Carolyn Tager, Alan A. Walters, and Anthony Yazer
(Continued on the inside back cover.)
3 5 s World Bank Discussion Papers
Global Trends inReal Exchange Rates,1960 to 1984
Adrian Wood
The World BankWashington, D.C.
Copyright ©) 1988The World Bank1818 H Street, N.W.Washington, D.C. 20433, U.S.A.
All rights reservedManufactured in the United States of AmericaFirst printing August 1988
Discussion Papers are not formal publications of the World Bank. They present preliminaryand unpolished results of country analysis or research that is circulated to encourage discussionand comment; citation and the use of such a paper should take account of its provisionalcharacter. The findings, interpretations, and conclusions expressed in this paper are entirelythose of the author(s) and should not be attributed in any manner to the World Bank, to itsaffiliated organizations, or to members of its Board of Executive Directors or the countriesthey represent. Any maps that accompany the text have been prepared solely for theconvenience of readers; the designations and presentation of material in them do not implythe expression of any opinion whatsoever on the part of the World Bank, its affiliates, or itsBoard or member countries concerning the legal status of any country, territory, city, or areaor of the authorities thereof or concerning the delimitation of its boundaries or its nationalaffiliation.
Because of the informality and to present the results of research with the least possibledelay, the typescript has not been prepared in accordance with the procedures appropriate toformal printed texts, and the World Bank accepts no responsibility for errors.
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The most recent World Bank publications are described in the catalog New Publications, anew edition of which is issued in the spring and fall of each year. The complete backlist ofpublications is shown in the annual Index of Publications, which contains an alphabetical titlelist and indexes of subjects, authors, and countries and regions; it is of value principally tolibraries and institutional purchasers. The latest edition of each of these is available free ofcharge from Publications Sales Unit, Department F, The World Bank, 1818 H Street, N.W.,Washington, D.C. 20433, U.S.A., or from Publications, The World Bank, 66, avenue d'Iena,75116 Paris, France.
Adrian Wood, a professorial fellow in the Institute of Development Studies oftheUniversity of Sussex, is a consultant to the World Bank.
Library of Congress Cataloging-in-Publication Data
Wood, Adrian.Global trends in real exchange rates, 1960-84.
(World Bank discussion papers ; 35)Bibliography: p.1. Foreign exchange--Mathematical models.
2. Foreign exchange administration--Developingcountries--Econometric models. I. Title. II. Series.HG3823.W66 1988 332.4'5'0724 88-20760ISBN 0-8213-1107-7
Abstract
Over the quarter-century 1960-84, the real exchange rates of oil-importing developing countries - especially the poorest ones - onaverage depreciated substantially relative to those of industrialcountries. (The real exchange rates of oil exporters by contrastappreciated.) This conclusion is robust with respect to variationsin the way in which real exchange rates are measured. In seeking toexplain these trends, an accounting formula is devised that preciselyand simply describes the relationship between the usual statisticalmeasure of a real exchange rate and the rather different concept onwhich most theorists have concentrated. This formula provides aframework in which familiar macroeconomic and microeconomicingredients are combined into an econometrically testable model ofthe determination of real exchange rates. The model is first applied- quite successfully - to individual country data, and then tocountry-group data. The results suggest that the general trenddepreciation of developing country real exchange rates has been duelargely to structural changes within developed countries. But theoutcome has varied among developing country groups for reasonsspecific to those groups, including trade policies, terms of tradechanges and foreign capital flows.
Acknowledgements
Bertha Namfua undertook the statistical work with outstanding skilland accuracy. Michael Ward provided support and advice at all stagesof the work. Hong Gang, Michael Hee, Trevor King, Francis Ng, SergioPena and Dora Wood helped us in obtaining and reviewing data. NadineBeard carefully and patiently processed the words. Comments andsuggestions from Mohammad Ahmed, Bela Balassa, Jean Baneth, PhilipDaniel, Rob Eastwood, Sebastian Edwards, David Evans, Ricardo Faini,Charles Harvey, Athar Hussain, Steve Lewis, John O'Connor, HansSinger, Alasdair Smith, Richard Snape, Nick Stern, Mike Sumner, GeneTidrick, John Toye, Peter Wickham, and other participants in seminarsat Oxford, Sussex, the London School of Economics and the World Bankwere extremely valuable.
Contents
1. New Estimates of Global Trends 2Global Overview 5Low-Income Economies 9Middle-Income Economies 15
2. Sensitivity Analysis 18Alternative Price Indices 19Alternative Exchange Rates 25Alternative Currency Baskets 28
3. Explanation of Trends 34Application of Theory 34Regression Results 40Causes of Group Trends 64
4. Summary and Conclusions 73
Appendix 1: Derivation of Equation 3.1 81
References 84
Annexes: 1. Country Group Real Exchange Rates 872. Selected Data for Individual Countries 903. Individual Country Exchange Rate Series 93
1
In a previous study that involved converting international
comparative data from 1964 prices into 1981 prices, it was found that
the income scale had stretched (Wood, 1986 p 6n). In the early
1960s, the average per capita income of industrial (or developed)
market economies, measured in current US dollars, was about twenty
times greater than that of low-income countries such as India. By
the early 1980s, it was about forty times greater. Only part of this
widening could be explained by slower real growth in poorer
countries. Most of it appeared instead to reflect a substantial real
depreciation of low-income country exchange rates, relative to those
of industrial countries. Inspection of per capita income data for
middle-income countries suggested that their real exchange rates had
also depreciated, though by less.
The present paper is a more thorough investigation of this
phenomenon. It examines long-term trends in the real exchange rates
of most of the countries in the world (outside the Soviet block),
with particular reference to the relationship between industrial and
developing countries. The first section of the paper presents new
estimates of these trends. The second section explores the
sensitivity of the results to different ways of measuring real
exchange rates. The third section develops a theoretical model of
the determination of real exchange rates, and applies it
econometrically to explain the trends observed both in individual
countries and in country groups. The final section sumuarises the
main conclusions and considers their practical significance.
2
1. New Estimates of Global Trends
For each country, two real exchange rate series are calculated, one
based on the principal official exchange rate reported by the IMF;
the other on the black or free market rate reported in Pick's
CurrencX Yearbook. Both rates are measured against a basket of the
currencies of all industrial countries, weighted by their 1975 dollar
GNPs.l (This is rather like measurement in terms of SDRs.) To
calculate real exchange rate movements, the nominal exchange rate of
each country is adjusted by the difference between its own inflation
rate and the weighted average inflation rate of the industrial
countries, measuring inflation by the rate of increase of the
implicit GNP deflator. Except where otherwise noted, all the data
come from the World Bank's data base (published for example in its
World Tables). The calculations are done - and are presented below -
in such a way that increases in real exchange rate indices indicate
appreciation, and decreases depreciation.
The objective of worldwide coverage is qualified by the exclusion of
the East European economies, Cuba, North Korea, Vietnam and a few
smaller countries for which the necessary data are unavailable for
most or all of the period covered. Some thirty-five countries with a
population of less than one million are also excluded, as in the
I The calculations were actually done in three steps. An index ofeach country's bilateral real official exchange rate vis-a-vis the USdollar was calculated to the base 1965 - 100. This index was thendivided by a weighted average of the bilateral real exchange rateindices of all industrial market economies. To derive the blackmarket real exchange rate index, the official (multilateral) realexchange rate index was adjusted by the ratio of the black marketdollar rate index to the official dollar rate index. No suchadjustment was made for the industrial market economies, since during1960-83 in these countries black market rates were either nonexistentor trivially different from official rates.
3
statistical indicators of the World Bank's World Develon_ent Report,
whose 1986 classification of countries into groups is also followed
(see Appendix 3). In addition, most of the calculations below
exclude a further seventeen countries where there is reason to
suspect that their GNP deflators may seriously misrepresent the trend
of inflation.2
The time period covered is 1960-84 for the official real exchange
rate indices and 1960-83 for the black rate indices. (The number of
countries covered would drop considerably if the analysis were
extended back to 1950; and Pick's Currency Yearbook ceased
publication in 1984 - which is also the latest year for which a
reasonably complete set of national accounts data were available when
the statistical work began.) In about the middle of the period, the
industrial countries abandoned fixed nominal exchange rates, which
led to a marked general increase in exchange rate volatility, both
nominal and real (Edwards, 1985a; Helleiner, 1981; IMF, 1984). Not
least, as depicted in Figure 1, there have been large fluctuations in
the real exchange rates of Japan, the US and other industrial
countries. The present paper however concentrates on trends over the
whole period, and for the most part neglects shorter-term movements.
Four non-overlapping developing country groups are used to calculate
averages: high-income oil exporters, oil-exporting middle-income
' The "suspect price" countries are Ethiopia, Mali, Tanzania,Somalia, Benin, Sierra Leone, Haiti, Guinea, Mozambique, Egypt,Syria, Angola, Algeria, Oman and Libya. The grounds for suspicionare in some cases large discrepancies - discussed further in section2 below - between the GNP deflator and the consumer price index(CPI), and in other cases the absence of a CPI - either altogether orof a quality acceptable to IMF statisticians. (Countries unable tocalculate usable CPIs are also unlikely to have reliable GNPdeflators.)
FIGURE 1: REAL EXCHANGE RATES OF INDUSTRIAL MARKET ECONOMIES 1960-84(1965 = 100)
1401JAPAN
130 4
120 g
a / ~~~~~~~~~~~,^ '8
110 '~. _J< -^ ---t v%,,OTHER INDUSTRIAL COUNTRIES*- _,-- ,' ' (WEIGHTED AVERAGE)
100- - -- e' '
90-i\ -,,
8/ UNITED STATES
70 ,,.-r--tnrr--rn-v>-r---~~~~~~. -r , , , r 7t-t I~r--.r-sr-
1960 1965 1970 1975 1980 1985
5
economies, oil-importing middle-income economies, and other low-
income economies (excluding India and China, which are treated
separately). Some of the calculations also use an alternative
partitioning of low-income countries into two groups - those in
Subsaharan Africa, and those in Asia (including India, but excluding
China). The group average real exchange rate indices presented below
are in all cases weighted by 1975 dollar GNP at official exchange
rates. Use of unweighted averages does not materially alter the
results.3
Global Overview
The results of the calculations are summarised in Table 1 and Figures
2 and 3 (which are derived from Appendix 2; individual country data
are in Appendices 3 and 4). For each developing country group, and
for India and China separately, the table shows the official and
black real exchange rate trends between the early 1960s and the early
1980s. 4 The figures show the 1960-84 time paths of the real exchange
rates of India, other low-income economies, middle-income oil
importers, and middle-income oil exporters. Figure 2 refers to
official rates, Figure 3 to black rates. Both the the table and the
figures exclude countries with suspect price indices.
J The only group where the distinction between the weighted andunweighted average indices is important is other low-incomeeconomies. But this is dealt with by the alternative division of thegroup between low-income Africa (which contains many small economies)and low-income Asia (which contains a few large economies).
4 Trends are measured throughout this paper simply by the ratio ofthe early 1980s (generally 1980-84) average value of a variable toits early 1960s (generally 1960-64) average value. An alternativewould have been to estimate the trends by regression against time.
Table 1: REAL EXCHANGE RATE TRENDS BY COUNTRY GROUPS 6(1980-84 average as ratio of 1960-64 average)
Official Rate Black Rate
India 0.62 0.83China 0.40 0.96Other Low-Income Economies 0.61 0.56
Low-Income Africa 0.77 0.70Low-Income Asia (excluding China) 0.59 0.72
Oil-Importing Middle-Income Economies 0.85 (0.96)Oil-Exporting Middle-Income Economies (1.51) (1.23)High-Income Oil Exporters 3.11 2.98
United States 0.81 -Japan 1.35 -Other Industrial Market Economies 1.08 -All Industrial Market Economies 1.00 -
(numeraire)
Notes
1. Parentheses indicate that a group average trend is notstatistically significant at the 0.01 level in relation to thedispersion of individual country trends within that group (seefootnote 5).
2. Group average trends are weighted by 1975 GNP in US dollars atofficial exchange rates. Black rate trends are based on 1980-83 not1980-84.
3. The allocation of countries to groups is set out in Appendix 3,and is based on the Indicators tables of the 1986 World DevelopmentReport. Data problems required some exclusions in calculating grouptrends, detailed in notes 4 and 5 below.
4. High-income oil exporters exclude United Arab Emirates, butinclude Libya and Oman (despite suspect price data). Trend is basedon 1963-64 not 1960-64 for lack of earlier data for Kuwait and SaudiArabia.
5. Other developing country groups exclude countries withoutcomplete data for 1960-84 (1960-83 for black rates) and countrieswith suspect price data, as follows (* indicates exclusion from blackrate but not official rate calculations).
Other low-income: Afghanistan, Benin, Bhutan, Burundi*, Chad,Ethiopia, Ghana, Guinea, Haiti, Kampuchea, Laos, Madagascar*, Mali,Mozambique, Rwanda*, Sierra Leone, Somalia, Tanzania, Uganda,Vietnam.
Oil-importing middle-income: Botswana*, Cuba, Jordan, North Korea,Lebanon, Mauritius*, Mongolia, Papua New Guinea*, Yemen AR and YemenPOR.
Oil-exporting middle-income: Algeria, Angola, Egypt, Iraq, Syria,Trinidad and Tobago*.
7
FIGURE 2
REJIAL (OFMICIAL) EXCHANGE R&TES OF DEVELOPING COUNTRY GROP(Weighted averages: 1965 100)
200
175
MIDDLE-INCOME OIL EXPORTERS
1150
1I LE2 5M oIL IMPORTERS
1299
MIDDLE-INCOME OIL IMPORTERS
73~~~~~~~~~~~~~~- s --- - TE LOW-INCOME
25 I.___ _ _ __ _ _ __.. ... .__ _ _ __ _ _ __ _ _ __ _ _ __ _ _
1960 1965 1970 1975 1989 1985
FIGURt 3
AL (BLACK MARKrE) EXOCHANGE RATES OF DEVEL4OPING COUNTRY GROUPS(Weighted averages: 1965 = 100)
286
175
150, OTHER LOW-INCOME
MIDDLE-INCOME OIL EXPORTERS
1 00 *^, r ,; k_> ,_> X,0.INDIA
75' _ z6 s s_\IDDLE-IN NME OIL IMPORTERS75 .~~~~=,-w.- - O T H E R ~~~~~~~~LOW-INCO..
50
25 , . . .w V.1960 1965 1970 1975 1980 1985
8
The largest movement in Table 1 is the tripling of the average real
exchange rate of the high-income oil exporters, a group which
comprises three Gulf States and Libya. The phasing of this increase
has closely followed that of the real price of oil, with sharp
appreciations in 1973-76 and 1979-81, and moderate depreciation in
other subperiods. Only in Libya is there a black market rate: its
widening discount to the official rate is the reason why the group
average real black rate appreciates somewhat less than the real
official rate. The four countries differ considerably in the timing
and magnitude of their real exchange rate changes: thus although
each of them has experienced appreciation, the intra-group standard
deviation of real exchange rate indices (tabulated in Appendix 2) is
large by comparison with other groups.
Middle-income oil exporters - a group of a dozen countries with 1984
per capita income between $400 and $7,300 which are substantial
producers and exporters of petroleum - have also on average
experienced real appreciation. But the the trend increase in their
real exchange rates is more modest (up by one half at official rates,
one quarter at black rates), and the intra-group dispersion is so
large that the group average appreciation is not statistically
significant.5 Middle-income oil importers, by contrast, have
experienced slight trend depreciation - on average about 15%
according to the real official rate index and (a statistically
insignificant) 5% according to the real black rate index. India and
the other-low-income group have experienced greater real trend
: Statistical significance (at the 0.01 level) is assessed by a two-tailed t-test of the difference between the 1980-84 and 1960-64 meanvalues of the index, using the mean 1980-84 intra-group weightedstandard deviation of the indices as the measure of error.
9
depreciation - in both cases about 40% at official rates. The real
black rate index declined by somewhat more than this on average in
the other-low-income group, though by much less (about 20%) in India.
China's official real exchange rate index depreciated by 60% over
this period, as the result of a fixed nominal rate - pegged to the
dollar until 1971, and subsequently to a basket of its trading
partners' currencies - and an unusually low inflation rate, averaging
less than half of one percent per year. The black real exchange rate
index declined very little, because of a large offsetting reduction
in the discount of the black market rate to the official rate. But
the economic significance of both these exchange rates was minimal in
China during 1960-84, since the black market was tiny and domestic
prices (even for exports and imports) were generally fixed
independently of world market prices. For this reason, China is
excluded from most of the analysis which follows.
Low-Income Economies
India is by far the largest low-income country apart from China.
A closer look at the data in Figure 2 shows that the 40% trend real
depreciation of India's official exchange rate has all occurred since
1965, a year in which the nominal exchange rate was devalued by over
30%. Between 1960 and 1965, when the nominal rate did not alter, the
official real rate appreciated by 17%, and there was some
appreciation also in 1972-74 and 1978-83. Figure 3 reveals that the
real black exchange rate followed a more irregular path, appreciating
by about 50% in 1971-74, and with several other episodes of more
modest appreciation. On balance, the black rate depreciated both
10
before and after 1965, but its trend depreciation was only half that
of the official rate, reflecting a considerable trend reduction in
the black market discount (from about one third in the early 1960s to
one eighth in the early 1980s).
The average official real exchange rate of the other-low-income group
- comprising (after statistical attrition) 17 countries with 1984 per
capita income below $400 - depreciated over the whole period by the
same amount as that of India. As can be seen from Figure 2, the
downward trend has generally been quite steady, except for a sharp
fluctuation in 1971-76 (which is almost entirely due to two large
countries - Pakistan's real exchange rate declined by 57% in 1971-3,
while Bangladesh's rose by 70% in 1973-5 arnd then declined by 56% in
1975-6). This fluctuation can be seen also in the black rate -
Figure 3 - though it is not quite so pronounced. Over the whole
period, the real black rate for the group declined by 44%, rather
more than the official rate, indicating some trend increase in the
black market discount.
Figures 4 and 5 show the results of dividing the low-income group
between Asia (including India) and Africa,6 and also the consequences
for the African index of bringing Ghana and Uganda back into this
subgroup. As can be inferred from Figure 4, rapid inflation caused
the official real exchange rates of these two countries to appreciate
enormously in the late 1970s and early 1980s, peaking at about ten
times their early 1960s levels before being cut drastically by huge
nominal devaluations. Their inclusion in the African subgroup
E The only low-income country outside these two regions is Haiti,which is excluded from the group because its price indices aresuspect.
11
FIGURE 4
REAL (OFFMCIAL) EXCHANGE RATES OF LOW INCOME COUNTRY GROUPS(Weighted averages: 1965 - 100)
208
175,'
108~~~~~~~~~~~~~ ~17S __ AFRICA WITH GHANA AND UGANDA
1215
75 ~~~~~~~~~~~~~~~~~~~~~FICA WITHOUT GHANA AND) uGANDP
5= 0 -- ASIA
25 1 . . .. . ..1560 1965 1970 1975 1980 1985
FIGURE 5
REAL (MBACK MARKET) EXCHANGE RATES OF LO INCOME COUNTRY GROUPS(Weighted averages: 1965 - 100)
200
175
150
125' ;< ,s
108
750 FCICA WITH GHANA AND UGANDA
AFRICA WITHOUT rAGE AND UGAN
5Q
25' l1 .1 1 1....9 .. 198
196 0 1965 1970 1975 1980 t 985
12
totally alters the picture, which is otherwise of a moderate and
fairly steady depreciation of official real exchange rates, amounting
to nearly one quarter over the whole period.7 This, however, is
considerably less than in low-income Asia, where the trend decline in
the average official real exchange rate was over 40%.
The corresponding black rate series in Figure 5 provide an
interesting contrast. Inclusion of Ghana and Uganda now has very
little effect on the African subgroup average, implying that black
market exchange rates in these two countries adjusted flexibly and
more or less fully in response to the gross excess of domestic over
external inflation. Moreover, the distinction between Africa and
Asia vanishes, with the average black real exchange rate in both
regional subgroups depreciating by about 30% over the whole period.
This convergence arises because black market discounts have on
average become larger in low-income Africa and smaller in low-income
Asia.
Figure 6 shows that the outcome for the African subgroup is not
particularly sensitive to variations in country coverage other than
the exclusion of Ghana and Uganda. Seven countries were excluded
simply because their price indices were suspect: including them,
which would increase the size of the subgroup to 19, would slightly
reduce (to 21%) the trend decline in the average official real
exchange rate. Three further countries were excluded from the black
rate calculations for lack of the necessary data: had they also been
I Five of the twelve countries in the low-income African subgrouphave had their official nominal exchange rates pegged to the Frenchfranc throughout the period. The weighted average trend realdepreciation for these CPA countries is 26%, which is close to theaverage for the whole subgroup (23%).
13
FIGURE 6: ALTERNATIVE REAL EXCHANGE RATE INDICES FOR LOW-INCOME SUBSARARAN AFRICA(WITHOUT GHANA AND UGANDA)
(Weighted averages: 1965 100)
130
10_ OFFICIAL. INCLUDING COUNTRIES
WITH SUSPECT PRICE DATA
9880 ~~~ ~~ ̂ > _ ~~~~~ ~~ _ \ b<>~~~OFICIAL
8 %.-'OFFICIAL, EXCLUDING COUNTRIES70 \ WITHOUT SLAMC MA=KE DATA
60B
504Q
3028
...... I, .. .. . . IV,
1960 1965 1970 1975 1989 1985
FIGURE 7
ALTERNATIVE REAL EXTCHAGE RATE INDICES FOR LO-INCOME AMSI(Weighted averages: 1965 = 100)
200
175
150
125
100
75
50 OIWICiA
1960 1965 1970 1975 1980 1985
14
excluded from the official rate calculations, the trend depreciation
of the average official real exchange rate index would have been
slightly greater (25%), and hence the - already not very large -
difference between it and the black rate trend would have been
somewhat smaller.
The dispersion of the exchange rate indices of individual countries
around the African subgroup average is moderate, the coefficient of
variation in the 1980s being 20-25% (except for the official rate
series including Ghana and Uganda, when it is about 100%). However,
of the 12 countries included in the official real rate calculations
for this subgroup, 3 actually experienced trend appreciation -
Rwanda, Madagascar and the Central African Republic. The official
real exchange rates of Ghana and Uganda also appreciated over the
whole period, as did that of one of the countries excluded because of
suspect price data (Somalia). In only one country - the Central
African Republic - did the real black exchange rate appreciate over
the whole period. The black market discount, which on average
increased in this subgroup, remained unchanged (and small) in the six
countries whose currencies are pegged to the French franc, and
diminished somewhat in Zaire.
Figure 7 juxtaposes the official and black real rate series for the
six countries of low-income Asia (five others are excluded for lack
of data). The average official real rate declines fairly steadily,
and the dispersion within the subgroup is low, because all its
constituent countries experienced substantial trend depreciation.
The decline in the average black real rate is more irregular
(especially in the early 1970s, when it was presumably influenced by
15
political and military events associated with the creation of
Bangladesh), and the dispersion of black rates around the average is
considerably larger. All six of the countries experienced trend
depreciation of their real black rates, but only in the case of Burma
did this substantially exceed official real rate depreciation.
Middle-Income Economies
Figure 8 shows alternative real exchange rate series for the middle-
income oil exporters. The most notable contrast is between the
official and the black rate series (inclusion or exclusion of the
four countries with suspect price data makes very little
difference).8 The average official real rate exhibits a modest but
consistent tendency to depreciate, except in 1973-4 and 1979-81, when
it jumps up sharply. This path, which is clearly dependent on the
real price of oil, closely resembles that followed by the high-income
oil exporters, though with much less appreciation. The average black
real rate follows a similar path until about 1977, but then displays
a strong tendency to depreciate. It appreciates in 1979-81, but to a
peak no higher than in 1974. In the early 1980s, presumably because
of foreign exchange problems connected with the debt crises of
several of these countries, the black real rate plunges to
approximately the level from which it started in the early 1960s.
As mentioned earlier, the dispersion of individual country real
exchange rate trends around the average is very large in this group.
As regards official real rates, at one extreme Indonesia experienced
t The country groups used in the official and black rate calculationsdiffer by only one small country, whose inclusion or exclusion has animperceptible effect on the group weighted average.
16
FMMRE 8: ALTERNATIVE REAL EXCHANGE RATE INDICES FOR MIDDLE-INCOME OIL EXPORTERS(weighted averages: 196s 100)
200
175u cin
150 ',C_An. DILUDmNG COUWrRZZS
125 _ _ \ oS~~~~~~~~~~~~~~~~IH SUSPECT PRICE DSAT125
ISO
75
25 . ...... .........1960 1965 1970 1975 1988 1985
rIGE 9: ALTERNATIVE REAL EXCBANGE RATE INDICES FOR MIDDLE-INCOME OIL IMPORTERSOWeighted averages, 1965 -100)
'750
125
75
25 .... ,,, .,... .. , . |. _............. I.......1
1960 1965 1970 1975 1980 1985
17
trend appreciation of more than 200%, while at the other extreme
Malaysia and Tunisia both experienced trend depreciation of 23%. In
all, the official real exchange rates of 6 of the 12 countries
depreciated - counter to the group average trend - over the whole
period (as did that of one of the four countries excluded because of
suspect price indices). The dispersion of black rate trends is even
more pronounced, with Indonesia's 250% real appreciation at the top
and Iran's 40% real depreciation at the bottom. As this suggests,
black market discounts displayed no consistent pattern - for example,
increasing substantially in Algeria, Iran and Nigeria, and decreasing
substantially in Egypt, Indonesia and Tunisia.
Figure 9 compares the official and black real rate series for the 36
middle-income oil importers. 9 For most of the period there is not
much difference between the two, but prior to 1965 the average
official real rate depreciates somewhat more, and after 1980 somewhat
less, than the average black real rate. The depreciation of both
rates over the whole period appears more similar, more substantial
(about one quarter) and more statistically significant when the end
years are compared than when (as in Table 1) the early 1960s average
is compared with the early 1980s average. This is largely because of
the pronounced decline in both series after 1981, which again
probably reflects the debt crisis. By contrast, both rates clearly
tended to appreciate during 1972-81, and it seems more than likely
that this was because of the extensive borrowing from commercial
banks that led to the debt crisis.
7 The black rate calculations actually cover only 33 countries, butthe 3 excluded countries are too small to have any perceptible effecton the weighted group averages. There are no exclusions because ofsuspect price indices in this group.
18
The dispersion of real exchange rate trends around the average in
this group is moderate for official rates (the 1980s coefficient of
variation is 29%), but somewhat greater for black rates (39%). Over
the whole period, the official real exchange rates of 6 of the
countries in the group appreciated - contrary to the group average
trend - and this was true also of the black real rates of 7
countries. The most striking exanples of official real rate trend
appreciation are Bolivia (73%) and Paraguay (30%), and of black real
rate appreciation South Korea (78%) and Turkey (11%). The black
market discounts of 9 countries (including Bolivia and Paraguay)
increased considerably over the period, while those of 4 countries
(including South Korea and Turkey) decreased considerably.
2. Sensitivity Analysis
The results of all these calculations generally confirm the initial
impression that the real exchange rates of developing countries over
this 25-year period on average depreciated substantially relative to
those of industrial countries. Though the estimated magnitude of the
trend depreciation depends on which of the indices is considered, it
appears to have been 20-40% for low-income countries, and perhaps as
much as one quarter for middle-income oil importers. Not all
developing countries, however, experienced depreciation: the real
exchange rates of all the high-income oil exporters, about half the
middle-income oil exporters, and one seventh (black rates) to one
fifth (official rates) of all oil importers appreciated.
19
Real exchange rate movements, moreover, can in principle be
calculated in various different ways, of which the official and black
rate series presented above are two particular examples. How much
might the results be altered by the use of alternative methods of
measurement? A definitive answer to this question is not possible,
because there is insufficient data to calculate some of the
alternatives for a comparably large sample of countries over a
comparably long period. But evidence of several kinds, including
comparisons with estimates made by other people, sheds a reasonable
amount of light.
Alternative Price Indices
One simple alternative would be to use the consumer price index (CPI)
to measure inflation. The GNP deflator, which is used in the present
estimates, is generally reckoned to be a better measure of inflation,
since it covers a wider range of goods and services and is less
affected by subsidies and price controls than the CPI. But in some
developing countries, GNP deflators may be distorted by unrealistic
valuation of subsistence agricultural production or government
services, or by other weaknesses of the national accounts.
To investigate this, a linear OLS regression of the GNP deflator
index against the CPI was calculated for every country (and for the
maximum number of years) for which the necessary data were available
- a total of 101 countries, of which 91 had data covering twenty or
more of the years 1960-84. The results are tabulated in Appendix 3.
The association between the two indices is always positive and
20
generally very close, with R2 below 0.98 in only 14 countries. The
regression (slope) coefficients, which are of greater interest in the
present context, are mostly close to unity, implying that the two
indices usually more or less agree on the magnitude of inflation. It
is not possible, because of serial correlation of the residuals, to
assess reliably how many of the coefficients are statistically
significantly different from unity. But there are four particularly
striking deviations - Ethiopia, Sierra Leone, Somalia and Tanzania -
in all of which the long-term rate of increase of the GNP deflator is
less than 60% of the corresponding increase in the CPI. (These
-countries are accordingly among those excluded in calculating the
group average real exchange rates discussed earlier.)S
Even without these four, moreover, in a majority (63/97) of the
countries the regression coefficients are less than unity, implying
that the GNP deflator indicates a somewhat lower trend inflation rate
than the CPI. This does not necessarily mean that substitution of
CPIs for GNP deflators would alter the pattern of real exchange rate
movements, since in this context it is only the ratios between the
inflation rates of different countries that matter. (Thus if the
proportional discrepancy between the two inflation indices were the
same in every country, the real exchange rate indices would be
completely unaffected.) But the results would be affected if the
discrepancies between the GNP deflator and the CPI were
systematically related to other relevant country characteristics.
One possible such relationship is with the speed of inflation.
Specifically, if the GNP deflator lagged behind the CPI to a greater
extent in countries with faster inflation, its use would cause
21
greater apparent depreciation (or less appreciation) of their real
exchange rates. This, because developing countries have generally
experienced faster inflation than developed countries, could in
principle account for part or all of the estimated depreciation of
developing country real exchange rates relative to those of developed
countries. In fact, the relationship is if anything the reverse: in
countries with faster inflation the GNP deflator lags slightly less
far behind the CPI. 10
Another possible such relationship is with per capita income - the
specific hypothesis being that the sorts of statistical problems
described above may cause the GNP deflator to lag proportionately
further behind the CPI in poorer countries. If this were so,
substitution of the CPI for the GNP deflator would reduce the
estimated depreciation of developing country real exchange rates
relative to those of developed countries. Regression of the
estimated slope coefficients against per capita income does indeed
reveal such a relationship.11 But it is strongly influenced by the
four country outliers mentioned earlier - all of which are in low-
income Africa.
"L For the 70 countries with complete 1960-84 data for both priceindices, a linear OLS regression was calculated. The dependentvariable was the slope coefficient from each of the individualcountry regressions of the GNP deflator against the CPI (tabulated inAppendix 3). The independent variable was the 1960-84 average rateof inflation in each country (measured as the natural log of theratio of the 1984 value of the GNP deflator to its 1960 value). Theestimated equation was Y - 0.9055 + 0.0219 X, with R2 - 0.09 and thecoefficient of X significantly different from zero at the 0.01 level.
11 The regression described in the previous footnote was recalculatedwith the natural log of each country's 1975 per capita GNP in USdollars (rather than its inflation rate) as the independent variable.The estimated equation was Y = 0.7348 + 0.0323 X, with R2
= 0.12 andthe coefficient of X significantly different from zero at the 0.01level.
22
Table 2, which excludes these and other countries with suspect price
indices, shows the average values of the slope coefficients for
exactly the same developing country groups whose real exchange rate
trends were presented in Table 1, and also for the industrial market
economy group whose average real exchange rate serves as the
numeraire. Only the oil-exporting middle-income group's average
coefficient is appreciably below that of the developed countries,
implying that use of the CPI in place of the GNP deflator would cause
a perceptible (but small) increase in this group's measured real
exchange rate appreciation. All the other developing-country groups
have average coefficients that are either above or only slightly
different from the developed-country average, which means that use of
the CPI instead of the GNP deflator would either increase the
apparent extent of developing-country real exchange rate depreciation
or would not perceptibly alter it.
It is still possible, of course, that both the GNP deflator and the
CPI understate the true rate of inflation by a margin that is
proportionately greater in developing than in developed countries,
and hence that calculations using either price index overstate the
true extent of developing-country real exchange rate depreciation
relative to developed countries. But, apart from excluding from the
sample all countries whose price indices are for some reason suspect
(as has been done in the present study), there is no way of
investigating or guarding against this possibility.
The last few paragraphs have addressed the issue of substituting the
CPI for the GNP deflator as the single index of inflation used in
23
Table 2: PRICE INDEX REGRESSION COEFFICIENTS BY COUNTRY GROUPS
India 0.968
Other Low-Income Economies 0.974
Low-Income Africa 0.983
Low-Income Asia 0.969
Oil-Importing Middle-Income Economies 0.993
Oil-Exporting Middle-Income Economies 0.927
Industrial Market Economies 0.975
Notes
(1) Regression coefficients are the estimated slope coefficients of
a regression for each country of its GNP deflator against its CPI.
(2) Country group averages are weighted by 1975 GNP in US dollars.
(3) Country group membership is the same as in the "official rate"
column of Table 1.
24
calculating real exchange rate movements. Scae studies, however,
have used more than one type of price index. 2 In particular,
because the real exchange rate is sometimes defined in theory as the
relative price of nontraded to traded goods, attempts have been made
to measure it by using the wholesale price index (WPI) to proxy for a
traded goods price index and the CPI or GDP deflator to proxy for a
nontraded goods price index. Specifically, the nominal exchange rate
is usually deflated by a relative inflation index based on the WPI of
the comparator country (or countries) and the CPI of the country
concerned. In practice, the results do not differ greatly from those
of the single-index approach. Edwards and Mg (1985), working with
quarterly data for 34 developing countries over the period 1965-84,
and using trade-weighted basket exchange rates, found that the simple
correlation coefficients between the results of the two approaches
exceeded 0.8 for all countries. 1 3
In principle, moreover, the usual two-index approach does not
directly measure the theoretical concept of the domestic price of
nontradeables relative to tradeables - which would not require price
indices in comparator countries or nominal exchange rates to be
brought into the calculation - but combines this with measuring
divergences between domestic and comparator-country traded-goods
prices, expressed in a common currency (see Maciejewski, 1983, and
the discussion in section 3 below). Indeed, direct measurement of
" The IMF's regular calculations of industrial country real exchangerates use an index of unit labour costs in manufacturing rather thana price index to measure inflation. This approach is notstatistically feasible for most developing countries.
13 Systematic comparisons between the WPI and the GNP deflator werenot made in the present study because relatively few developingcountries possess long enough WPI series.
25
real exchange rate movements in accordance with this theoretical
concept is not generally possible, because adequate data on the
prices of traded and nontraded goods are not available. The UPI and
the CPI are far from satisfactory proxies - and no-one has apparently
been willing to use their relative movement within a country as a
measure of its real exchange rate movement.
Faini (1986) ingeniously attempts to solve the problem by
disaggregating GDP between tradeable and nontradeable production
sectors and deriving price indices from the sectoral GDP deflators.
But this approach also seems flawed, since it is based on the "price"
of sectoral value-added rather than on the price of sectoral gross
output. Very few countries regularly calculate price indices of
gross output by production sector, and even the statistics of final
expenditure (consumption and investment) are not usually available in
a form that permits separate price indices for tradeables and
nontradeables to be derived. Total final expenditure has been
suitably disaggregated in the course of international real product
comparisons (eg Kravis and others, 1982, and Ward, 1985), but only
for certain countries in certain years.
Alternative Exchange Rates
All the usual sorts of real exchange rate calculations require data
on the nominal exchange rate of the country concerned vis-a-vis the
currency of at least one other country. In many countries, however,
there is more than one such exchange rate, and in some countries and
periods there are numerous widely differing rates for different sorts
of transactions, some of which may be illegal. (Taxes, subsidies and
26
restrictions on foreign trade often also affect foreign/domestic
currency price ratios; but the present study treats these as
influences on, rather than components of, the exzcange rate.)
For most of the period 1960-84, the IMF has publisbed in
International Financial Statistics (IFS) up to three nominal exchange
rates - the par, central and market rates - for each country. The
market rate is defined as the official exchange rate 'at which most
transactions are effected: this is referred to as the 'principal'
rate" (IMF, 1985, p vii). As in most other studies, the official
real exchange rate calculations in this paper are based on the DMF's
par rate/market rate series (labelled rf), which from 1974 onwards is
simply the market rate. 1 4 For some countries in the 1960s and the
early 1980s, IFS also includes data on other official market exchange
rates, which are usually more depreciated than the principal rate -
this being true, for example of 13 of the 14 countries for which
supplementary data are available in the January 1986 issue of IFS.
14 Prior to 1974, when few countries had official market ratesdistinct from their par rates, the rf series is based on par rates.It thus includes a small number of anomalies: in about 30 of the1250 developing country annual observations (some 90 countries overthe 14-year period 1960-74) IFS includes a market rate that is non-trivially different from the par rate; the most egregious instance isYugoslavia in the early 1960s, where the par rate was nonoperationaland less than half the market rate. It would therefore have beenpreferable to use the af series (market rate/par rate), but this isnot included in the World Bank data base. The IMF rf series has somegaps in it - Indonesia in the early 1960s being an example - whichhave been filled from national sources in the World Bank data base(whose annual exchange rate series is also adjusted to a fiscal yearbasis for countries whose national accounts are compiled on thatbasis). The estimates of per capita national income in US dollarspublished in the World Bank Atlas and the world Development Report,inspection of which originally stimulated the present study, are ingeneral based on the rf series; but "an alternative conversion factoris used when the official exchange rate for a country is judged todiverge by an exceptionally large margin from the rate effectivelyapplied to foreign transactions".
27
As mentioned earlier, the black real exchange rate calculations in
this paper are based on nominal exchange rate data compiled from
Pick's Currency Yearbook. 15 (The nominal and real series for
individual countries are tabulated in Appendix 4.) In some countries
and years, the rate in question is not an illegal one, but simply an
official free rate. (And in cases in which no black or free rate is
recorded because there would have been no reason for it to differ
from the principal official rate, the latter is used as the "black"
rate.) The data in Pick were gathered through a network of
correspondents in the countries concerned, and are probably subject
to greater sampling errors and biases than the IFS series. Moreover,
the economic significance and determinants of black market exchange
rates vary widely among countries (according to their foreign
exchange regulations, the portability of their exports, ease of
unofficial movement across their borders, and so on), as well as over
time (for example because of changes in regulations).16 But the
successful use of black rate data from Pick in other statistical
studies - such as Pinto and van Wijnbergen, 1986 - suggests that they
are reasonably accurate and not without economic meaning.
l In many countries the data from earlier editions of Pick had to beadjusted for currency changes. In the early 1960s, moreover, manydeveloping countries had not achieved monetary independence, whichrequired gaps in their black rate series to be filled on the basis ofinformation about colonial monetary arrangements gathered from Pick,the IMF's Annual Report on Exchange Arrangements and Restrictions andother sources, including Newlyn (1967), Newlyn and Rowan (1954) andSayers (1964). Annual data were derived by averaging the monthlyseries in Pick on a calendar year basis, which makes them slightlyinconsistent with the official rate series in countries whosenational accounts are compiled on a different fiscal year basis (seefootnote 14).
16 See especially the comments and references in Krueger, 1983, pp179-82 and 1984, pp 535-8.
28
The existence of a spectrum of official and unofficial nominal
exchange rates, which in some countries and years is rather wide,
leaves room for much argument as to which of these rates - or what
average of them - is the correct one for calculating real exchange
rate movements. The present study avoids this argument by using two
alternatives, an official rate and a black rate, which between them
usually span all serious contenders for the "correct" rate.17 This
does not dispose of the underlying problem, since the two real
exchange rate indices may move by different amounts or even in
different directions. But it does enable the sensitivity of the
results to the choice among alternative nominal exchange rates to be
assessed.
Alternative Currency Baskets
Most studies of real exchange rate movements have worked either with
bilateral rates (usually against the US dollar), or with trade-
weighted multilateral (TWM) rates - sometimes called effective
exchange rates. The TWN rate for each country is usually caldulated
with "trading partner" weights, based on the destinations of its
exports and the origins of its imports, although "trading competitor"
weights are sometimes also used.18 The present study also uses a
multilateral measure, but the basket of ccmparator countries is
limited to the industrial market economies, the composition and
-L Kiguel and Lizondo (1986) however show that in certaincircumstances a unified market-clearing exchange rate may lie outsidethe former official-black rate range.
18 These try to reflect the relative importance of other countries ascompetitors with producers in the country concerned, both in its homemarket and in foreign markets, including those of third countries.(See Maciejewski, 1983 and Faini, 1986.)
29
weighting of the comparator currency basket is the same for all
countries, and the weights simply reflect the overall economic sizes
of the comparator countries. 1 9 This measure, which can be labelled
the fixed-weight multilateral (FWM) rate, has been used also by Lafay
(1986), and is similar to the SDR measure used by Harberger (1986).
The FWK rate has a number of advantages. Like the Tun rate, it is
comparatively insensitive to changes in the relationships among major
world currencies (which can make bilateral measures misleading). But
it is easier to calculate than a TWM rate; and it does not require
information on the direction of trade, which means that it can be
calculated for more countries and more years. It also shares with
the bilateral rate the advantage of measuring each country's exchange
rate against a single common yardstick, which makes inter-country
comparisons more transparent than with a TNM rate. This has the
disadvantage, however, of making no allowance for inter-country
differences in trading patterns. 20
More important for the present study than these issues of principle
regarding the merits of alternative currency baskets is the question
of how much difference their use would make to the results. As
regards substitution of a bilateral rate against the US dollar for
the FWN rate, the answer can be inferred from Table 1. Because the
- More specifically, the present study is based on an arithmeticweighted average, using approximately mid-period (1975) weights.This avoids the index-number biases associated with the use of eitherbeginning-period or end-period weighted arithmetic averages, in muchthe same way as a geometric average (see Takagi, 1986).
20 These would not matter if there were no transport costs and allgoods were traded in a unified world market (see Takagi, 1986, p.42).But in practice transport costs often make nearby countries moreimportant as trading partners, and there are also costs to switchingamong markets and suppliers.
30
dollar depreciated in real terms against the currencies of other
industrial market economies during 1960-84, its use as the numeraire
would reduce the apparent extent of real exchange rate depreciation
in developing country groups. As regards official rates, for
example, India and the other countries of low-income Asia would still
appear to have experienced substantial real depreciation, but low-
income Africa only slight depreciation, and middle-income oil
importers slight appreciation. 21 By contrast, if the Japanese yen
were used as a bilateral numeraire, the real exchange rates of
developing country groups would appear to have depreciated much more
than is suggested by the FWN measure.
It is less easy to say conclusively how the results would be affected
by substitution of a TWM rate for the FWN rate, partly because the
outcome is likely to vary from country to country, but also because -
as mentioned earlier - limitations on the availability of direction
of trade data make it impossible to calculate TKM rates for a
comparably large number of countries and years. The most
comprehensive TWM study of long-term movements in developing-country
real exchange rates is that of Edwards and Ng (1985). Its authors
kindly made their data available for a comparison which covers 31 of
the developing countries included in the present study for periods of
1 Beenstock (1987, Fig 2) calculates what is in effect a GDP-weighted average bilateral dollar official real exchange rate indexfor all non-oil developing countries (as defined by IUFstatisticians) over the period 1962-B3. It displays a barelyperceptible downward trend - Beenstock concludes that there is notrend, but the 1980-83 average is somewhat below the 1962-65 average.Given that middle-income oil importers have about three times as muchweight as low-income oil importers, this seems reasonably consistentwith the present calculations. Figure 1 of Beenstock's paper,incidentally, shows that the average nominal bilateral dollarexchange rate of oil-importing countries depreciated by vastly morethan the real rate, reflecting an average inflation rate far abovethat of the US.
31
between 16 and 20 years (on average more than 19 years) during 1965-
84. The Edwards and Ng index is based on official exchange rates,
and uses trading partner weights.
For each of the 31 countries, the trend movement in the Edwards and
Ng real exchange rate index over the longest available period was
calculated. It was then roughly adjusted to allow for long-term
divergence between the country's CPI (used as the domestic inflation
index by Edwards and Ng) and its GNP deflator (used in the present
study), in order to focus the comparison more precisely on the
consequences of the different weighting systems used. 2 2 Table 3
juxtaposes the adjusted trend movement of the Edwards and Ng index in
each country with the trend movement over the sae period of the
official real exchange rate index used in the present study. (The
countries are ranked by per capita income level.)
In only three of the 31 countries do the T!I and FIK indices disagree
on the direction of the trend, and in each of these cases the TWM
index indicates depreciation and the FWM index appreciation (implying
that the present study has if anything understated the extent of
developing-country real exchange rate depreciation). Noreover, in
only four of the 28 cases in which the direction is the same do the
magnitudes of the trend suggested by the two indices differ by more
than 20 percentage points, and in all four again the TWM index
22 The adjustment was done with the slope coefficients of the GNPdeflator/CPI regressions discussed earlier. Specifically, the trendof the Edwards and Ng index, as measured by the ratio of its meanvalue in the last five years to its mean value in the first fiveyears, was multiplied in each country by the estimated slopecoefficient for that country. (The Edwards and Ng index uses the WPIto measure comparator-country inflation, but no adjustment was madefor differences between this and the GNP deflator.)
32
Table 3: COMPARISON OF OFFICIAL REAL EXCHANGE RATE TRENDS AS MEASURED BY TRADE-WEIGHTED AND FIXED-WEIGHTED MULTILATERAL INDICES
(Percentage appreciation or - with negative sign - depreciation)
SubstantialCountry Period TWM Trend FWM Trend Discrepancy
Ethiopia 1966-83 -40 -33India 1965-83 -36 -26Kenya 1965-83 -29 -24Sri Lanka 1965-83 -66 -59Pakistan 1965-84 -43 -38Zambia 1965-83 -26 -31Bolivia 1965-84 64 76 *IndQnesia 1968-84 5 54 **Philippines 1965-83 -30 -24Honduras 1965-84 -17 -11El Salvador 1965-84 4 7Thailand - 1965-84 -16 -10Peru 1965-84 -36 -21 *Mauritius 1965-83 -18 -3 *Ecuador 1965-84 -9 13 (**)Jamaica 1965-84 -4 -21 *Guatemala 1965-83 -8 -5Turkey 1969-84 -30 -8 **
Tunisia 1965-84 -7 -3Colombia 1965-84 -6 -2Chile 1965-84 -65 -11 **Brazil 1965-84 -31 -2 **
Malaysia 1965-84 -19 -5 *Mexico 1965-84 -14 -3 *Korea 1965-84 -7 52 (**)Yugoslavia 1965-84 -11 -16Argentina 1965-84 35 19 *South Africa 1965-84 -10 9 (*)Greece 1965-84 -13 -13Israel 1966-83 -18 -12Singapore 1966-83 -15 -1 *
Notes
1. In "substantial discrepancy" column, * indicates divergence of 10-19 percentagepoints, ** of 20 or more points, and ( ) difference of direction.
2. Trend measured by ratio of mean value of index in last five years to its mean valuein first five years, minus 1, expressed in percentage form.
3. For data sources, see text.
33
indicates more depreciation (or less appreciation) than the Pfi index
- this being true also of 6 of the 8 cases in which the discrepancy
is between 10 and 20 points.
So although the comparison covers only a limited sample, and although
the country-by-country correspondence between the two indices is not
particularly close,23 it appears that substitution of TIM weights for
FWM weights would not alter (and might even strengthen) the
conclusion that developing-country real exchange rates have on
average depreciated during 1960-84. Edwards and Mg themselves
investigate this by regressing the logarithm of the real exchange
rate against time separately for each of their countries over the
longest available period. They note the smallness of most of the
estimated regression coefficients, and conclude (p 37) that "for most
countries real effective exchange rates have exhibited no significant
long-run trends". However, since the dependent variable is a
logarithm and the unit of time is a quarter, these apparently very
small coefficients in fact imply that the real exchange rates of the
countries in their sample depreciated by an unweighted average of 25%
between 1965 and 1984.24 And their sample underrepresents low-income
23 It is even less close for year-to-year (as distinct from trend)movements. For each of the 31 countries a linear OLS regression ofthe FWN real exchange rate against the unadjusted TWK index wascalculated. In only three cases did R2 exceed 0.9, and in eightcases it was below 0.25. The fit might have been somewhat closer ifthe TWM index had been adjusted for divergences between the CPI andthe GNP deflator.
24 The unweighted mean value of these coefficients - including bothpositive and negative values - is 0.003706 (Edwards and Ng calculatetheir real exchange rate indices in such a way that increasescorrespond to depreciation). Over 76 quarters - 19 years - thisamounts to 0.281656. The base year (1975 - 100) value of the realexchange rate index is 4.605170 in natural logs. Antilog (4.605170 -0.281656) is 75.45, which implies depreciation of 24.55% over thewhole period.
34
countries, whose real depreciation has on average been considerably
more than for middle-income countries.
3. Explanation of Trends
The preceding discussion suggests that alternative approaches to
measurement would not alter the conclusion that the real exchange
rates of most developing countries depreciated substantially during
1960-84. The next step is to try to discover why this happened. In
seeking an explanation, a natural starting point is the evolving body
of theory on the determinants of real exchange rates, which is
surveyed by Edwards (1985). There is also a considerable, though
heterogeneous, body of econometric work on real exchange rates, much
of which is reviewed in the Edwards survey, but which also includes
more recent studies by Cavallo, Cottani and Khan (1986), Evans and
Aghazadeh (1985), Ghanem and Kharas (1985), and van Wijnbergen
(1985).
Application of Theory
A recurring problem in this literature is that the theory and the
data do not address the same real exchange rate concept. Most of the
available theory, as mentioned earlier, refers to the relative price
of nontraded to traded goods, whereas almost all the data consist of
nominal exchange rates deflated by general price indices. There is,
however, a precise and simple accounting relationship between changes
in the statistical measure of the real exchange rate (S) and changes
in the theoretical concept of the real exchange rate (T).
35
This relationship, which is derived in Appendix I by a modest
extension of the algebra in Edwards (1985, pp 10-11), is
S - H - H* + wT - W*i* (3.1)
where ^ denotes a natural log, * indicates a comparator-country
variable, H is the ratio of internal to external traded-goods prices
in the country concerned (measured at whatever exchange rate is used
in calculating S), and w is the weight of nontraded goods in the
country's overall price index. It shows that depreciation of the
statistical measure of a country's real exchange rate may arise from
real depreciation in the theoretical sense (though the former will be
less than the latter, since w < 1), or from a reduction - such as
might be caused by tariff cuts - in the internal prices of traded
goods relative to their external or border prices. Moreover, even if
neither of these things alters, equation 3.1 shows that a country's
statistical real exchange rate may depreciate either because there
has been appreciation in the theoretical sense in comparator
countries, or because the ratio of internal to external traded-goods
prices has increased in comparator countries.
The theoretical determinants of H and T - in both home and comparator
countries - can then be considered separately. Because arbitrage
tends to eliminate other international differences in the prices of
traded goods (subject to some qualifications regarding "asset-price"
effects on industrial-country exchange rates discussed later), the
most important long-term influences on H are likely to be fiscal and
foreign trade policy instruments. A decrease (say) in the average
rate of general indirect taxation, or an increase in general
subsidies to expenditure, could cause H to decline over time in a
particular country. Other possible reasons for a decline in H are
36
reduced tariff rates on imports or reduced subsidy rates on exports.
Finally, H would decline if a change in trade strategy or in
macroeconomic management methods caused quantitative controls on
imports to be relaxed, which would reduce the premium of the actual
domestic market price over the cum-tariff border price in local
currency. 25
The determinants of T can be summarised in the form of an inverted
constant-elasticity nontraded goods supply function
T = A(QN/QT)l/C (3.2)
where QN and QT are the quantities of nontraded and traded goods
produced, A is a scale or shift parameter, and C is the price
elasticity of supply. Equation 3.2 states that the nontraded-traded
goods price ratio, T (= PN/PT), may be altered either by (and in the
same direction as) changes in the nontraded-traded goods quantity
ratio, to an extent inversely dependent on the supply elasticity, or
by other forces which shift this price-quantity relationship.
As regards economic causes of change in the shift parameter, A,
Balassa (1964) and Kravis (eg 1982 pp 332-6) have hypothesised that
technical progress is faster in traded than in nontraded goods
sectors. Economic growth thus tends to be associated with increases
in the relative production cost and hence in the relative price of
nontraded goods. Bhagwati (1984), while accepting the existence of
some such empirical relationship, suggests that it is caused not by
differences in sectoral rates of technical progress, but by changes
' See, for example, Krueger (1978). Alterations in restrictive orpromotional export quotas could also affect H. So could changes ininternal transport and distribution costs, including wholesale andretail margins. But all these are probably of lesser practicalimportance.
37
in relative factor prices, and in particular by the tendency for
economic growth to raise the real wage rate relative to the cost of
capital. This increases the nontraded-traded goods price ratio
because the production of nontraded goods is more labour-intensive. 2 6
The Kravis and Bhagwati hypotheses are not ratually exclusive:
relative prices may alter both because of differential technical
progress and because of changes in the wage-rental ratio.
There is, moreover, a third possible cause of secular change in the
shift parameter, A, namely alterations in the openness of the economy
- resulting for example from reductions in natural or artificial
barriers to trade (including those which enter into the determination
of H). Increased openness tends to raise the relative price of
nontraded goods, simply because the essence of gains from trade is
cheaper traded goods. This cause of changes in A is not mentioned by
Eravis or Bhagwati, although they both touch on certain aspects of
trade, nor apparently by most other writers on real exchange rate
movements. But it is reminiscent of Kaldor's (1977) hypothesis that
inter-country variations in export performance are predominantly a
cause rather than a result of movements in exchange rates. In
particular, Kaldor argued that export performance and exchange rate
movements are directly, rather than (as is usually supposed)
Zb The exchange of views between Kravis and Bhagwati actually relatesmainly to the cross-section relationship between the nontraded-tradedgoods price ratio and the level of per capita national income. Thepresent discussion transposes their arguments into a time-seriesrelationship between changes in this price ratio and economic growth.In this context, the Bhagwati effect would not exist if growth arosesolely from uniform Harrod-neutral technical progress, since thispurely labour-saving progress would be of greater benefit to the morelabour-intensive sectors by a margin that precisely offset thegreater costs imposed on them by rising real wages. The Bhagwatieffect will however be observed insofar as technical progress is non-Harrod-neutral and growth arises also from increases in physical andhuman capital per worker.
38
inversely, related - for instance, that unusually rapid export growth
due to superior nonprice competitiveness would cause a country's
exchange rate to appreciate.
Changes in the relative quantities of nontraded and traded goods
produced, QN/QT, may alter the nontraded-traded goods price ratio in
the short-to-medium run because of the need to pay a premium to
attract mobile factors from one sector into the other, or in the
longer term because there are limited supplies of specialised factors
in one or both sectors. Such relative quantity changes, in turn,
have two possible causes. The first is changes in the pattern of
domestic demand. It has been suggested by Clark (1951) and others
that rising per capita income causes a shift of consumer demand from
traded to nontraded goods. Cross-section evidence analysed by Kravis
and others (1983) suggests that this is not the case, and that the
observed movement in expenditure shares is due entirely to increases
in the relative prices of nontraded goods. However, autonomous
increases in the shares of fixed investment and government
consumption in aggregate demand are likely to increase the relative
demand for nontraded goods, since both these types of expenditure
generally involve a higher ratio of nontraded to traded items than
does household consumption.
The second possible cause of changes in the relative production of
nontraded and traded goods is alterations in the balance of external
trade (measured in volume terms, as a proportion of aggregate
output). For example, assuming no change in aggregate output or in
the shares of nontraded and traded goods in domestic demand, an
increase in the trade deficit is bound to raise the share of
39
nontraded goods in domestic production. This is because it increases
aggregate expenditure and hence the absolute level of demand for
nontraded goods, which by definition can be met only by increased
domestic production - the increased demand for traded goods being met
through the enlarged external deficit.
The combined influence of the composition of domestic demand and the
external trade balance on the relative production of traded and
nontraded goods is summarised in the constant-price accounting
relationship
QN = rEnci (3.3)
QT 1 - rEnjcj
where the ci are the shares of investment, government and household
consumption in total final expenditure, the nj are the shares of
nontraded goods in each of these expenditure components, and r is the
ratio of total final expenditure to GDP, which reflects the external
trade balance. (Use of r to measure the trade balance is convenient
because it is always non-negative and hence amenable to logarithmic
transformation.)
The external trade balance, measured in volume terms, may alter over
time for two sorts of reasons, summarised in the accounting identity
r - 1 + (f + x)p - x (3.4)
where f is the external trade deficit in value terms as a share of
current-price GDP, p is the ratio of export prices to import prices,
and x is the ratio of export volume to real GDP.2 7 An increase (say)
1 To understand this identity, note that the middle term on theright-hand side is the ratio of import volume to GDP (exports plusthe trade deficit, both expressed as ratios of GDP, multiplied by thepurchasing power of exports over imports).
40
in r could be caused by an increase in f, which in turn might arise
from foreign capital inflows, from reduction of reserves, or from an
improved balance of factor service flows such as interest payments
and workers remittances. Alternatively, given the size of the trade
deficit in value terms, r could rise (to an extent dependent on the
level of exports) because of an improvement in external terms of
trade.
In some circumstances it would be inappropriate to regard f and p as
exogenous variables. In the short run, autonmnous changes in real
exchange rates caused for example by inflationary policies or nominal
devaluations may themselves induce alterations in the external trade
deficit. And for some countries and commodities, changes in exports
and imports induced by real exchange rate movements may affect the
terms of trade. But in analysing the causes of long-term changes in
real exchange rates it is probably acceptable, at least as a first
approximation, to treat f and p as strictly exogenous. Secular
alterations in the size of a country's external trade deficit
generally reflect either deliberate government policy decisions on
external indebtedness or - especially for developing countries -
autonomous changes in the availability of foreign capital in the form
of aid, commercial loans or direct investment. And for most
countries the most important causes of terms of trade alterations are
also autonomous.
Econometric Estimation
The preceding theoretical account of the determinants of long-term
changes in S, the statistical measure of the real exchange rate, is
41
sunmarised in a path diagram in Figure 10. It provides the
analytical basis for an econometric explanation of the observed
pattern of real exchange rate trends.
Although the discussion above focused on country group trends (and
will return to this), there are too few groups for econometric
analysis, which must accordingly be done with individual country
data. Specifically, the analysis is based on a cross-section of as
many countries as have the necessary data, with the dependent
variable in each case being the trend change in the country's real
exchange rate between the early 1960s and the early 1980s, and each
independent variable similarly defined as the trend change in some
relevant explanatory variable. 2 8 Time series analysis is not
attempted, either on a year-by-year basis for individual countries or
by calculating separate cross-section regressions for a series of
subperiods. This is partly because the present paper is mainly
concerned with long-term trends, but also because political
influences on the timing of exchange rate changes sometimes make it
hard to discern the effect of underlying economic forces. j
The starting point in constructing the estimating equation is the
accounting relationship 3.1. Because each country's real exchange
rate has been measured in this paper with respect to the same group
of comparator countries, the starred terms in equation 3.1 are
constant across countries (this being another advantage of FWN over
TWK currency baskets). Denoting each country by a subscript, i, the
28 "Early 1960s" and "early 1980s" generally refer to average valuesfor 1960-64 and 1980-84, but in some cases to averages of a smallernumber of years within these periods.
Figure 10: LONG-RUN DETERMINANTS.OF A COUNTRY'S REAL EXCHANGE RATE
Gneral Indirect tax/subsidy rates|Internal-external a Tx/ubiles on foreign trade |traded goodsprice ratlo Quan tat ivo r strict lons on trade
Weight ofnontraded Cpoiton of domextic deaand|goods in Nontraded-tradedprice index _goodn demand _
ratio v so aiaReel exchang Nontraded- flown, reserve changes,rate (as traded goods _qenar to External trade I nterest paymentsmeasured price ratio frlntrade balance in and remittancesstatistically) _ {heoratical _volum^ terms
concept of RelativeFeal exchange _sectoralrate) technologl,e
V R"e ative factor|
- pricec.
Internal-external traded goods|price ratio lnk comparator countries
Determinants of theselVelght of nontraded goods In price variables in comparatorindlceo of comparator countries countries are the same
as in the top half ofM ontraded- traded goods price rat lo|the figurelncomparator countriesl
Note: This schematic representation of the forces which determine real exchange rates is not intended to be exhaustive or comprehensive. Among other things, it cmits feedback effects from the real exchange rate to Its determining variables, as well as a number of other causal linkages among the determining variables.
43
equation can thus be rewritten as
Si =a + Hi + wiTi (3.5)
where a (= - H - w*T*) has a well-defined theoretical meaning.
Hi and Ti can then be replaced with expressions reflecting the
determining factors discussed earlier.
If sufficient information were available, the explanation of Hi could
be reduced to an accounting exercise, in which the change in the
ratio of internal to external traded-goods prices was exhaustively
decomposed into changes in general indirect tax rates, tariff rates,
quota premia and so on. A deeper economic explanation of the changes
in each of these elements could then be attempted. In practice,
however, the data necessary for this accounting exercise do not
exist. The IMF publishes internationally comparable data on foreign
trade taxes and general indirect taxes in Government Finance
Statistics, but only since 1975 and with many omissions. National
accounts data on net indirect taxes are likewise unavailable for many
countries and years. And information on the premia associated with
import quotas is extremely scarce.
The only generally available proxy for all these variables is the
black market discount ratio - the official exchange rate (in dollars
per local currency unit) as a ratio of the black market exchange
rate. As mentioned earlier, the economic significance and
determinants of black market exchange rates vary widely among
countries and over time. But increases in quota premia, which
usually arise from general shortages of foreign exchange, are
apparently often reflected in deeper black market discounts - and
vice versa when foreign exchange becomes less scarce. Increased
44
tariff (and possibly domestic indirect tax) rates may also deepen
black market discounts because they enhance incentives for unofficial
acquisition of foreign exchange to finance smuggling and other tax
evasion.29
The estimating equation accordingly becomes
Si - aL + ADi + WiTi (3.6)
where Di is the trend change in the black market discount ratio and A
is expected to be positive. If Di were a perfect proxy for Hi, and
the equation were otherwise correctly specified, i would be unity.
Use of the black market discount ratio as an independent variable
requires that the dependent variable be the official real exchange
rate index. In other words, the internal-external traded goods price
ratio, H, is taken to be calculated at the official exchange rate -
this being the usual way in which tariff and tax payments and quota
premia are in fact calculated. A possible alternative would be to
use the black real exchange rate index as the dependent variable and
to omit the black market discount ratio as an independent variable.
This would yield similar results if B were close to unity.
A satisfactory expression to replace Ti in the estimating equation
must cover changes both in the shift parameter, A, and in the
nontraded-traded goods demand ratio, QN/QT. A proper test of the
Z Some empirical support for this proposition is provided by asignificant positive correlation (R - 0.24) across 50 countriesbetween the 1960s-1980s trend change in the black market discountratio and the 1975/9-1980/4 trend change in the average tariff rate.The average tariff rate is measured as revenue from foreign tradetaxes (line A6 in Government Finance Statistics) divided by thecurrent value of imports in local currency. But this depends on thestrong assumption that 1978/9-1980/4 tariff rate movements wererepresentative of 1960s-1980s trends.
45
Balassa-Kravis differential technical progress hypothesis concerning
the determinants of A would require information on sectoral growth
rates of total factor productivity (relating gross output to all
inputs, including intermediates). This is simply nonexistent for
most of the countries and years in our sample. The closest available
approximation is changes in relative labour productivity in traded
and nontraded sectors. This was calculated for each country from the
shares of the two sectors in real GDP and in the total labour force,
defining traded goods as agriculture, mining and manufacturing, and
nontraded goods as construction, transport, utilities and services. 3 0
The results are mixed. The data permit calculation of the trend
change in the sectoral labour productivity ratio for 82 countries.
Of these, 16 are industrial countries, in all of which the trend is
in the expected direction. In 24 of the 66 developing countries,
however, the trend goes the wrong way, with slower growth of
productivity in traded than in nontraded goods. This could be
because the Kravis-Balassa assumption is not generally correct,
especially for agriculture in developing countries (where it is
usually the largest traded sector). It could also be because of
various shortcomings in the data. Or it could be that relative
sectoral labour productivity growth is not accurately measuring
differential technical progress because of offsetting changes in the
"u The ratio qTlN/qNlT was calculated for each year, where q and 1are sectoral shares of GDP (in constant prices) and the total labourforce respectively. The average value of this ratio in the early1980s was then divided by its average value in the early 1960s (in 11countries, the trend was estimated by extrapolation of shorterseries). The data are from the World Bank data base. In thissource, construction and utilities workers are aggregated with miningand manufacturing workers, and hence must be treated as part of thetraded-goods labour force, whereas the output of construction andutilities is treated as nontraded.
46
relative amounts of capital per worker and the relative proportions
of skilled workers in the two sectors. But whatever the reason,
these calculations raise doubts (confirmed below) about the
explanatory power of the relative labour productivity variable in the
context of the present study.
An alternative measure of differential technical progress that has
sometimes been used is the trend growth of real per capita income -
the suggested justification being that faster income growth reflects
faster aggregate technical progress, most of which occurs in the
traded-goods sectors. Measuring income growth is also the best
available approach to the Bhagwati relative-factor-price-change
hypothesis regarding the determinants of changes in A. Provided that
the labour force participation ratio and the share of labour in
national income do not alter much, per capita real income growth will
roughly reflect increases in the real wage rate, which in turn,
assuming that profit rates also do not alter much over time, will
give some indication of changes in the wage-rental ratio.31 The
income-growth variable may thus capture two sorts of influences on A
- though of course it does not permit discrimination between them.
It is notable, however, that the relative labour productivity
calculations mentioned above cast doubt on Bhagwati's basic
assumption that nontraded goods are generally more labour-intensive
than traded goods. These calculations show that value added per
worker in the traded sectors is generally lower - and often much
>1 Faster growth may well be associated with a higher profit rate,but not with an increase in the profit rate. In other words,countries with higher growth rates will tend to have lower, but morerapidly rising, wage-rental ratios.
47
lower - than in the nontraded sectors. 3 2 This is partly because
value added per worker is not the most appropriate measure of labour
intensity, since it ignores intermediate inputs. Gross output per
worker would be a better measure, and would in most cases increase
the apparent labour-intensity of the nontraded sectors, since
intermediate usage (and hence the ratio of gross output to value
added) is generally greater in the traded sectors. But the main
reason for this result is low labour productivity - or high labour
intensity - in agriculture, especially in developing countries. To
defend the Bhagwati assumption in developing countries. it might thus
be necessary to argue that much of the output of peasant agriculture
is nontradeable for lack of transport and commercial facilities.
The third possible cause of changes in A mentioned above is
alterations in the openness of the economy to foreign trade, which
can be measured by the trend change in the ratio of export volume to
real GDP.33 This variable, as the logic underlying Kaldor's
hypothesis suggests, may also capture some of the effects of
differential technical progress. For countries where technical
advance (either cost reduction or quality isprovement) is faster in
3= The inconsistency of sectoral definitions mentioned in footnote 30clearly always reduces the calculated traded-nontraded labourproductivity ratio below its true value. But the calculated valuesare generally so far below unity, and the proportion of the labourforce in construction and utilities is generally so small, thatelimination of this inconsistency would raise the ratio above unityin only a few cases. For example, the calculated ratio in the US in1970 is 0.70; correction of the inconsistency increases it to 0.98.In only 6 industrial and 8 developing countries does the calculatedratio ever exceed 0.7, and it exceeds unity only in 4 countries (alldeveloping).
33 It is important in the present context to use the export-outputvolume ratio, since the corresponding value ratio depends foraccounting reasons on the real exchange rate, and would thusintroduce a spurious correlation into the estimating equation.
48
export sectors than in other sectors will for standard comparative
advantage reasons tend to export an increasing proportion of their
total output. They will also generally have faster technical
progress on average in all traded sectors than in nontraded sectors,
unless - as seems unlikely - technical progress in import substitutes
is offsettingly slower than in nontraded goods. 34 As a result, the
export ratio change variable - like the income growth variable - may
capture two different influences on A. Moreover, if the export ratio
change variable and the income growth variable are both associated
with differential technical progress, they are likely also to be
correlated with each other.
The proximate determinants of autonomous changes in QN/QT, samiarised
in Figure 10 and equation 3.3, are alterations in the composition of
domestic demand and in the external trade balance. The only elements
of equation 3.3 that are not readily available from national accounts
data are the shares of nontraded goods in the three components of
domestic final demand (investment, government consumption and
household consumption). One approach would thus be to include two of
these demand components among the independent variables and hence to
estimate the unknown shares in the final equation. But this would
complicate the estimating equation, and in particular would make it
impossible to obtain a direct estimate of the price elasticity, E,
which is a much more interesting parameter.
a If technical progress is as fast in import substitutes as inexports, however, openness will not tend to increase, since technicalprogress in import substitution provides an offsetting incentive tocontract trade.
49
Instead, therefore, the three unknown shares were calculated directly
as the unweighted mean of their values in 31 nonsocialist countries
at various income levels in 1975, using data from Kravis (1982).35
The implicit assumption that these shares are the sa across
countries and over time - which would also be wade if the regression
approach were used - is not entirely correct; but their ranking is
the same in almost all cases, and their relative sizes do not vary
systematically with income level. The estimated shares were then
used, in conjunction with constant-price national accounts data for
each country on investment, government consumption, household
consumption and the trade balance, to calculate the trend change in
the combined inpact of all these demand-side influences on QN/QT
between the early 1960s and the early 1980s. This calculation (based
on equation 3.3) of course also permits the contribution of each of
these demand-side influences to be considered separately.
Putting all these elements together, and using a logarithmic
transformation of equation 3.2, the estimating equation becomes
Si - a + ADi + w1(Xi + 8Yi + l/c.Qi) + ui (3.7)
where Qi is the trend change in the combined demand-side influences
on QN/QT and s is the supply elasticity, which should be positive.
(Because Qi measures shifts in demand rather than in output, the
supply function is properly identified.) Xi is the trend change in
the export-output ratio and Yi is the trend change in real per capita
15 The estimates are nI - 0.56, nG - 0.62 and nC = 0.35. The datawere drawn from Table 6.1 (summary and appendix versions) and Table6.10, and are valued at national prices for consistency with theother national accounts data. The estimates would be much the sameif data valued at international prices were used. The division ofexpenditure in Kravis between government and household consumptiondiffers from the usual SNA division, but no attempt was made toadjust for this.
50
income, which between them capture the effects of differential
technical progress, alterations in openness, and changing relative
factor prices. The coefficients p and 6 should both be positive. ui
is the usual error term.
Since wi can be calculated directly (if approximately) for each
country as the period-average share of construction, transport,
utilities and services in constant-price GDP, the equation can be
rearranged for estimation by ordinary least squares as
Si = a + PDi + qwiXi + 8wiYi + 1/e.wiQi + ui (3.8)
where wiki, wiYi and wjQi are compound variables, each derived simply
by multiplying its two constituent variables together.
Equation 3.8 has some advantages over most of the formulations used
in the other econometric work mentioned earlier. It is based on an
exact statement of the relationship between the statistical and the
theoretical concepts of the real exchange rate, and on a precise and
simple statement of the determinants of the latter. It suffers,
however, from various limitations on the availability of data,
discussed above. And it would probably be better estimated as part
of a simultaneous system covering other economic relationships among
the variables involved.
Regression Results
Table 4 summarises the estimated regression equations. The first is
simply equation 3.8 estimated across all 79 countries for which the
necessary data are available and whose price indices are not
Table 4: EXPLANATION OF REAL EXCHANGE RATE TRENDS: CROSS-COUNTRY REGRESSION RESULTS
Estimated Coefficients of Independent Variables
8xport Relative Per Nontraded/Black Rate Volume Labour Capita Traded
8stimated Discount Share Productivity Income DemandIntercept Trend Trend Trend Trend Trend
Country DependentSample n Variable a 1/ R2
1. All Countries 79 Official -0.34 *** 0.91 *"" 0.60 ** 0.28 1.25 *** 0.51
2. All Countriea 79 Black -0.37 ** 0.68 ** 0.33 * 1.37 *** 0.41
3. All Countries 79 Official -0.30 ** 0.79 *"' 0.53 ** 0.76 ** 0.41
4. All countries 70 Official -0.30 ** 0.86 *** 0.02 0.56 *- 0.81 ** 0.47
5. Industrial 18 Official -0.18 0.00 0.63 -0.58 0.20
Market Econs
6. Industrial 16 Official -0.17 0.41 0.30 0.14 0.27
Market econs
7. Developing 61 official -0.36"** 0.90 "* 0.51 ** 0.19 1.36 *- 0.55Countries
8. Oil Importers 65 official -0.35 ** 0.92 "' 0.65 ** 0.13 0.18 0.62
9. Developing Oil 50 official -0.36 ** 0.90 ** 0.55 *** 0.06 0.24 0.64
Importers
10. oil Exporters 14 Official 0.30 0.39 1.10 * -1.23 1.97 ** 0.66
Notes
1. All regressions based on equation 3.8 in text and estimated by ordinary least squares. Asterisks Indicate that estimated
coefficient value is significantly different from zero (one asterisk at 10% level, two at 5% level, and three at 1% level), on the
basis of a t-test.
2. "All" countries refers to maximum number with data available, less countries whose price indices are suspect (see footnote 2 of
text). Of the 37 excluded countries mentioned in notes 3 and 4 of Table 1, five are included in the regression sample (Burundi,
Chad, Ghana, Rwanda, Uganda). But there are nine further exclusions in all regressions (China, Iran, Kuwait, Lesotho, Libya, Nepal,
Oman, Switzerland, Zimbabwe), and an additional nine exclusions in regression 4 (Burma, Burkina Faso, Ireland, Israel, Malaysia, New
Zealand, Rwanda, South Africa, Zambia).
3. "Developing" countries include Saudi Arabia.
4. 'Oil Exporters' include Saudi Arabia, middle-income oil exporters (as defined in the 1986 World Development Report), Netherlands,
Norway and United Kingdom. "Oil Importers" are all remaining countries.
52
suspect. 36 The intercept - on which more below - is reasonable in
sign and magnitude. The value of p, which measures the effect of
changes in the internal-external price ratio of traded goods (proxied
by changes in the black market discount ratio) is, as it should be,
insignificantly different from unity. The values of p, 6 and 1/E are
all positive, in accordance with theoretical expectations, and the
first and last of them are highly significantly different from zero.
The value of 1/c implies a price elasticity of supply of 0.8 for
nontraded goods (discussed further below). The magnitude and
significance of the estimated coefficients are not particularly
sensitive to the inclusion or exclusion of outlying observations. 3 7
And the regression explains half the cross-country variance in
official real exchange rate trends, which, given the shortcomings of
the proxy variables and the data, is quite satisfactory.
The second line of Table 4 shows the results of using the black
(rather than the official) real exchange rate trend as the dependent
variable, and consequently dropping the black rate discount trend as
an independent variable. Since these three variables are connected
J° Adding the 9 countries which have complete data but suspect priceindices to the sample slightly worsens the fit (R2 = 0.49),appreciably reduces the estimated values of p, v and 1/c and somewhatincreases that of 8. But it makes little difference to a, whichsuggests that the problem with GNP deflators in these countries isnot simply uniform understatement of inflation.
37 The two most conspicuous outliers (countries with extreme valuesfor the dependent variable and one or more of the independentvariables) are South Korea and Saudi Arabia. Exclusion of SouthKorea makes virtually no difference. Exclusion of Saudi Arabiasubstantially reduces 1/c (to 0.78), but this simply epitomises amore general feature of oil-exporting countries discussed below.
53
by an accounting identity,38 and since P is close to unity, this
respecification makes little difference. The absolute values of a,
qp, o and 1/E all become somewhat larger (mainly because the estimated
value of p in the first regression was somewhat less than unity).
And the proportion of explained variance is lower - although the
absolute amount of unexplained variance remains the same.
By contrast, dropping the black rate discount as an independent
variable while retaining the official rate as the dependent variable
greatly changes the results (not shown in Table 4). The intercept
and v become insignificantly different from zero, 1/c becomes
smaller, 6 changes sign, and R2 drops to 0.07. The economic meaning
of this is that, as explained earlier, movements in official real
exchange rates reflect changes in internal-external traded goods
price ratios as well as changes in nontraded-traded goods price
ratios. Failure to control for the former makes it much harder to
discern the influence of the forces which act on the latter. This is
confirmed by the correlation matrix in Table 5: official and black
real exchange rate movements are not particularly closely correlated
(R = 0.56); and black rate movements are better correlated than
official rate movements with changes in wX, wY and wQ.
Table 5 also reveals a moderate degree of multicollinearity among the
independent variables of the first two equations in Table 4, much of
which involves the export volume share trend. This variable is
positively correlated with the trend growth of per capita income.
J Specifically_- -SB i S - b
where SB is the black real exchange rate trend.
54
Table 5: COEFFICIENTS OF CORRELATION AMONG VARIABLES INCLUDED IN REGRESSIONS
S SB D wX wZ WY wQ Y75
Official RealExch Rate Trend (S) 0.56 0.54 0.23 0.23
Black Real ExchangeRate Trend (SB) 0.56 -0.38 0.36 0.37 0.31 0.42
Black Rate DiscountTrend (D) 0.54 -0.38 -0.34 -0.40
Export VolumeShare Trend (wX) 0.36 -0.34 0.23 0.42 -0.42 0.42
Relative LabourP'vity Trend (wZ) 0.23
Per Capita IncomeTrend (wY) 0.37 -0.40 0.42 0.54
Nontraded/TradedDemand Trend (wQ) 0.23 0.31 -0.42
Per Capita IncomeLevel 1975 (Y75) 0.23 0.42 0.42 0.54
Notes
1. Blanks indicate either diagonal elements or correlation coefficients insignificantlydifferent from zero (at the 0.10 level on the basis of a t-test).
2. All variables (except w) are expressed in natural logarithms.
3. Country coverage as in Table 4. All correlations based on 79-country sample, except forthose involving wZ (70 countries).
55
This could be because (as suggested earlier) both variables are
associated with differential technical progress, or because (as
suggested in many works on trade and development strategy, including
those of non-neoclassical economists such as Kaldor) export
performance is an important contributor to growth. The export share
trend variable is also negatively correlated with both the black rate
discount trend and the nontraded-traded demand trend. The first of
these negative correlations probably exists because high black rate
discounts often reflect severe quantitative restrictions (and high
tariffs) on imports, which encourage import-substitution and
discourage exports. The second negative correlation may exist
because foreign capital inflows and/or terms of trade improvements -
both of which boost the relative demand for nontraded output - reduce
incentives to expand export volume (see van Wijnbergen, 1985)
If the export variable is dropped, as in the third equation of Table
4, the income growth coefficient o doubles in size, which makes it
very significantly different from zero, while both a and 1/c become
smaller (though still very significantly different from zero). The
equation as a whole is less satisfactory, both because it explains
less variance and because 0 is significantly less than its
theoretically expected value of unity. But it confirms that
multicollinearity is a further obstacle to disentangling the various
influences on real exchange rate movements - in addition, that is, to
the difficulty mentioned earlier of knowing exactly what is being
captured by either the export share variable or the income growth
variable.
56
The simple correlation matrix in Table 5 includes the relative labour
productivity trend variable discussed above as a possible (but
apparently unsatisfactory) measure of differential technical
progress. It is not significantly associated with any of the other
variables except the export share trend. When included in the
regression equation, even if the colinear export variable is
excluded, the labour productivity variable has a small and
insignificant coefficient - as may be seen from the fourth equation
in Table 4, which in most respects resembles the previous regression
in which the export variable was simply dropped without replacement.
(The higher R2 is misleading, since this regression had to be
estimated on a reduced sample, which the first equation in Table 4
happens to fit better. Replacing the export variable with the
relative labour productivity variable in this reduced sample
diminishes R2 by 0.08.)
The relative labour productivity variable's explanatory power is,
interestingly, much greater when the country sample is restricted to
industrial market economies - as in equations 5 and 6 of Table 4.
Neither equation fits at all well. But the one which uses the labour
productivity variable is actually more successful than the one which
uses the export variable - the coefficient on the labour productivity
variable is almost significant, 1/c has the right sign, and more
variance is explained. (A similar result with industrial-country
data was obtained by Hsieh, 1982.)
The poor fit of the equation to the industrial country subsample
contrasts with its comparatively good fit to the developing-country
subsample in equation 7 of Table 4 (the size and significance of
57
whose coefficients closely resemble those of equation 1). This could
be because the real exchange rates of industrial countries relative
to one another are subject to much stronger 'asset-price" and
speculative influences than those of developing countries (Frenkel
and Mussa, 1985; Levich, 1985). Enormous amounts of money moving
freely among different industrial-country currencies in response to
changes in interest rates, information and nmrket sentiment have a
tremendous influence on their exchange rates, both nominal and real.
Much of this may be transitory, with long-term trends still being
substantially governed by changes in the fundmentAl influences
emhasised in Figure 10 and the estimating equation based on it. 39
But some of these "asset-price" fluctuations are so large and
prolonged (see Figure 1) that they probably mask other underlying
causes of secular movements in the real exchange rates of individual
industrial countries.
The last three equations in Table 4 show the results of partitioning
the sample between oil exporters and oil importers. Equation 8 for
all oil importers and equation 9 for developing oil importers retain
most of the characteristics observed with the full sample. The
coefficients a, 3, p and 8 all remain similar in sign, size and
significance, and the proportion of variance explained is appreciably
higher. But there is one notable difference, which is that l/ is
much smaller and indeed insignificantly different from zero, implying
JI Figure 10 and the estimating equation 3.8 are based on theassumption that, in the long run, differences in the prices of tradedgoods between one country and another (expressed in a commoncurrency) can exist only because of taxes, subsidies and barriers totrade. "Asset-price" influences on exchange rates may cause thisassumption to be violated. In a formal sense, they could beaccommodated in the present model as an additional determinant of H,but it is not clear that they could be measured in any simple way.
58
that the price elasticity of supply of nontraded goods is at least 4
or 5 and possibly much larger.
The lower elasticity estimated from the full sample thus appears to
arise entirely from the inclusion of oil-exporting countries. This
inference is corroborated by equation 10 of Table 4, which re-
estimates equation 1 on the oil exporters subsample. The coefficient
1/c is larger than in any previous equation, and the nontraded-traded
demand trend is by far the most powerful of the independent
variables, on its own explaining nearly 40% of the variance in real
exchange rate trends. The values of the other estimated
coefficients, including the intercept, all differ substantially from
those in the preceding equations; but because their standard errors
are large, the differences from equation 1 (with the exception of a)
are not statistically significant.
This difference between the oil exporters and the oil importers
probably reflects a difference between the medium-term and long-term
values of the nontraded goods supply elasticity. In the long term,
or with gradual change, one would expect a high elasticity, since
there are few if any inputs naturally specific to either traded or
nontraded goods. In the medium (and short) term, or with rapid
change, however, the expected elasticity is lower because premia must
be paid to induce switching of inputs between sectors. Oil exporters
experienced larger and faster changes than oil-importers in their
nontraded-traded demand ratios (for example, although oil exporters
constitute only one-sixth of the whole sample, they include 4 of the
top 6 countries in terms of changes in this ratio). It is thus
perhaps not surprising that they exhibit an apparently lower supply
elasticity.
A fuller picture of the determinants of changes in the nontraded-
traded demand ratio, Q, emerges from the correlation matrix in Table
6, which quantifies the relationships summarised earlier in equations
3.3 and 3.4. (The independent variable in the regression equation is
actually wQ, but as may be seen from the table Q and wQ are very
highly correlated.) No less than 92% of the variance in Q in the
all-country sample can be explained by variance in the trend of the
external trade volume balance, leaving only a small proportion to be
explained by autonomous changes in the composition of domestic
demand. It is also clear that much (59%) of the variance in the
trade volume balance trend in the all-country sample can in turn be
explained by variance in the trend terms of trade, with autonomous
changes in capital flows, reserves, interest payments and remittances
being of lesser importance. (Part of the variance explained by terms
of trade changes may however be due to induced changes in capital
flows - although improved terms of trade have opposite effects on the
need and the ability to borrow.)
Both these causal linkages appear somewhat different if the sample is
restricted to oil importers (the parenthesised numbers in Table 6).
Autonomous changes in domestic demand composition explain nearly 20%,
rather than 8%, of the variance in the nontraded-traded demand ratio
trend. And of the 80% that is still due to variance in the trade
volume balance trend, not much more than a quarter is attributable to
terms of trade changes. Autonomous changes in capital flows and
other balance-of-payments items have thus - unsurprisingly - been
60
Table 6: EXPLANATION OF NONTRADED/TRADED DEMAND TREND:CORRELATION COEFFICIENTS FOR ALL COUNTRIES (OIL IMPORTERS)
wQ w Q r ToT I/Y G/Y Y75
Weighted Nontr'd/ 0.99 0.94 0.75 0.49Tr'd Deaond Trend (wQ) (0.99) (0.88) (0.51) (0.49) (-0.29)
weight (w) -0.21 0.73(0.30) (0.78)
Nontraded/Traded 0.99 -0.21 0.96 0.74 0.49Dmand Trend (Q) (0.99) (0.90) (0.50) (0.50) (-0.27)
Trade Volume 0.94 0.96 0.77 0.34Balance Trend (r) (0.88) (0.90) (0.53) (0.29)
Terms of Trade 0.75 0.74 0.77 0.31Trend (ToT) (0.51) (0.30) (0.50) (0.53) (0.25)
Invstment Share 0.49 0.49 0.34 0.31 -0.27Trend (I/Y) (0.49) (0.50) (0.29) (0.25) (-0.27)
Gov't Consumption -0.20Trend (G/Y)
Per Capita Incom 0.73 -0.27 -0.20L*vel 1975 (Y75) (-0.29) (0.78) (-0.27) (-0.27)
Notes
1. Only significant off-diagonal correlations shown (soe notes to Table 5). Unparenthesisednumbers based on all-country sample (79 observations). Numbers in parentheses based onoil-iWportors saple (65 observations).
2. "Weight" is period-average share of nontraded sectors in GDP.
3. Trade balance mCasured as constant-price ratio of total final expenditure to GDP.
61more important causes of trade volume balance changes for oil
importers than for oil exporters.
Table 6 also shows that changes in the proportion of GDP devoted to
investment are more important than changes in the government
consumption share as a cause of changes in the nontraded-traded
demand ratio. The correlation with government consumption is
positive but statistically insignificant, while changes in the
investment share explain a quarter of the variance of Q, both for all
countries and for oil importers. This is not inconsistent with the
high proportion of variance of Q attributed above to external
factors, because (as indicated in the table) changes in the
investment share are significantly positively correlated with changes
in the external trade volume balance. Countries whose terms of trade
have improved, or which have borrowed or been given aid to run
external trade deficits, have tended to invest more - although this
explains only a modest proportion of cross-country variance in
investment performance.
In summary, the regressions provide a generally rather satisfactory
explanation of why different countries have experienced different
real exchange rate trends. The signs and sizes of the estimated
coefficients are in accordance with theoretical expectations, and
(except within the industrial country subsample) a substantial
proportion of variance is explained. The results are also
consistent, where they overlap, with other empirical evidence,
including various earlier studies (referred to above) which found
significant positive associations between real exchange rate
appreciation and foreign capital inflows, terms of trade
62improvements, increased investment, increased government consumption, _
and per capita income growth.40
There are however two unsatisfactory features of the present results.
These can be seen in Table 7, in which the residuals from equation 1
of Table 4 (tabulated in Appendix 3) are regressed on an oil exporter
dummy variable and an industrial market economy dummy variable. The
coefficients on both dummy variables are statistically significant,
and the equation explains one-fifth of the residual variance.
Significant coefficients are also obtained when the residuals are
regressed on per capita income level and terms of trade trend,
although adding these closely related variables to the two dummies
does not appreciably increase the explanatory power of the equation.
The significance of the oil exporter dummy/terms of trade variable
confirms the impression given by the positive (though insignificant)
intercept of equation 10 in Table 4, and by visual inspection of the
residuals, namely that the basic equation 1 in Table 4 substantially
underpredicts real exchange rate appreciation (or overpredicts
depreciation) in most of the oil-exporting countries.41 Though there
4U The present results also help to explain why Agarwala (1983) andEvans and Aghazadeh (1985) found a negative cross-section associationbetween real official exchange rate appreciation and real GDP growthin a sample of about 30 developing countries over the period 1970-80.For there is a negative cross-country correlation (see Table 5)between growth and increases in the black market discount ratio.Thus although the association between growth and real black rateappreciation is consistently positive, dropping the black marketdiscount ratio from regression 1 makes the coefficient on per capitaincome growth negative. In other words, Agarwala's and Evans'findings probably reflect the presence in their sample of a number ofslow-growing countries whose official exchange rates had becomeincreasingly out of line with their black market exchange rates.
41 This is true of 9 of the 14 oil exporters in the sample. The 5exceptions are the Congo and Tunisia, with small positive residuals,and Ecuador, Malaysia and Mexico, with negative residuals.
63
Table 7: ANALYSIS OF RESIDUALS FROM CROSS-COUNTRY REGRESSION
Independent Variables
Per Capita Industrialised Terms of OilIncome Level Country Trade Trend Exporter R2
Intercept 1975 (log) Dummy (log) Dummy
-0.31 * 0.05 * 0.18 ** 0.12
-0.10 ** 0.18 ** 0.32 * 0.21
1. Numbers reported in this table are estimated regression coefficients. Dependentvariable is residuals from regression 1 in Table 4.
2. See notes to Table 4 on methodology and country coverage.
are various possible theoretical and statistical explanations for 64
this, within the analytical framework summarised in Table 10, it is
not immediately obvious which of them could account for discrepancies
as large as those observed. However, these discrepancies do not in
themselves preclude a satisfactory explanation of the general
tendency for real depreciation among oil-importing developing
countries which provoked the present paper.
More vexing in this regard are the significance and positive sign of
the industrial country dummy/per capita income level variable. For
this implies that the basic regression equation 1 in Table 4 either
underpredicts real exchange appreciation in industrial market
economies, or underpredicts real exchange rate depreciation in
developing countries, or both. In other words, the equation has
omitted or failed to measure accurately one or more significant
determinants of real exchange rate movements whose impact has been
systematically different as between industrial and developing
countries. Theory and known shortcomings in the proxy variables and
data used suggest various possible explanations of this discrepancy,
but there is no easy way of establishing which if any of them is
correct.
Causes of Group Trends
An alternative approach to explaining the country group real exchange
rate trends documented in this paper is to use the regression results
to make group predictions - which should show not only whether or not
the predictions are accurate, but also what have been the main causes
of real exchange rate movement for each group. Specifically, for
65each of the countries and groups whose weighted average exchange rate
trends were charted in the first section of this paper (with some
unavoidable but minor changes in country composition), the weighted
average value of each of the independent variables used in the
regressions was calculated and combined with the estimated regression
coefficients to arrive at a real exchange rate trend prediction.
Table 8, which closely resembles Table 1 in format and coverage,
simply compares the actual and predicted trends for both official and
black rates. The predicted direction of movement is in most cases
the same as the actual direction - the exceptions being the black
rate trend in middle-income oil exporters and the small exchange rate
movements in the two industrial country groups. The predicted
magnitude of the trends is in about half the cases within 10
percentage points of the actual magnitude - though the gap is much
larger (as would be expected from the discussion of Table 7 above)
for the two oil-exporting groups. The pattern of signs of the
discrepancies between the actual and predicted trends confirms that
real exchange rate appreciation is generally underpredicted in oil
exporters and industrial countries (apart from the US), and that the
real exchange rates of oil-importing developing countries have in
most cases depreciated by more than the regression equation predicts.
Table 9 (in which all the numbers are logarithms) shows for each
group the actual official, real exchange rate trend, the unexplained
residual, and the estimated causes of the predicted trend. The
causes are presented in two ways: one is according to the terms in
the regression equation, which can simply be added up to give the
predicted trend; the other is to estimate from these terms the two
66
Table 8: ACTUAL AND PREDICTED REAL EXCHANGE RATE TRENDS BY COUNTRY GROUPS(1980-84 average as ratio of 1960-64 average)
Official Rate Black RateActual Predicted Actual Predicted
India 0.62 0.62 0.83 0.78China 0.40 na 0.96 naOther Low-Income Economies 0.60 0.78 0.58 0.73
Low-Income Africa 0.76 0.91 0.71 0.85Low-Income Asia (excluding China) 0.59 0.64 0.74 0.75
Oil-Importing Middle-Income Economies 0.87 0.88 0.95 0.92Oil-Exporting Middle-Income Economies 1.44 1.06 1.31 0.92High-Income Oil Exporters 3.52 2.24 3.66 2.48
United States 0.81 0.88 0.81 0.88Japan 1.35 1.11 1.35 1.15Other Industrial Market Economies 1.07 0.95 1.07 0.97All Industrial Market Economies 1.00 0.94 1.00 0.96
Notes
1. Predicted values derived from equation 1 (official rate) and equation 2 (black rate) inTable 4.
2. All group averages weighted by 1975 GNP in US dollars at official exchange rates.
3. Actual values for groups differ somewhat from those in Table 1, partly because ofmethod of calculation (weighted average of trends versus trend of weighted averages),partly because group composition differs somewhat for reasons of data availability -especially exclusion of some countries from the regressions for lack of information onindependent variables. In the present table, group membership is the same for bothofficial and black rate calculations. But the only surviving high-income oil exporteris Saudi Arabia. As regards the other groups, in addition to the list of exclusions innote 4 of Table 1, the following countries are excluded. (Those in parentheses areincluded in the present table but not in Table 1.)
Other low-income: Nepal, (Burundi, Chad, Rwanda)
Oil-importing middle-income: Lesotho, Zimbabwe
Oil-exporting middle-income: Iran
Industrial market economies: Ireland, Switzerland.
Table 9: SOURCES Or CHANGE IN OFFICIAL REAL ECHUANGE RATES, BY COUNTRY GROUPS
Sources of chance (determinants of log of actual trend ratio)
Log of Predicted (log superscript - suppressed)actualtrend Regression Equation Terms Underlying Components
ratio (5) Residual a PD pX 8wY l/e.wQ H T w
India -0.478 0.007 -0.342 -0.255 0.074 0.029 0.009 -0.281 0.288 0.389
Other Low-Inc Economies -0.554 -0.277 -0.342 0.037 -0.074 0.037 0.066 0.041 0.060 0.474
Ghana and Uganda 1.460 0.463 -0.342 1.621 -0.207 -0.033 -0.042 1.784 -0.712 0.396
Low-Inc Africa (excl G S U) -0.307 -0.186 -0.342 0.085 -0.069 0.015 0.189 0.094 0.270 0.501
Low-Inc Asia (excl China) -0.535 -0.084 -0.342 -0.182 0.033 0.034 0&006 -0.201 0.180 0.408
Low-Inc Asia (excl China & India) -0.685 -0.326 -0.342 0.011 -0.076 0.049 -0.001 0.012 -0.062 0.460
oil-Importing Middle-Inc Economies -0.179 -0.008 -0.342 -0.056 0.130 0.102 -0.006 -0.061 0.399 0.567
oil-Exporting Middle-Inc Economies 0.224 0.211 -0.342 0.115 -0.043 0.083 0.200 0.126 0.421 0. 570
High-Inc Oil Exporters 1.260 0.453 -0.342 -0.009 -0.140 o,i23 1.174 -0.010 2.840 0.408
United States -0.214 -0.084 -0.342 0 0.196 0.081 -0.066 0 0.304 0.696
Japan 0.302 0.200 -0.342 0 0.364 0.179 -0.099 0 0.782 0.567
Other Industrial Market Economies 0.056 0.107 -0.342 0 0.235 0.099 -0.044 0 0.451 0.643
All Industrial Market Economies -0.019 0.044 -0.342 0 0.236 0.102 -0.059 0 0.426 0.654
Notes
1. Sources calculation based on equation 1 in Table 4, using group weighted.averages of indepehdent variable values. H is simply
equal to D. T is the sum of pX, 8Y and l/e.Q. (It is calculated by summing ywX, 8wY and 4/e.wQ, and dividing the sum by w.)
2. Country group membership as in Table 8.
3. Log of actual trend ratio differs somewhat (for country groups) from log of corresponding trend ratio in Table 8, because the ?
number in this table is a weighted average of logs (rather than the log:of a weighted average).
68
main components of the trend, namely changes in the internal-external
traded-goods price ratio (H) and changes in the nontraded-traded
goods price ratio (T). China is dropped from the table because it
was not included in the regression analysis, but two new groups are
included - Ghana and Uganda (omitted from the low-income Africa group
for reasons explained earlier), and low-income Asia excluding both
China and India. A similar table showing the sources of change in
black real exchange rates was also calculated, but is not presented
because (given the logically and empirically close relationship
between equations 1 and 2 in Table 4) it tells an almost identical
story.
Looking first at the two main components, H and T, it can be seen
that the former has operated in different directions in different
developing-country groups (it has no measured influence in industrial
countries because it is proxied by the black market discount ratio,
which has remained negligibly small in these countries during this
period). Changes in the internal-external traded-goods price ratio
apparently contributed substantially to real depreciation in India,
and moderately to depreciation in oil-importing middle-income
countries, but had the opposite effect in Africa (especially Ghana
and Uganda) and in middle-income oil exporters, and had very little
effect in the rest of low-income Asia or in high-income oil
exporters.
Changes in the nontraded-traded goods price ratio, T, appear to have
contributed substantially to real exchange rate appreciation (or to
reducing the extent of depreciation) in most groups. Only in
Ghana/Uganda and other low-income Asia does this influence pull the
69
other way. Its contribution to appreciation is much larger in the
industrial country groups than in any of the low-income welping
country groups. The difference between industrial and miMdl*n-i
countries (both oil importers and oil exporters) is not so
noticeable. But, for reasons surmmarised in equation 3.5, the ipact
of any given change in T on the real exchange rate is greater in
industrial than in developing countries, because nontraded goods have
a larger weight in their price indices - although, as the last column
of Table 9 shows, the difference is not all that great.
The VwX, owY and 1/c.wQ columns of Table 9 decompose the causes of
change in T in each group. Changes in the export volum ratio,
reflecting alterations in openness to foreign trade and/or
differential technical progress, appear to have contributed to real
appreciation in India (somewhat), in middle-income oil izWporters
(moderately), and in industrial countries (substantially). But
decreases in the export volume ratio have contributed to real
depreciation in Africa, in other low-income Asia, and in oil
eXporters. Growth of per capita real income, which reflects
differential technical progress and/or changes in relative factor
prices, appears to have contributed to real appreciation in all
groups except Ghana/Uganda. But its contribution has been much
smaller in all low-income groups than in either industrial or middle-
income countries.
Changes in the nontraded-traded demand ratio (whose determinants are
shown for each group in Table 10) contribute most substantially to
real appreciation in the oil-exporting countries - due to the
combined influence of improved terms of trade, increased investment
Table 10: EXPLANATION OF NONTRADED/TRADED DEMAND TREND BY COUNTRY GROUPS
(Natural logarithm. of trend ratios)
Nontraded/Traded Trade Volume Terms of Investment Gov't Cons'nDemand Trend Balance Trend Trade Trend Share Trend Share Trend
India 0.018 -0.019 -0.261 0.238 0.079Other.Low-Income Economies 0.105 0.032 -0.398 0.114 0.061
Ghana and Uganda -0.083 -0.134 -0.292 -0.607 0.630Low-Income Africa (excl G and U) 0.299 0.090 -0.210 0.341 0.261Low-Income Asia (excl China) 0.013 -0.014 -0.326 0.171 0.045Low-Income Asia (excl China & India) 0.001 0.001 -0.499 -0.008 -0.046
Oil-Importing Middle-Income Economies -0.009 -0.019 -0.170 0.148 -0.036Oil-Exporting Middle-Income Economies 0.304 0.122 0.672 0.300 0.211High-Income Oil Exporters 2.312 1.211 1.973 0.943 -0.279
United States -0.076 -0.003 -0.206 -0.133 -0.273Japan -0.140 -0.110 -0.650 0.275 -0.243Other Industrial Market Economies -0.055 -0.023 -0.064 -0.103 0.021All Industrial Market Economies -0.074 -0.026 -0.193 -0.067 -0.127
Note: See notes to Tables 6, 8 and 9.
0
71.
and increased government consumption. But increases in Q have also
tended to cause substantial appreciation in low-income Africa
(excluding Ghana and Uganda), despite deteriorating terms of trade,
because of increases in capital inflows, investment and government
consumption. Changes in Q have been small in low-income Asia and
middle-income oil importers42, in which terms of trade deterioration
and increased investment have largely offset one another; and have
been a modest force for depreciation in the industrial market
economies, because of deteriorating terms of trade and declining
shares of investment and government consumption in domestic demand.
One determinant of real exchange rate movements in Table 9 remains to
be considered, namely the intercept a. This is clearly an important
influence, being for example larger in absolute size than T in about
half the groups and countries shown; and it is negative - a force
contributing to real depreciation in every group. What it measures,
as summarised earlier in the expression
a= - H* - w*T*
is the change in H and (weighted) T in comparator countries, which in
the present study are all the industrial market economies. Its
substantial negative value thus implies that H and/or T have
increased considerably in these countries. That T has indeed risen
substantially in the all-industrial-country group is suggested by the
last line of Table 9.43 No satisfactory direct measure of changes in
44 This is true of the whole period 1960-84, to which the presenttrend calculations refer, but not necessarily of all subperiods. Inparticular, Q may have risen substantially for middle-income oilimporters in the 1970s because of increased commercial borrowing, butthen declined in the debt crisis of the early 1980s.
43 In principle, if the regression equation fitted perfectly, the sumof the independent variable terms (the causes of real exchangechanges within the industrial country group) would be exactly equal -
72
H in the industrial countries is available, but it could be inferred
from the small positive residual for this group that the internal-
external traded-goods price ratio has risen slightly - perhaps
because increases in nontariff barriers in the latter part of the
period outweighed earlier tariff reductions.
It follows from this and from the other numbers in Table 9 that the
single most important cause of the general depreciation of
developing-country real exchange rates documented earlier in this
paper is in fact to be found within the industrial countries. In
other words, the phenomenon (insofar as it is explained by the
regressions) appears to be more a matter of industrial-country real
appreciation than of developing-country real depreciation. This
conclusion makes good sense, especially because developing countries
vary enormously in their economic potential, policies and
performance. What they have in common, however, is that their real
exchange rates have all been measured relative to the same comparator
group of industrial countries. It is thus not surprising to discover
that a real exchange rate trend common to most developing countries
has emanated from the industrial country group. 4 4
The influence of events in the industrial countries should not be
overstated. In some of the developing-country groups shown in Table
9, changes in H or T have also contributed to depreciation of their
but of opposite sign - to the intercept. The predicted change in thegroup's real exchange rate would thus be zero, as its role asnumeraire requires it to be.
44 Even in the oil-exporting groups (middle-income and high-income),the group average real exchange rate has exhibited a tendency todepreciate except during the rather short periods in which the realprice of oil increased sharply.
73
real exchange rates. And in most of the oil-ihycrting delmcpiny
oountry groups, negative residuals hint at other causes of real
impreciation. These explained and unexplained internal foroes,
woroser, would between them have been sufficient to produce amcast
ral depreciation of official exchange rates in India and other-lw-
incoo Asia even if H and T in industrial countries had resiaied
oasetant. But in low-inceme Africa and in oil-importing middl*-
incams countries, official real exchange rates would apparently have
ippreciated had it not been for the substantial increase in m (and
perhaps a small increase in H) in industrial countries.
"e estimated causes of this increase in the nontraded-traded goods
price ratio in the industrial countries can be seen in the last line
of Table 9. The most important (accounting for 85% of the increase
In T) appears to be increases in the export volume ratio. Growth of
rel per capita income appears to be of lesser but still substantial
iwportance (36%), and reduced nontraded-traded demand ratios pull the
other way (-21%). This assessment of causation is however not
entirely satisfying, partly because of multicollinearity between X
end Y, which makes it hard to disentangle their contributions, but
also because each of these variables could be picking up two
different underlying influences on the real exchange rate. It is
also worth recalling the poor fit of the equation to the industrial-
country subsanple.
4. Summarv and Conclusions
Over the quarter-century 1960-84, the global pattern of real exchange
rztes changed substantially. Not only did the real exchange rates of
74
individual countries rise and fall relative to one another, but there
were also notable changes in the relatiomships between important
groups of countries. Relative to the industrial-country average, the
real exchange rates of oil-exporting develcping countries on average
appreciated, while those of oil-importing develoing countries -
especially the poorest ones - on average depreciated. This
conclusion is very robust with respect to variations in the way in
which real exchange rate changes are calculated (at least so long as
these adhere to the straightforward principle of deflating some
nominal exchange rate index by some measure of the difference between
internal and external inflation), even though such variations alter
the details of the outcome, especially for particular countries.
Changes in a country's real exchange rate can be shown by simple
accounting to be the product of changes in two relative prices, in
the country concerned and in the comparator (or numeraire) country
(or country group). One is the domestic price of nontraded relative
to traded goods. The other is the ratio of internal to external
traded-goods prices, which reflects the influence of trade policy
instruments, general indirect taxes and subsidies. A change in
either of these relative prices in a country will alter its measured
real exchange rate. But even if neither of them changes, the
country's real exchange rate may still alter because one or both of
these relative prices have changed in the comparator country. How
substantially the real exchange rate responds to changes in the
nontraded-traded price ratio in either country depends on the weights
of nontraded and traded goods in its index of inflation.
75
This accounting relationship can be crined with familiar elements
of macroeconomic and microeconomic theory to provide a comlete model
of the determination of long-run real exchange rate movements. These
depend principally on changes in barriers to trade and other
determinants of the openness of the economy, on the relative rates of
technical progress in the production of nontraded and traded goods,
on changes in relative factor prices, and on changes in the demand
for nontraded relative to traded output. Changes in the nontraded-
traded demand ratio depend in turn principally on terms of trade
movements, foreign capital flows, and changes in the shares of
investment and government consumption in domestic expenditure.
Despite the difficulty of obtaining data on some of these elements,
and limitations on the availability and quality of other data, this
model was used econometrically to explain the 1960-84 real exchange
rate trend in a cross-section of 79 countries, covering all the
groups (industrial, developing, low-income, oil-exporters, oil-
importers) mentioned above. The results were generally satisfactory,
in that the estimated coefficients all conformed with prior
expectations, and were robust with respect to changes in the
composition of the sample (or varied between subgroups in
economically intelligible ways). About half the overall cross-
country variance in real exchange rate trends was explained, although
much less than this within the industrial-country group - probably
because of excluded "asset-price" influences on the exchange rates
of individual industrial countries relative to one another.
Because of the way in which the econometric model was specified and
real exchange rate movements measured (with the same comparators for
76
each country), the estimated regression coefficients could also be
applied to explain the global pattern of trends in the real exchange
rates of different country groups. The real appreciation experienced
by oil exporters was underpredicted by the nAel, but appears -
unsurprisingly - to have arisen mainly from increases in the ratio of
nontraded to traded output caused by large tersm of trade
iqprovownts. The general depreciation of the real exchange rates of
oil-importing developing countries relative to industrial countries
was also somewhat underpredicted by the odel, but appears to be due
largely to a substantial increase in the nontraded-traded goods price
ratio in the industrial countries. This in turn seems to have been
causOd by a combination of faster technical progress in traded than
in nontraded sectors, increased openness to foreign trade, and
increases in wage-rental ratios due to overall productivity and real
wa growth.
In India, a marked decline in the internal-external traded-goods
price ratio (due probably to a reduction in the restrictiveness of
cantrols on foreign trade) more than offset an increase in the
nontraded-traded goods price ratio, and hence also contributed to
real depreciation. In the rest of low-income Asia, excluding China,
neither of these relative prices appears to have altered much. In
low-income Africa, there were apparently increases both in the
internal-external traded-goods price ratio (due to more restrictive
trade policies) and in the nontraded-traded goods price ratio (due
mainly to foreign capital inflows - including aid - and rising
investment and government consumption shares), which offset part of
the tendeney to real depreciation arising from changes within
industrial countries. In oil-importing middle-income countries also,
77
the net effect of changes in these two relative prices was to offset
depreciation, with a small decline in the internal-external traded-
goods price ratio much more than cancelled out by a rise in the
nontraded-traded goods price ratio, caused - as in the industrial
countries - mainly by differential technical progress, increased
openness, and rising wage-rental ratios. (The long-term net effect
of changes in capital flows, terms of trade, and the ccmposition of
domestic demand was negligible for this group.)
The present paper emphasises trends over the whole period, and global
coverage (apart from the non-market economies). Its methodology
could however be used to analyse and compare real exchange rate
movements in different subperiods (demarcated for example by fixed
versus floating nominal rates, oil price shocks and recycling, and
the debt crisis). Even the simple time-series graphs presented
earlier suggest that the relative importance of the different forces
at work on real exchange rates has varied from subperiod to
subperiod. It would also be possible to apply the approach developed
in this paper to a more detailed explanation of the experience of
individual countries or groups of countries. And there is surely
scope for improving the specification and estimation of the model -
including perhaps embedding it in a system of simultaneous equations
- although data problems would probably restrict any more elaborate
analysis to shorter periods and/or fewer countries than are covered
in this paper.
The change in the global pattern of real exchange rates during 1960-
84 appears in itself to be neither a good thing nor a bad thing.
Some of its causes are regrettable - including the much slower growth
78
of poor than of rich countries - but the general real z].dsziAtin=
experienced by developing countries relative to indmstrialJ countries
(or equivalently, and as it turns out more mpr-priAtely. the yneral
appreciation of industrial countries relative to Aeve2cping
countries) has probably not benefited or harmed oither gr=M- It has
made the international distribution of noinal incosms - C=oearted at
official exchange rates - much more unequal, but it is hard to se
how it could have caused increased international inequality sf real
incomes, which is what matters (see especially ravis, l9E2. VP 11-
15, 324-6). There have of course been changes in real intermational
inequality during this period - caused by di-ferences in real grouwth
rates and alterations in terms of trade - but these have bn
reflected in, not exacerbated by, real exchange rate =m=vemets.45
Nor does it seem likely that this secular global shift in real
exchange rates has caused systematic changes i insome distribution
within countries or groups of countries that would have contributed
to increased inequality of the global distribution of real incomes.
The analytical framework of this paper suggests that appreciation of
industrial-country real exchange rates relative to those of
developing countries could in principle be associated with a
distributive shift from profits to wages in the formr and/or fro
4' Nor have these real exchange rate movements in thbmselvesaggravated the real burden of servicing the debts which developingcountries owe to industrial countries. Since almost all these debts,and the associated service payments, are denominated in industrial-country rather than developing-country currencies, real depreciationof developing-country currencies makes debt service payments(measured in domestic currency) a larger proportion of developing-country national incomes. But this does not alter the real burden ofdebt service, which is the volume of goods that developing countrieshave to export (or refrain from importing) in order to meet theirdebt service commitments. What happens to this burden dependsentirely on the interest rate and on the prices of developing-countryexports and imports (measured in industrial-country currencies).
79
wages to profits in the latter. 4oreover, there is some evidence of
such a shift in industrial countries during this period; and changes
in wage-rental ratios have been mentioned at several points above.
But the direction of causation, at least in the long term, seems to
be from distribution to the real exchange rate, rather than vice
versa; and the most important changes in the wage-rental ratio appear
to be those which arise from the beneficial effect of technical
progress on real wages, rather than from changes in distributive
shares.
Few if any implications for global econ!ic policies thus arise from
the findings of this paper. But there are perhaps some important,
albeit indirect, implications of practical importance for the
formulation of policies in particular countries. Every week - indeed
probably every day - economists in central banks, ministries of
finance, and international organisations such as the World Bank and
the International Monetary Fund calculate (in diverse but broadly
similar ways) real exchange rate movements over some past period, and
use these calculations in evaluating existing policies and
recormending policy changes. The relevance and merit of the
implications drawn for policy, however, sometimes seem to be impaired
by inadequate understanding of what the calculations are actually
measuring and of the causal connections between real exchange rates
and other economic variables.
It is true that real exchange rate calculations are no longer
translated into policy advice as mechanically as they were a few
years back - thanks partly to the efforts of some of the authors
mentioned in this paper (Cavallo, Cqttani and Rhan; Edwards; Faini;
80
Harberger; and Maciejewski). It is also true that many economists
have a broadly correct, if imprecise, understanding of some of the
forces that can cause enduring alterations in real exchange rates,
including trade policy, real income growth, foreign capital flows,
and terms of trade movements. But few economists, it appears, are
aware of the accounting relationship which shows how real exchange
rates depend on two relative prices in the home and the comparator
country, or of the causal channels through which the long-run
economic determinants of real exchange rates flow and combine.
The main claim to policy relevance of the present paper may thus be
its simple analytical account of the long-run determinants of real
exchange rates, summarised in Figure 10. In appraising and
formulating policies, of course, many issues arise which have not
been properly addressed in this paper. The most important is the
distinction between long-term or equilibrium real exchange rate
movements (to which Figure 10 refers) and short-term or
disequilibrium movements. Misguided macroeconomic or nominal
exchange rate policies, and in some cases speculative influences, can
cause a country's real exchange rate to diverge from its long-term or
equilibrium level, and can thus lead to unsustainable accumulation of
debt or costly restrictions on trade and production. Correcting such
divergences, moreover, is often economically and politically
difficult. Nonetheless, in attempting to steer real exchange rates
onto and along their equilibrium tracks, it seems essential to have
the clearest possible understanding of the forces which govern them
in the long run.
81
Appendix 1: Derivation of Equation 3.1
Following the logic, though not the notation, of Edwards (1985, pp
10-11), and inverting his ratios so that increases in real exchange
rate indices indicate appreciation and decreases depreciation, the
theoretical concept of the real exchange rate, T, can be written as
T - PN/PT (A.1)
where PN and PT are the average prices of nontraded and traded goods
respectively. The general price level, P, can be written as a
geometric weighted average of PN and PT
p - pNwpT(l-w) (A.2)
where w is the weight of nontraded goods in the country's general
price index. The statistical measure of the real exchange rate, S,
can be written as
S - EP/P* (A.3)
where * denotes a comparator country variable, and E is the nominal
exchange rate expressed in comparator country currency units per
local currency unit (eg dollars per rupee).
Edwards' next algebraic steps depend on the assumption that the law
of one price strictly prevails for traded goods (ie that the price of
traded goods, expressed in a comon currency, is the same within each
country). An alternative, weaker and more tenable assumption is that
this law prevails only for border - or world market - prices, and
that the internal price of traded goods is some ratio, H, of the
border price, where H depends (as explained in the main text) on
tariffs and quotas on imports, on export subsidies and quotas, and on
general indirect taxes and subsidies. 4 6 The price of traded goods
'° Even this weaker form of the law of one price for traded goods*Ust be qualified, though in ways that are probably not of major
82
within the home country is thus related to the price of traded goods
within the comparator country in the following way:
PT = HPT*/H*E (A.4).
Since the statistical measure of the real exchange rate can be
meaningfully calculated only in terms of changes, and not of levels,
it is sensible as well as convenient to follow Edwards in working
with logarithmic transformations (denoted by ^ over the variable) of
equations A.1-4. The relationship between changes in the statistical
measure and changes in the theoretical measure of the real exchange
rate can then be readily derived. From equation A.3,
= + P - P* (A.5)
which, using the transformed equation A.2 to substitute for P and P*,
becomes
S = Z + WPN + (1 - W)PT - w*PN* - (1 - w*)pT* (A.6)
The logarithmic transformation of equation A.4 can be rearranged as
i = H - H* + PT* - PT (A.7)
importance for the present study. (a) International transport costscan cause the border prices of particular traded goods to vary amongcountries. But transport costs tend to cancel out when eachcountry's exportables and importables are aggregated. (b) Thedomestic price levels of some apparently traded goods (eg the food,clothing and footwear items in Table 6.8 of Kravis, 1982) vary amongcountries in ways that do not seem likely to be explicable in termsof tariffs, quotas, subsidies and indirect taxes. But this may bebecause of variations in quality or detailed comnmodity composition,which would not affect the conclusions of the present analysis. (c)Potentially more worrying is some evidence that the dollar prices oftraded goods do not move in the same ways in different industrialcountries (Levich, 1985, pp 1005-6). This too may be partly due tointer-country and inter-temporal variations in the commoditycomposition of 2-digit and 3-digit SITC categories, but it probablyalso reflects "asset-price" influences on the nominal exchange ratesof individual industrial countries - although these are more of aproblem over time periods shorter than those with which the presentpaper deals.
83
and substituted into A.6 to yield
S H-H + PT - PT + WPN + (1 - W)PT - w*PN* - (1 - W*)PT* (A.8
which simplifies to
S = H - H* + w(PN PT) - w*(PN* PT) (A.9)
Since from A.1
T = PN - iT (A.1O)
A.9 can be rewritten as
S = H - H* + wT - w*T* (A.11)
which is equation 3.1.
The related expression derived by Edwards47 has no H or H* terms,
since his strong law of one price assumption makes their logarithms
zero. His expression, moreover, because it has T rather than S on
the left-hand side, and does not explicitly introduce T*, obscures
the essential simplicity and symmetry of equation A.11.
' Frenkel and Mussa (1985, p 717) and Levich (1985, p 1005n) deriveexpressions similar in some respects to that of Edwards.
84
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87
ANNEX 1: COUNTRY GROUP REAL EXCHANGE RATES
Middle-Income Oil Exporters Middle-Income Oil Importers
Official Black Market Official Black Market
Year Mean St.Dev Mean St.Dev Mean St.Dev Mean St.Dev
1960 104.952 25.7107 108.718 14.577 119.996 30.2032 107.894 15.67541961 102.758 23.7147 103.194 9.931 107.980 20.5570 102.586 16.99711962 103.570 19.2883 102.896 11.751 108.385 17.2933 99.828 18.21391963 102.802 16.4590 102.486 15.717 116.801 22.3516 99.898 18.94651964 99.954 6.1298 106.386 14.497 114.146 27.1502 101.447 15.75781965 100.000 0.0000 100.000 0.000 100.000 0.0000 100.000 0.00001966 102.218 7.9418 108.192 20.827 103.669 13.5979 109.831 12.39191967 101.176 12.7038 113.415 51.758 103.939 14.3387 107.821 14.29311968 100.450 16.2236 110.499 46.818 101.274 16.6109 108.079 18.45961969 100.454 18.9278 110.464 53.821 100.601 17.2004 105.615 21.17871970 103.208 23.7051 116.S22 63.357 96.505 17.9421 100.249 19.62011971 99.952 19.9723 113.141 58.137 92.323 17.9594 93.653 19.67251972 97.374 20.6584 108.112 54.357 88.113 15.8258 89.216 24.05581973 100.499 19.8207 115.241 65.869 92.810 15.7803 97.324 22.60741974 128.604 36.2722 147.753 92.308 102.200 18.5461 102.979 25.87671975 129.060 39.0398 146.074 89.419 95.217 19.8002 93.886 28.45881976 133.324 49.0009 150.730 109.018 101.310 21.8003 97.332 33.76291977 128.373 55.6192 146.889 115.650 100.998 23.3004 102.813 32.58441978 119.691 52.0805 132.162 99.086 96.953 24.4541 100.449 32.66011979 124.926 49.5884 123.396 84.329 102.800 26.0086 104.993 36.12941980 148.117 61.3557 137.339 103.454 102.023 28.6721 110.438 40.69911981 161.770 57.3204 147.707 112.733 105.424 28.0665 107.255 35.94961982 155.999 71.5770 125.691 127.125 99.304 28.4618 92.846 36.52851983 151.657 74.1255 102.864 103.198 89.912 26.3335 82.070 38.43141984 158.805 81.6193 . . 87.333 28.6627
India Other Low-Income
Official Black Market Official Black Market
Year Mean St.Dev Mean St.Dev
1960 85.723 107.088 106.590 7.2784 136.754 28.32831961 84.993 105.532 108.183 8.4251 130.347 30.24991962 85.792 103.338 105.061 7.6075 117.581 28.89751963 90.224 116.547 108.056 16.0848 119.078 23.25581964 95.151 108.131 98.773 9.8917 104.236 13.61461965 100.000 100.000 100.000 0.0000 100.000 0.00001966 75.336 88.953 99.819 3.7766 95.982 11.01051967 73.338 94.639 103.077 10.8074 101.433 10.92361968 71.084 97.718 98.760 10.1613 105.863 12.66931969 70.773 91.647 98.721 11.8565 99.619 15.26771970 68.596 76.139 95.389 12.1555 88.327 14.721t1971 67.534 73.043 90.522 11.6059 77.495 13.70901972 65.039 87.278 76.896 9.6215 75.228 18.71061973 65.949 103.385 70.409 19.3137 80.378 17.69301974 68.811 109.693 61.595 22.6636 93.054 21.47851975 54.633 91.613 91.123 30.9440 92.120 12.92581976 54.704 87.615 71.124 18.6554 83.687 15.15071977 54.180 87.887 68.539 20.5681 76.342 16.58271978 49.288 77.707 67.462 22.3000 65.327 20.02071979 52.516 80.718 85.943 21.9598 63.786 22.66S61980 54.725 93.035 65.545 20.1704 66.644 21.74211981 54.016 90.369 67.646 21.6623 68.543 21.16101982 54.905 82.586 64.165 17.3318 68.819 15.47381983 56.940 91.732 60.170 17.0264 69.170 14.89931984 53.266 62.612 19.1517
Note: (1) Group means and standard deviations weighted by 1975 GNP (US dollars)(2) Country group membership as specified in notes to Table 1 in text
88
ANNEX I (CONTINUED): COUNTRY GROUP REAL EXCHANGE RATES
Low-Income Africa Low-Income AfricaWithout Ghana and Uganda With Ghana and Uganda
Official Black Market Official Black Market
Year Mean St.Dev Mean St.Dev Mean St.Dev Mean St.Dev
1960 106.058 9.8625 118.826 8.7970 100.275 12.790 122.516 17.56381961 108.906 12.6501 114.395 7.3878 102.629 15.053 120.222 18.68041962 106.452 11.3401 103.216 19.7177 100.158 14.038 104.044 17.03141963 115.651 24.1444 101.775 11.0295 107.309 24.421 100.666 9.52261964 99.758 16.1080 97.756 15.0082 99.259 14.999 101.735 13.91951965 100.000 0.0000 100.000 0.0000 100.000 0.000 100.000 0.00001966 98.004 4.3292 69.812 12.4631 98.713 4.505 92.016 12.70761967 93.923 11.1313 91.663 9.8950 91.017 10.874 86.800 10.72441966 92.420 11.1667 105.857 17.6920 89.152 11.680 97.898 18.51461969 91.242 7.6670 97.451 23.0555 88.939 7.841 93.658 20.57391970 90.345 13.4146 94.042 20.4932 88.357 12.622 89.855 18.59531971 64.776 11.0420 86.286 16.1029 84.222 11.002 86.442 15.93811972 83.466 11.8401 88.623 17.2552 60.031 13.971 84.529 18.73941973 65.586 12.9651 64.504 18.4792 83.698 12.591 82.091 26.33831974 90.503 17.6516 90.466 14.2600 89.927 15.931 85.338 26.10411975 90.763 15.9376 64.083 13.2634 95.276 17.541 79.796 27.64811976 89.283 16.9834 81.181 17.3927 98.220 20.195 74.347 27.23951977 92.016 12.8081 83.902 14.7276 123.665 52.972 70.236 23.12291978 93.552 14.0535 78.663 15.4109 130.865 68.396 70.024 20.35671979 92.313 12.2941 61.178 15.6525 149.502 134.971 71.800 18.9211
1980 89.853 11.8975 60.458 16.0545 211.660 284.581 79.441 17.2927
1981 89.677 21.1922 78.996 19.1764 157.761 108.909 75.692 16.5755
1982 81.314 14.7372 71.812 14.8679 169.857 143.739 70.494 23.6741
1983 76.254 17.2489 69.739 15.3788 218.622 267.295 75.876 20.0964
1984 76.547 25.7704 . . 67.987 29.335
Low-Income AsiaExcluding China China
Official Black Market Official Black Market
Year Mean St.Dev Mean St.Dev
1960 91.718 9.9463 117.860 23.5454 103.213 60.6151961 91.452 10.5661 114.669 23.1245 114.914 37.833
1962 91.036 8.6303 109.269 18.5630 110.765 27.309
1963 94.066 6.7538 119.548 13.1692 104.940 72.314
1964 96.025 2.0741 107.862 6.2603 101.796 102.133
1965 100.000 0.0000 100.000 0.0000 100.000 100.000
1966 82.556 11.5923 91.7S9 6.5114 94.005 90.374
1967 83.168 16.0365 97.854 6.6562 91.985 95.4421968 79.912 14.6061 100.027 6.2320 91.149 87.924
1969 79.855 15.7378 94.192 6.4915 83.538 88.864
1970 76.972 14.4281 76.638 6.8331 75.720 &S.098
1971 74.941 13.0753 73.144 5.3769 70.797 83.219
1972 67.378 4.7190 62.096 11.8035 69.494 89.905
1973 64.653 9.2220 96.322 14.4170 67.792 100.095
1974 71.049 13.0095 105.317 14.5575 62.528 91.269
1975 65.029 25.5723 92.818 6.1112 57.655 66.464
1976 56.534 6.0614 86.833 7.4664 54.851 69.011
1977 54.600 S.2830 83.618 10.9830 53.068 67.041
1978 S0.383 S.1683 72.439 13.0735 50.621 57.7411979 52.222 4.S780 73.625 15.8042 51.547 52.072
1960 54.013 3.9470 83.734 18.5526 50.617 60.332
1981 54.4S4 4.44S2 82.80S 16.1561 46.202 59.522
1982 54.863 5.2217 76.290 10.7338 42.355 54.728
1983 55.356 5.0052 65.264 12.9125 40.935 56.405
1984 53.749 3.4019 . . 36.785
Note: (1) Group means and standard deviations weighted by 1975 GNP (US dollars)(2) Country group membership as specified in notes to Table 1 in text
89
ANNEX 1 (CONTINUED): COUNTRY GROUP REAL EXCHANGE RATES
High-Income Oil Exporters United States
Official Black Market Official Black Market
Year Mean St.Dev Mean St.Dev
t960 107.8551961 105.7601962 104.7631963 107.050 3.323 106.002 2.980 103.0331964 102.431 3.167 102.153 1.411 101.3511965 100.000 0.000 100.000 0.000 100.0001966 99.199 2.380 99.476 2.670 99.4821967 98.207 4.772 97.586 3.589 99.1521968 - 97.505 5.984 98.010 6.805 101.2641969 94.606 6.193 93.426 3.899 101.7741970 87.286 7.474 84.515 4.545 100.7341971 98.313 8.443 97.622 5.980 98.4351972 102.083 18.393 102.401 13.466 92.0201973 114.825 23.913 119.423 21.058 83.9381974 254.723 40.558 252.358 35.690 82.8161975 258.542 36.831 250.376 42.509 80.2141976 267.369 43.737 259.130 48.951 82.1551977 263.970 45.864 256.286 50.702 79.7451978 229.249 47.694 226.881 56.857 73.0841979 239.735 31.494 226.369 43.048 71.7071980 297.927 55.314 283.538 66.534 71.9121981 351.145 102.295 329.638 114.677 80.0401982 351.484 101.539 331.714 112.232 86.1351983 323.860 82.699 296.084 94.712 89.2241984 305.630 73.901 . 94.597
Japan Other Industrial Countries
Official Black Market Official Black Market
Year Mean St.Dev* Mean St.Dev
1960 91.190 96.031 8.49251961 95.535 96. 586 6.21401962 96.098 97.231 4.76371963 97.360 98.275 3.02231964 98.524 99.307 1.5395isGs 96S.000 100.000 0.00001966 101.007 100.152 1.10401967 103.471 99.792 2.18061967 105.916 97.512 4.51031969 106.134 97.054 4.60441970 106.960 97.665 5.61201971 107.55S 99.328 6.63111972 116.848 102.038 10.29501973 126.019 106.095 17.86351974 125.260 107.171 19.61961974 120.683 110.377 19.628819756 124.712 107.831 19.88501977 133.428 107.530 22.58811978 151.952 108.106 29.92301979 135.453 113.357 28.21131980 12S.243 115.771 25.62931981 13S.282 106.829 20.50401982 123.781 104.928 15.97171983 130.519 100.792 15.88391984 132.353 96.093 15.2151
Note: * Refers to all industrial countries(1) Group means and standard deviations weighted by 1975 GNP (US dollars)2) Country group membership as specified in notes to Table 1 in text
90ANNEX 2: SELECTED DATA FOR INDIVIDUAL COUNTRIES
(Variablus defiried below: .. indicate data not available)
COUNTRY REAL E RATE TREND PRICE REGRESSIONS REAL RATE REGRESSIOIISCobe Han OFFICIAL BLACKC NYEARS COEFF RSOUARE ACTUAL PREDICTED RESIDUAL
LW-NCME EMONOMIESI ETHIOPIA 0.59 0.43 25 0.52 0.94a BANGADSH 0.47 0.42 25 0.91 0.99 -0.759 -0.20.4 -0.5543HALT 0.97 ... .. .
.4ZAIRE 0.59 0.75 25 1.2'1 0.99 -0.530 0.222 -0.7525 BIIKINA FASO 0.69 0.73 25 1.05 0.99 -0.379 -0.089 -0.2916 NEPAL 0.67 0.64 21 0.93 0.99 . .
7DONRM 0.54 0.29 25 0.91 0.99 -0.621 0.005 -0.6269 NLAWI 0.65 0.39 25 0.97 0.99 -0.425 0.120 -0.5459NIGER 0.91 0.99 25 0.94 0.99 -0.099 -0.209 0.120
If TANZANIA 0.79 0.26 25 0.56 0.90It DURUNDI 0.59 0.46 20 0.92 0.99 -0.539 0.034 -0.57212 UGANA 4.00 0.91" . . 1.395 0.549 0.93913 TOGO 0.66 0.71 22 0.96 0.9'7 -0.410 -0.179 -0.23214 CENTRAL AFRICAN REP. 1.07 1.14 25 1.00 1.00 0.072 -0.399 0.46015 INDIA 0.62 0.83 25 0.97 0.99 -0.478 -0.495 0.00716 MADAGASCAR 1.02 .. 21 1.00 1.0017 SOMALIA 1.61 .. 25 0.59 0.9719 DENIN 0.76 0.90 20 1.00 0.9919 RUANDA 1.25 0.97 19 0.93 0.98 0.221 0.169 0.05220 CHINA 0.40 0.96 12 0.81 0.9321 KENYA 0.61 0.53 25 0.92 0.99 -0.495 -0.289 -0.206'22 SIERRA LEONE 0.64 .. 21 0.47 0.9123 HAITI 1.02 0.99 25 0.99 0.99'24 GUINEA 0.56 . . .. .
25 GHAN 4.52 0.49 5 08 10 .0 1.296 0.213,2k SRI LANKA 0.34 0.48 25 1.17 0.99 -1.096 -0.695 -0.40127 SUDAN 0.98 0.715 24 1.00 1.00 -0.021 -0.197 0.16628 PAKISTAN1 0.60 0.72 25 1.01 1.00 -0.513 -0.592 0.06929 SENE6AL 0.66 0.71 25 0.96 1.00 -0.410 -0.396 -0.01430 AFGHANISTAN 0.59 1.09 . .. .
31 BHUTAN.. . . . . .
32 CHAD 0.79 0.8'2 .. . .- 0.23'9 -0.341 0.10233 K NPUCHEA, DEN. . .. . .
34 LAD PDR . .. .
35 1¶ZABIQDUE 0.97 0.34 . . . .
36 VIET NMl . . . . ..
NIIEL-4NCONE EcCOMMIES (O = OIL EXPORTER)37 HAURITAI4IA 0.8? 0.61 25 0.91 0.98 -0.204 0.064 -0.26939 LIBERIA 0.69 0.59 21 0.75 0.97 -0.379 -0.441 0,06439 ZANIBIA 0.91 0.61 25 0.76 0.97 -0.214 -0.062 -0.15240 LESOTHO 0.81 0.90 25 0.97 0.9941 BOLIYIA 1.73 0.92 25 1.27 1.00 0.546 0.151 0.39442 INDONSIA '3.15 3.56 19 1.00 0.99 1.147 -0.012 1.15943 YEME ARAB REP. . . 12 0.95 0.9944 YEMEN, POR .. . 1.04 0.9945 COTE 0'IYOIRE 0.99 1.03 25 1.04 0.99 -0.023 -0.001 -0.02246 PHILIPPINES 0.58 0.72 25 0.96 1.00 -0.541 -0.309 -0.23147 mOROCO 0.69 0.90 25 0.90 0.99 -0.384 -0.309 -0.07546 HONDURNAS 0.94 0.75 25 0.92 0.99 -0.171 -0.050 -0.12149 EL SALVADOR 0.99 0.49 25 0.95 0.99 -0.127 0.150 -0.27750 PAPUA NEU GUINEA 1.14 ,. 23 0.96 0.97...5.1 EBYPT, ARAB REP.. 0.66 0.79 25 0.99 0.9932 NI9ERIA *2.31 1.36 25 0.73 0.94 0.939 0.537 0.302SDZINDAUN 0.73 0.44 23 0.91 0.98 . .
54 CAKERON *1.07 1.11 24 1.09 0.99 0.069 -0.232 0.301
91
COUNTRY REAL E RATE TREND PRICE REGRESSIONS REAL RATE REGRESSIONSCode Nase OFFICIAL BLACK NYEARS COEFF PSQUARE ACTUAL PREDICTED RESIDUAL
55 NICARAGUA 1.15 0.40 10 0.66 0.99 0.140 0.518 -0.378
56 THAILAND 0.83 0.85 25 0.93 1.00 -0.187 -0.086 -0.101
57 BOTSWAI4A 0.75 I. 24 0.80 0.9753 DOMINICAN REP. 0.86 0.73 25 0.91 1.00 -0.148 -0.163 0.01559 PERU ' 0.90 0.90 25 0.88 1.00 -0.106 -0.394 0.288
60 MAURITIUS 0.76 .. 25 0.99 0.9961 CONGO, PEOPLE'S REP. 4 1.02 1.09 25 1.00 0.99 0.015 -0.020 0.035
62 ECUADOR 0 0.96 0.81 25 0.96 1.00 -0.036 0.040 -0.076
63 JAMAICA 0.73 0.50 25 1.01 0.99 -0.318 0.144 -0.46164 GUATEMALA 0.80 0.69 25 1.01 1.00 -0.227 -0.204 -0.023
65 TURKEY 0.71 1.11 25 1.00 1.00 -0.348 -0.414 0.06666 COSTA RICA 0.63 0.56 25 0.99 1.00 -0.456 -0.045 -0.411
67 PARAGUAY 1.30 0.95 25 1.02 1.00 0.260 0.352 -0.092
68 TUNISIA 4 0.77 1.22 25 1.19 0.99 -0.265 -0.343 0.077
69 COLOMBiA 0.77 0.86 25 0.99 1.00 -0.264 -0.350 0.085
70 SYRIAN ARAB REP. * 1.15 0.86 25 0.88 0.99
71 ANGOLA 4 2.51 .. .. .. ..
72 CUBA .. .. .. .. ..
73 KOREA, DEM REP. .. .. .. .. ..
74 LEBANON .. .. .. .. .. ..
75 MONGOLIA .. .. .. .. ..
76 CHILE 0.78 1.02 13 0.94 1.00 -0.250 -0.365 0.11577 JORDAN .. .. 15 0.89 1.0078 BRAZiL 0.97 0.93 25 1.00 1.00 -0.026 -0.046 0.02079 PORTUGAL 0.79 0.76 25 0.93 1.00 -0.232 0.028 -0.260
80 MALAYSIA 4 0.77 0.77 25 0.91 0.97 -0.263 -0.072 -0.19181 PANAMA 0.68 0.66 25 0.99 1.00 -0.392 -0.135 -0.258
82 URUGUAY 0.97 1.04 22 0.94 1.00 -0.035 -0.055 0.02083 MEXICO 0 o.94 f:.81 25 0.95 1.00 -0.063 0.048 -0.11184 KOREA, PEP. OF 1.22 1.78 25 1.00 1.00 0.199 0.242 -0.04485 YUGOSLAViA 0.37 a. q 25 0.94 1.00 -1.001 -1.122 0.121
86 ARGENTiNA 0.95 0.92 14 1.12 1.00 -0.050 -0.009 -0.042
8? SOUTH AFRICA 1,05 1.03 24 1.01 1.00 0.049 -0.375 0.424B ALGERIA * 1.47 0.50 25 1.13 0.9989 VENEZUELA + 0.88 0.98 25 1.04 0.98 -0.126 -0.388 0.26290 GREECE 0.83 0.79 25 0.99 1.00 -0.187 0.175 -0.362
91 ISRAEL 0.72 0.79 25 1.09 1.00 -0.325 -0.015 -0.31092 HONG KONG 0.99 1.01 25 0.96 1.00 -0.005 -0.005 0.00093 TRINiDAD AND TOBAGO * 1.77 .. 25 0.91 0.9894 SINGAPORE 0.86 0.85 25 0.90 0.99 -0.153 0.107 -0.26095 iRAN. ISLAMIC REP. 4 2.10 0.60 25 1.00 0.9996 IRAQ .. .. .. .. ...
HI6H-1NCOKE OIL EXPORTERS97 OMAN 4.24 4.16 .. .. .. .. ..
98 LIBYA 3.28 2.09 .. .. .. ..
99 SAUDI ARABIA 3.52 3.66 22 1.19 0.91 1.260 0.907 0.453100 KUWAIT 1.65 1.66 13 0.76 0.65101 UNITED ARAB EMIRATES .. .. .. .. ..
92
COUNTRY REAL E RATE TREND PRICE REGRESSIODS REAL RATE REGRESSIONSCode Name OFFICIAL BLACK NYEARS COEFF RSQUARE ACTUAL PREDICTED RESIDUAL
INDUSTRIAL nARKET ECONVI¶ES102 SPAIN 1.34 .. 25 1.01 1.00 0.290 0.076 0.214103 IRELAND 1.08 .. 25 0.96 1.00 0.075 0.055 0.019
104 ITALY 1.02 . 25 1.03 1.00 0.017 -0.034 0.051105 NEW ZEALAND 0.85 .. 25 0.95 1.00 -0.163 -0.188 0.025106 UNITED KINGDOM 1.09 .. 25 1.00 1.00 0.085 -0.127 0.213
107 BELSIUH 0.96 .. 25 0.94 1.00 -0.037 -0.045 0.008108 AUSTRIA 1.17 .. 25 0.99 1.00 0.153 0.006 0.148109 NETHERLANDS 1.37 .. 25 1.02 1.00 0.313 -0.158 0.471110 FRANCE 0.93 .. 25 0.99 1.00 -0.070 0.059 -0.129111 JAPAN 1.35 .. 25 0.90 0.99 0.302 0.102 0.200112 FINLAND 1.06 .. 25 1.02 1.00 0.061 -0.117 0.178113 GERMANY, FED REP. 1.12 .. 25 1.03 0.99 0.110 -0.060 0.170114 DENMARK 1.22 .. 25 1.01 1.00 0.196 -0.094 0.290115 AUSTRALIA 1.14 .. 25 1.03 1.00 0.133 -0.191 0.324116 SWEDEN 1.00 .. 25 1.00 1.00 0.000 -0.062 0.062117 CANADA 0.85 .. 25 1.01 1.00 -0.162 -0.002 -0.080118 NORWAY 1.27 .. 25 0.99 1.00 0.237 -0.175 0.412119 UNITED STATES 0.81 .. 25 0.95 1.00 -0.214 -0.131 -0.084120 SWITZERLAND 1.55 .. 25 1.08 1.00
NOTES
1) Oountry coveraqe and rankinq follows that of the 1986 World Developeent Report (except forJordan, which in the published version of the WOR became number 70).
i2; The tho real exchanqe rate trend variables are defined as in sain text and Table I (early 1980saverage divided by early 19605 averaqe).
131 Price reqressions data refer to reQressions of GNP deflator on CPI discussed in section 2of text. NYEARS is number of years for which both indices are available. COEFF is theestimated slope coefficient.
i4i Real Exchanqe Rate regressions data refer to equation I in Table 4. ACTUAL is the actual value ofdependent variable (natural loq of official real exchange rate trend), PREDICTED is the valueof the dependent variable predicted by the regression equation, and RESIDUAL is the differencebetween the two.
93
ANNEX 3: INDIVIDUAL COUNTRY EXCHANGE RATE SERIES
This appendix contains complete time series of real and nominal
exchange rates, both official and black market, for all the countries
covered in the study - in alphabetical order. The first half of the
appendix contains the data for 1960-71, the second half those for
1972-84.
The sources and methods used in compiling the data are explained in
the text (see especially the beginning of section 1, and section 2).
What are described here as black market rates are in some cases
official free rates, which in all the industrial countries and a few
of the developing countries are identical to the principal official
rates. The labels have the following meanings:
ADJREXRI = real (principal) official exchange rate index (1965=100);
BRERI = real black market exchange rate index (1965=100);
ERIFS = nominal (principal) official exchange rate (local currency
per US $);
BMER = nominal black market exchange rate (local currency per US
BMD = black market discount (ERIFS/BMER);
= data not available.
COUNTRY DATA, 1960-71. 15:31 FRIDAY. MARCH 11. 1988
------------------------------------------------------- COUNTRY=AFGHANISTAN --------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
1 ADJREXRI 249.654 245.716 233.065 135.603 137.366 100.000 125.756 142.605 112.935 108.018 109.909 112.7592 BRERI 119.621 115.228 89.827 117.406 103.736 100.000 125.319 144.980 113.014 109.928 114.109 110.1953 ERIFS 20.000 20.000 20.000 45.000 45.000 73.000 76.900 76.880 75.260 75.950 85.280 84.8304 BMER 42.146 43.063 52.396 52.479 60.167 73.708 77.917 76.354 75.938 75.354 82.938 87.6465 BMD 0.475 0.464 0.382 0.857 0.748 0.990 0.987 1.007 0.991 1.008 1.028 0.968
--------------------------------------------------------- COUNTRY=ALGERIA ----------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
6 ADJREXRI 99.457 98.493 99.588 103.206 102.166 100.000 97.669 95.616 93.9170 90.6308 88.6801 92.82987 BRERI 145.042 141.396 123.729 135.481 108.295 100.000 109.077 105.147 93.9708 85.1395 89.4070 99.04468 ERIFS 4.937 4.937 4.937 4.937 4.937 4.937 4.937 4.937 4.9371 4.9371 4.9371 4.91269 OMER 4.917 4.995 5.772 5.462 6.765 7.171 6.421 6.521 7.1667 7.6333 7.1125 6.6875
10 BMD 1.004 0.988 0.855 0.904 0.730 0.689 0.769 0.757 0.6889 0.6468 0.6941 0.7346
---------------------------------------------------------- COUNTRY=ANGOLA ----------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
11 ADJREXRI 108.223 100.980 104.609 104.455 102.366 100.000 97.2765 96.0019 101.448 105.462 105.975 103.64612 BRERI 108.524 83.454 84.490 90.711 103.941 100.000 94.4155 89.8741 95.651 108.757 107.385 100.25813 ERIFS 28.830 28.800 28.850 28.750 28.750 28.750 28.7500 28.7500 28.750 28.750 28.750 28.32314 BMER 33.000 40.000 41.000 38.000 32.500 33.000 34.0000 35.2500 35.000 32.000 32.567 33.60815 BMD 0.874 0.720 0.704 0.757 0.885 0.871 0.8456 0.8156 0.821 0.898 0.883 0.843
-------------------------------------------------------- COUNTRY=ARGENTINA ---------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
16 AOJREXRI 80.538 87.981 107.666 135.821 162.901 100.000 120.606 98.978 80.190 82.558 80.226 82.295917 BRERI 118.867 129.852 109.909 120.566 127.919 100.000 121.101 106.670 111.946 115.252 101.317 79.379918 ERIFS 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000019 BMER 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000020 BMD 1.205 1.205 0.833 0.725 0.641 0.816 0.820 0.880 1.140 1.140 1.031 0.7874
-------------------------------------------------------- COUNTRY=AUSTRALIA -----------------------------------------------…-----____
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
21 ADJREXRI 104.153 102.343 100.512 101.028 100.652 100.000 99.3889 99.1575 99.4696 99.8274 98.3276 98.241622 BRERI 104.153 102.343 100.512 101.028 100.652 100.000 99.3889 99.1575 99.4696 99.8274 98.3276 98.241623 ERIFS 0.893 0.893 0.893 0.893 0.893 0.893 0.8929 0.8929 0.8929 0.8929 0.8929 0.882924 BMER 0.893 0.893 0.893 0.893 0.893 0.893 0.8929 0.8929 0.8929 0.8929 0.8929 0.882925 BMD 1.000 1.000 1.000 1.000 1.000 1.000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
COUNt4Y OATh, 1030-71. 15131 PRIPAY. MARCH It, 1988 I
------------------------------------------- COUNTRY*AUSTRIA ----------------------------------------------------
0Go VARIAUL lo60 lost 1ost le6s 1364 fesS 1666 3967 les 1366 1676 l9Ul
26 AOJREXRI 98.293 91.0501 91.713 98.0801 96.0412 100 99.2062 99.2187 99.3598 91.5717 95.9935 98.046327 sRERI 98.293 91.0507 91.713 98.0801 98.0412 100 99.2062 99.2187 99.3598 91.5717 95.9935 98.048328 ERIFS 26.000 26.0000 26.000 26.0000 26.0000 28 28.0000 28.0000 20.0000 2B.0000 26.0000 24.9603
29 SMER 26.000 26.0000 26.000 26.0000 26.0000 28 26.0000 26.0000 26.0000 26.0000 26.0000 24.9603
30 BMD 1.000 1.0000 1.000 1.0000 1.0000 I 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
------------------------------------------------------- COUNTRY=AOGLADESH -
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1961 1968 1969 1970 1971
31 ADJREXRI 106.103 109.482 106.330 108.404 95.938 100.000 102.318 113.654 104.294 111.556 105.293 100.51732 SRERI 129.459 121.301 111.580 121.032 100.489 100.000 103.904 113.543 101.547 101.126 83.089 70.748
33 ERIFS 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762
34 OSER 6.939 7.642 8.068 7.583 8.083 8.467 8.337 8.475 8.696 9.340 10.729 12.029
35 BUD 0.686 0.623 0.590 0.628 0.589 0.562 0.571 0.562 0.548 0.510 0.444 0.396
-------------------------------------------------------- COUNTRV=BELGIUM -
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
36 ADJREXRI 100.295 98.6651 97.3186 97.2688 98.5982 100 100.342 100.126 100.026 99.5862 97.8287 97.625737 BRERI 100.295 98.6651 97.3786 97.2688 98.5982 100 100.342 100.126 100.026 99.5862 97.8287 97.625738 ERIFS 50.000 50.0000 50.0000 50.0000 50.0000 50 50.000 50.000 50.000 50.0000 50.0000 48.869839 BMER 50.000 50.0000 50.0000 50.0000 50.0000 50 50.000 50.000 50.000 50.0000 50.0000 48.8698
40 BMD 1.000 1.0000 1.0000 1.0000 1.0000 1 1.000 1.000 1.000 1.0000 1.0000 1.0000
---------------------------------------------------------- EN IN -- -- - -OU-T-R---E-- --------------------- _-__-_---_-_-_--_-_-__-_-_--_-_- __-_-_-- _-_-__-_-_-
o0s VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
41 ADJREXRI 107.054 105.070 105.930 105.327 101.390 100.000 97.221 94.229 94.889 89.411 82.474 79.89142 sRERI 110.348 107.067 113.557 106.520 105.320 100.000 96.s07 97.129 98.377 82.656 88.833 87.74143 ERIFS 246.853 246.853 246.853 246.853 246.853 246.853 246.8S3 246.853 246.853 259.110 217.110 277.030
44 OMER 260.000 263.000 250.000 265.000 258.000 268.000 270.000 260.000 258.500 305.000 219.917 273.53345 BMD 0.949 0.939 0.987 0.932 0.957 0.921 0.914 0.949 0.955 0.552 0,992 1.i01
-------------------------------------------------------- COUNTRVtBOLIVIA -------------
o0s VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1966 1969 1910 19t1
46 ADJREXRI 93.665 96.736 97.407 95.6412 98.398 100.000 98.8118 97.5855 96.1139 95.203s 94.1309 91.6827
47 BRERI 100.591 103.910 104.630 96.8573 101.181 100.000 98.9724 88.4510 92.6956 86.5512 70.3861 6.81781
48 ERIFS 11.880 11.880 11.880 11.8800 11.880 11.880 11.8800 11.8800 11.8800 11.8800 11.8800 11.880049 OMER 11.992 11.990 11.990 12.7175 12.525 12.879 12.8583 14.2083 13.4375 14.1667 17.3333 19.0633
50 BUD 0.A91 0.991 0.991 0.9341 0.949 0.922 0.9239 0.8361 0.884? 0.8388 0.6a54 0.6225
COUNTRY DATA, 1960-71. 15:31 FRIDAY, MARCH 11, 1988 3
--------------------------------------------------------- COUNTRY=8B1 ANA --------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
51 ADJREXRI 104.343 103.555 102.137 100.205 99.481 100.000 99.672 97.644 97.232 94.446 92.1983 93.881452 BRERI 112.761 102.388 108.845 107.720 100.386 100.000 102.232 100.827 104.736 101.927 93.1668 94.975153 ERIFS 0.714 0.714 0.714 0.714 0.714 0.714 0.714 0.714 0.714 0.714 0.7143 0.715254 OMER 0.739 0.807 0.749 0.743 0.791 0.798 0.778 0.773 0.741 0.740 0.7901 0.790255 BMD 0.967 0.885 0.953 0.962 0.903 0.895 0.918 0.924 0.964 0.966 0.9041 0.9051
---------------------------------------------------------- COUNTRY=BRAZIL ------------------------------------------…---------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
56 ADJREXRI 111.093 99.9227 103.604 121.873 102.376 100.000 114.475 119.179 115.762 t11.429 110.560 105.78957 BRERI 105.538 89.9304 80.811 78.541 85.313 100.000 115.515 109.316 106.376 100.782 99.504 93.27158 ERIFS 0.000 0.0003 0.000 0.001 0.001 0.002 0.002 0.003 0.003 0.004 0.005 0.00559 BMER 0.000 0.0003 0.000 0.001 0.001 0.002 0.002 0.003 0.004 0.004 0.005 0.00660 SMD 0.950 0.9000 0.780 0.644 0.833 1.000 1.009 0.917 0.919 0.904 0.900 0.882
------------------------------------------------------- COUNTRY=BURKINA FASO -------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
61 ADJREXRI 106.357 105.326 104.829 106.350 104.847 100.000 98.407 91.247 88.612 86.245 77.303 74.45662 BRERI 109.629 107.328 112.377 107.554 108.911 100.000 97.678 94.054 91.868 79.729 83.264 81.80863 ERIFS 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 259.710 277.710 277.13064 BMER 260.000 263.000 250.000 265.000 258.000 268.000 270.000 260.000 258.500 305.000 279.917 273.83365 BUD 0.949 0.939 0.987 0.932 0.957 0.921 0.914 0.949 0.955 0.852 0.992 1.012
---------------------------------------------------------- COUNTRY=BURMA -----------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
66 ADJREXRI 115.901 114.167 111.477 109.084 101.839 100.000 99.6201 111.879 110.743 108.815 100.719 91.280367 BRERI 192.176 206.150 198.670 180.648 122.641 100.000 73.9334 93.322 132.026 117.709 106.587 93.687168 ERIFS 4.762 4.762 4.762 4.762 4.762 4.762 4.7619 4.762 4.762 4.762 4.762 4.761969 BHER 11.348 10.421 10.558 11.362 15.625 18.817 25.3542 22.558 15.783 17.395 17.781 18.333370 BMD 0.420 0.457 0.451 0.419 0.305 0.253 0.1878 0.211 0.302 0.274 0.268 0.2597
--------------------------------------------------------- COUNTRY=BURUNDI -----------------------------------------…----------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
71 ADJREXRI 155.205 180.930 169.372 171.868 176.006 100.000 95.349 91.453 92.484 92.980 88.905 83.631872 BRERI 177.046 207.128 196.624 197.890 204.079 100.000 77.127 61.654 81.641 80.120 83.52073 ERIFS 50.000 50.000 50.000 50.000 50.000 84.375 87.500 87.500 87.500 87.500 87.500 87.500074 OUER 50.650 50.470 49.770 50.180 49.830 97.500 125.000 149.980 114.540 117.340 107.63075 BUD 0.987 0.991 1.005 0.996 1.003 0.865 0.700 0.583 0.764 0.746 0.813
ON
COUNTRY DATA, 1960-71. 15:31 FRIDAY, MARCH 11, 1988 4
-------------------------------------------------------- COUNTRY=CAMEROON ---------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
76 ADJREXRI 97.751 99.570 99.536 98.873 99.884 100.000 96.525 100.150 103.191 98.906 93.762 89.95177 DRERI 100.75w 101.463 106.703 99.992 103.755 100.000 95.810 103.231 106.984 91.434 100.992 98.83378 ERIFS 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 259.710 277.710 277.13079 OMER 260.000 263.000 250.000 265.000 258.000 268.000 270.000 260.000 258.500 305.000 279.917 273.83380 8HD 0.949 0.939 0.987 0.932 0.957 0.921 0.914 0.949 0.955 0.852 0.992 1.012
---------------------------------------------------------- COUNTRY=CANADA ------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
e1 ADJREXRI 118.739 110.955 103.426 100.779 100.360 100.000 100.404 100.980 101.485 101.264 102.690 101.92382 BRERI 118.739 110.955 103.426 100.779 100.360 100.000 100.404 100.980 101.485 101.264 102.690 101.92383 ERIFS 0.970 1.013 1.070 1.081 1.081 1.081 1.081 1.081 1.081 1.081 1.048 1.01084 OUER 0.970 1.013 1.070 1.081 1.081 1.081 1.081 1.081 1.081 1.081 1.048 1.01085 BMD 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
--------------------------------------------------- COUNTRY=CENTRAL AFRICAN REP. ---------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
86 ADJREXRI 89.934 92.937 93.628 94.580 98.991 100.000 100.367 101.524 101.731 91.021 82.552 80.59787 BRERI 92.701 94.703 100.369 95.650 102.828 100.000 99.624 104.648 105.469 84.144 88.917 88.55588 ERIFS 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 259.710 277.710 277.13089 OMER 260.000 263.000 250.000 265.000 258.000 268.000 270.000 260.000 258.500 305.000 279.917 273.83390 BUD 0.949 0.939 0.987 0.932 0.957 0.921 0.914 0.949 0.955 0.852 0.992 1.012
-------------------------------------------------------- COUNTRY=CHAD -----------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
91 ADJREXRI 90.627 92.439 91.114 93.299 97.878 100.000 101.942 101.888 101.202 93.897 85.624 86.75792 BRERI 93.416 94.197 97.674 94.356 101.671 100.000 101.187 105.023 104.921 86.803 92.227 95.32393 ERIFS 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 259.710 277.710 277.13094 BMER 260.000 263.000 250.000 265.000 258.000 268.000 270.000 260.000 258.500 305.000 279.917 273.83395 BMD 0.949 0.939 0.987 0.932 0.957 0.921 0.914 0.949 0.955 0.852 0.992 1.012
---------------------------------------------------------- COUNTRY=CHILE -----------------------------------------------------------
O0S VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
96 ADJREXRI 98.011 101.478 112.254 77.7605 110.960 100.000 92.861 90.1217 83.999 87.344 86.3907 91.918997 BRERI 154.442 159.904 108.097 86.9580 89.456 100.000 105.547 98.8677 105.071 102.449 76.4650 35.091498 ERIFS 0.001 0.001 0.001 0.0020 0.002 0.003 0.004 0.0050 0.007 0.009 0.0120 0.012499 BMER 0.001 0.001 0.002 0.0031 0.004 0.005 0.006 0.0079 0.010 0.013 0.0235 0.0563100 BMD 0.909 0.909 0.556 0.6452 0.465 0.577 0.656 0.6329 0.722 0.677 0.5106 0.2202
'.
COUNTRY DATA, 1960-71. 15:31 FRIDAY, MARCH 11, 1988 5
---------------------------------------------------------- COUNTRY=CHINA -----------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
101 ADJREXRI 103.213 114.914 110.765 104.940 101.796 100.000 94.0052 91.9851 91.1487 83.5378 75.7198 70.7968102 BRERI 60.615 37.833 27.309 72.314 102.133 100.000 90.3743 95.4424 87.9243 88.8638 85.0976 83.2189103 ERIFS 2.462 2.462 2.462 2.462 2.462 2.462 2.4618 2.4618 2.4618 2.4618 2.4618 2.4618104 BMER 6.463 11.529 15.396 5.508 3.783 3.796 3.9483 3.6583 3.9350 3.5683 3.3775 3.2292105 BMD 0.381 0.214 0.160 0.447 0.651 0.649 0.6235 0.6729 0.6256 0.6899 0.7289 0.7624
--------------------------------------------------------- COUNTRY=COLOMBIA ------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
106 ADJREXRI 102.655 107.000 106.269 98.458 110.730 100.000 86.360 84.331 79.759 77.627 74.384 70.7534107 8RERI 159.288 137.713 129.123 142.431 151.520 100.000 107.210 103.528 115.879 114.183 100.700 96.0043108 ERIFS 6.636 6.701 6.963 9.001 9.001 10.476 13.502 14.512 16.293 17.323 18.446 19.9350109 BMER 6.902 8.403 9.249 10.042 10.617 16.908 17.554 19.079 18.100 19.008 21.992 23.7125110 BMD 0.961 0.797 0.753 0.896 0.848 0.620 0.769 0.761 0.900 0.911 0.839 0.8407
--------------------------------------------------- COUNTRY=CONGO, PEOPLE'S REP ---------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
111 ADJREXRI 90.863 93.929 95.102 99.613 100.191 100.000 105.262 103.613 103.532 97.606 88.469 88.166112 BRERI 93.658 95.714 101.949 100.741 104.075 100.000 104.482 106.801 107.337 90.232 95.291 96.871113 ERIFS 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 259.710 277.710 277.130114 BMER 260.000 263.000 250.000 265.000 258.000 268.000 270.000 260.000 258.500 305.000 279.917 273.833115 8MD 0.949 0.939 0.981 0.932 0.957 0.921 0.914 0.949 0.955 0.852 0.992 1.012
-------------------------------------------------------- COUNTRY=COSTA RICA -----------------------------------------------------
085 VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
116 ADJREXRI 128.753 121.796 107.061 105.722 104.390 100.000 97.375 96.3856 95.6797 95.8398 96.631 91.7336117 BRERI 122.171 112.614 108.133 108.764 107.647 100.000 100.576 90.0413 88.4667 96.6974 114.160 89.6569118 ERIFS 5.615 5.952 6.625 6.625 6.625 6.625 6.625 6.6250 6.6250 6.6250 6.625 6.6258119 SMER 7.131 7.757 7.904 7.760 7.742 7.983 7.729 8.5458 8.6342 7.9125 6.757 8.1692120 BMD 0.787 0.767 0.838 0.854 0.856 0.830 0.857 0.7752 0.7673 0.8373 0.980 0.8111
---------------------------------------------------- COUNTRY=COTE D'IVOIRE ------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
121 ADJREXRI 106.094 107.500 104.080 102.020 101.117 100.000 95.738 97.867 97.959 95.932 90.057 82.088122 BRERI 109.359 109.544 111.574 103.175 105.036 100.000 95.029 100.879 101.559 88.684 97.001 90.193123 ERIFS 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 259.710 277.710 277.130124 BMER 260.000 263.000 250.000 265.000 258.000 268.000 270.000 260.000 258.500 305.000 279.917 273.833125 BMD 0.949 0.939 0.987 0.932 0.957 0.921 0.914 0.949 0.955 0.852 0.992 1.012
'00
COUNTRV DATA. 1960-71. 15:31 FRIDAY, MARCH 11, 1988 6
--------------------------------------------------------- COUNTRY=DENMARK ---------------------------------------- _________________
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
126 ADJREXRI 88.3911 89.5275 92.6939 95.0549 96.3595 100.000 102.785 104.737 101.334 103.468 105.0 106.271127 BRERI 88.3911 89.5275 92.6939 95.0549 96.3595 100.000 102.785 104.731 101.334 103.468 105.0 106.271128 ERIFS 6.9071 6.9071 6.9071 6.9071 6.9071 6.907 6.907 6.956 7.500 7.500 7.5 7.417129 BMER 6.9071 6.9071 6.9071 6.9071 6.9071 6.907 6.907 6.956 7.500 7.500 7.5 7.417130 BMD 1.0000 1.0000 1.0000 1.0000 1.0000 1.000 1.000 1.000 1.000 1.000 1.0 1.000
------------------------------------------------------ COUNTRY=DOMINICAN REP. ----------------------------------------- __________
OeS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
131 ADJREXRI 100.426 97.0161 101.661 105.695 104.673 100.000 93.885 92.497 93.7298 92.1434 87.6747 82.1944132 8RERI 97.354 93.1355 89.164 102.361 97.102 100.000 100.086 101.665 98.4920 96.2355 92.4465 84.7574133 ERIFS 1.000 1.0000 1.000 1.000 1.000 1.000 1.000 1.000 1.0000 1.0000 1.0000 1.0000134 SMER 1.327 1.3400 1.467 1.328 1.387 1.286 1.207 1.170 1.2242 1.2317 1.2200 1.2475135 SMO 0.754 0.7463 0.682 0.753 0.721 0.777 0.829 0.854 0.8169 0.8119 0.8197 0.8016
--------------------------------------------------------- COUNTRY=ECUADOR --------------------------------------------------- ____
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
136 ADJREXRI 130.856 120.988 110.387 112.500 111.878 100.000 102.477 103.694 105.695 108.754 95.0672 79.4104137 BRERI 119.542 100.413 90.270 100.788 113.652 100.000 91.277 95.173 92.396 93.597 83.9686 75.7222138 ERIFS 15.000 16.500 18.000 18.000 18.000 18.000 18.000 18.000 18.000 18.000 20.9167 25.0000139 OMER 17.533 21.229 23.504 21.454 18.921 19.221 21.579 20.942 21.987 22.333 25.2875 27.9958140 BMD 0.856 0.777 0.766 0.839 0.951 0.936 0.834 0.860 0.819 0.806 0.8272 0.8930
----------------------------------------------------- COUNTRY=EGVPT. ARAB REP. -----------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
141 ADJREXRI 129.340 125.845 105.082 97.566 100.459 100.000 100.660 98.7611 97.005 94.1307 90.3054 85.8363142 BRERI 184.622 150.715 108.209 115.713 113.030 100.000 97.838 99.9906 103.236 92.7620 88.2824 92.2725143 ERIFS 0.348 0.348 0.406 0.435 0.435 0.435 0.435 0.4348 0.435 0.4348 0.4348 0.4348144 BMER 0.502 0.598 0.812 0.754 0.795 0.895 0.920 0.8836 0.841 0.9078 0.9151 0.8322145 BMO 0.694 0.582 0.500 0.576 0.547 0.486 0.472 0.4921 0.517 0.4790 0.4751 0.5225
------------------------------------------------------- COUNTRV=EL SALVADOR --------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
146 ADJREXRI 116.001 110.819 106.654 104.748 102.322 100.000 95.1645 91.7781 89.5988 85.9630 84.6627 78.7824147 BRERI 124.896 98.323 84.747 90.878 96.496 100.000 90.4340 84.8698 82.4523 78.7244 77.5335 72.1902148 ERIFS 2.500 2.500 2.500 2.500 2.500 2.500 2.5000 2.5000 2.5000 2.5000 2.5000 2.5000149 SMER 2.500 3.034 3.387 3.102 2.854 2.692 2.8325 2.9108 2.9250 2.9392 2.9392 2.9375150 BMD 1.000 0.824 0.738 0.806 0.876 0.929 0.8826 0.8589 0.8547 0.8506 0.8506 0.8511
COUNTRv DAtA, 1060-i1. 1t831 PFNIOAV. MARCH Ii l,ii I
-------------------------------------------------------- COUNTRV=ETHIOPIA -
030 VARIAOLE 1960 1961 1962 lOS3 364 19S 1006 t067 1v6e 1969 1070 lOll
1t1 ADJReXRI 112.700 109.493 105.568 102.68? 102.137 100.000 99.2586 97.3812 99.71t49 97.4286 94.3690 68.78891s2 BRERI 121.417 96.451 104.914 96.919 105.851 100.000 95.6939 92.4836 97.9956 97.4286 91.8456 66.2136153 ERIPS 2.484 2.484 2.484 2.484 2.500 2.500 2.5000 2.5000 2.5000 2.5000 2.5000 2.4935154 BUER 2.629 3.150 2.850 3.000 2.750 2.850 2.9500 3.0000 2.9000 2.8500 2.9283 2.9275155 BMD 0.945 0.789 0.872 0.828 0.909 0.877 0.8475 0.8333 0.8621 0.8772 0.8537 0.8518
--------------------------------------------------------- COUNTRV=FINLANO -
095 VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
156 ADJREXRI 90.4514 92.3476 93.3484 94.9851 98.6125 100.0 100.897 96.9983 86.6611 86.336 83.77 84.0853157 eRERI 90.4514 92.3476 93.3484 94.9851 98.6125 100.0 100.897 96.9983 86.6811 86.336 83.77 84.0853158 ERIFS 3.2000 3.2000 3.2000 3.2000 3.2000 3.2 3.200 3.4500 4.2000 4.200 4.20 4.1843159 OSER 3.2000 3.2000 3.2000 3.2000 3.2000 3.2 3.200 3.4500 4.2000 4.200 4.20 4.1843160 BUD 1.0000 1.0000 1.0000 1.0000 1.0000 1.0 1.000 1.0000 1.0000 1.000 1.00 1.0000
---------------------------------------------------------- COUNTRV=FRANCE -
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
161 ADJREXRI 94.8659 95.2339 96.7774 99.8515 100.794 100.000 98.9930 98.8953 100.370 97.2248 90.1708 88.6554162 BRERI 94.8659 95.2339 96.7774 99.8515 100.794 100.000 98.9930 98.8953 100.370 97.2248 90.1708 88.6554163 ERIFS 4.9371 4.9371 4.9371 4.9371 4.937 4.937 4.9371 4.9371 4.937 5.1942 5.5542 5.5426164 OMER 4.9371 4.9371 4.9371 4.9371 4.937 4.937 4.9371 4.9371 4.937 5.1942 5.5542 5.5426165 BUD 1.0000 1.0000 1.0000 1.0000 1.000 1.000 1.0000 1.0000 1.000 1.0000 1.0000 1.0000
---------------------------------------------------- COUNTRY=GERMANY. FED REP. -
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
166 ADJREXRI 93.4776 98.5569 100.496 100.281 100.057 100 99.7972 97.9952 97.0819 97.4629 105.189 110.860167 BRERI 93.4776 98.5569 100.496 100.281 100.057 100 99.7972 97.9952 97.0879 97.4629 105.189 110.860168 ERIFS 4.2000 4.0333 4.000 4.000 4.000 4 4.0000 4.0000 4.0000 3.9433 3.660 3.491169 SUER 4.2000 4.0333 4.000 4.000 4.000 4 4.0000 4.0000 4.0000 3.9433 3.660 3.491170 BUD 1.0000 1.0000 1.000 1.000 1.000 I 1.0000 1.0000 1.0000 1.0000 1.000 1.000
---------------------------------------------------------- COUNTRY=GHANA --------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
171 ADJREXRI 80.712 81.090 80.217 83.104 88.437 100.000 104.079 79.2028 74.1014 79.3638 76.4074 74.0770172 BRERI 151.738 154.509 113.106 101.893 105.675 100.000 106.341 76.6170 80.4057 94.2552 88.5053 99.4740173 ERIFS 0.714 0.714 0.714 0.714 0.714 0.714 0.714 0.8674 1.0204 1.0204 1.0204 1.0294174 SMER 0.750 0.740 1.000 1.150 1.180 1.410 1.380 1.7700 1.8563 1.6960 1.7389 1.5132175 BMO 0.952 0.965 0.714 0.621 0.605 0.507 0.518 0.4901 0.5497 0.6017 0.5868 0.6803
tOUNtRY DATA, 1980-71. 11S14 e'NDAV. MARCH i1. te00 (
---------------------------------------------------------- COUNTRY=GREECE ------------
091 VASASlIB log feel Il lees tl6l $*o less ee* ;tee see e,o la li
176 AOJNEXRI 100.868 99.480 100.853 99.078 99.878 juo.oo0 100.W09 99.9289 98.9912 91.7035 98.4085 91.3312177 BREAt 102.994 101.608 103.190 101.376 100.747 100.000 99.904 99.0302 97.6117 96.1396 94.8114 91.4795
178 SNIFS 30.000 30.000 30.000 30.000 30.000 30.000 30.000 30.0000 30.0000 30.0000 30.0000 30.0000179 OMER 30.196 30.186 30.135 30.133 30.475 30.833 31.112 3 S1.125 31.2583 31.3542 31.1250 30.7833
I80 BUD 0.994 0.994 0.996 0.996 0.984 0.973 0.964 0.9642 0.9597 0.9566 0.9639 0.9746
-------------------------------------------------------- COUNTRV=GUAtEMALA -
o0s VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
181 ADJREXRt 118.517 113.791 113.391 110.822 105.538 100 95.5287 92.9598 92.199 89.7209 86.1763 80.8661
182 BRERt 118.517 113.791 113.391 110.822 105.539 100 95.5287 92.9598 92.199 89.7209 88.1763 90.8881
183 ERIFS 1.000 1.000 1.000 1.000 1.000 1 1.0000 1.0000 1.000 1.0000 1.0000 1.0000
184 OMER 1.000 1.000 1.000 1.000 1.000 I 1.0000 1.0000 1.000 1.0000 1.0000 1.0000
185 BUD 1.000 1.000 1.000 1.000 1.000 I 1.0000 1.0000 1.000 1.0000 1.0000 1.0000
---------------------------------------------------------- COUNTRV=GUINEA ---------- …------------------------------
09S VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1965 1969 1970 1971
196 ADJREXRI 111.214 111.481 105.650 117.846 104.194 100.000 97.5602 99.0266 98.4436 95.9624 91.8410 88.4999
187 BRERt . . . . . . . . .
198 ERIFS 24.685 24.685 24.685 24.685 24.685 24.685 24.6853 24.6853 24.6853 24.6853 24.6853 24.6130
189 SUER . . . . . . . . .
190 Dm0
------------------------------------------------------- COUNTRV=HAITI… --------------------- …-______________________-__-_________
o0s VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
191 ADJREXRI 92.1389 92.5362 84.1633 88.1703 97.675 100 98.9178 97.4474 94.4696 93.2874 91.8939 s8.7044192 ORERI 92.1389 92.5362 84.1633 88.1703 97.675 100 98.9178 97.4474 94.4896 93.2874 91.8939 88.7044193 ERIFS 5.0000 5.0000 5.0000 5.0000 5.000 5 5.0000 5.0000 5.0000 5.0000 5.0000 5.0000194 SMER 5.0000 5.0000 5.0000 5.0000 5.000 5 5.0000 5.0000 5.0000 5.0000 5.0000 5.0000
195 OMD 1.0000 1.0000 1.0000 1.0000 1.000 I 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
--------------------------------------------------------- COUNTRV=HONDURAS -
03S VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
196 AOJREXRI 98.6872 99.3937 99.7759 98.8908 101.128 100 98.6002 9a.6361 97.6837 95.5579 92.951 87.7074
197 BRERI 98.6872 99.3937 99.7759 98.8908 101.128 100 98.6002 95.6361 97.6837 95.5579 92.951 87.7074
199 ERIFS 2.0000 2.0000 2.0000 2.0000 2.000 2 2.0000 2.0000 2.0000 2.0000 2.000 2.0000
199 SMER 2.0000 2.0000 2.0000 2.0000 2.000 2 2.0000 2.0000 2.0000 2.0000 2.000 2.0000
200 SDU 1.0000 1.0000 1.0000 1.0000 1.000 1 1.0000 1.0000 1.0000 1.0000 1.000 1.0000
0
COUNTRV DATA. 1960-71. 15:31 FRIDAY, MARCH 11. 1988 9
-------------------------------------------------------- COUNTRY=HONG KONG --------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
201 ADJREXRI 110.562 102.967 103.173 104.047 103.578 100.000 95.5217 97.4058 92.5828 92.9466 94.9662 95.8079202 BRERI 111.328 103.078 104.064 104.308 103.744 100.000 95.3011 97.2530 92.8289 93.2611 95.5642 97.1520203 ERIFS 5.710 5.7io 5.710 5.710 5.710 5.710 5.7100 5.7432 6.0606 6.0606 6.0606 5.9770204 BMER 5.707 5.741 5.698 5.733 5.738 5.747 5.7603 5.7895 6.0837 6.0793 6.0617 5.9325205 BMD 1.000 0.995 1.002 0.996 0.995 0.994 0.9913 0.9920 0.9962 0.9969 0.9998 1.0075
-------------------------------------------------------- COUNTRV=INDIA -----------------------------------------------------------
o0s VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
206 ADJREXRI 85.723 84.993 85.792 90.224 95.151 100.000 75.3362 73.3384 71.0843 70.7731 68.5964 67.5340207 BRERI 107.088 105.532 103.338 116.547 108.131 100.000 88.9535 94.6393 97.7179 91.6468 76.1385 73.0435208 ERIFS 4.762 4.762 4.762 4.762 4.762 4.762 7.0000 7.5000 7.5000 7.5000 7.5000 7.4440209 OMER 7.092 7.135 7.355 6.858 7.796 8.859 11.0292 10.8125 10.1500 10.7750 12.570B 12.8042210 BMD 0.671 0.667 0.647 0.694 0.611 0.538 0.6347 0.6936 0.7389 0.6961 0.5966 0.5814
-------------------------------------------------------- COUNTRY=INDONESIA ---------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
211 ADJREXRI 50.645 49.9149 65.851 75.094 84.935 100.000 121.386 135.040 145.095 152.588 144.058 127.702212 BRERI 104.237 97.2277 117.683 145.152 146.354 100.000 165.737 259.989 243.005 262.843 292.017 272.930213 ERIFS 0.272 0.3049 0.630 1.308 2.395 6.524 66.856 153.670 300.080 326.000 365.000 393.420214 BMER 0.285 0.3378 0.760 1.460 3.000 14.080 105.670 172.250 386.667 408.417 388.583 397.250215 SMO 0.954 0.9026 0.828 0.896 0.798 0.463 0.633 0.892 0.776 0.798 0.939 0.990
---------------------------------------------------- COUNTRV=IRAN, ISLAMIC REP. ----------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
216 ADJREXRI 119.945 113.509 109.282 104.972 102.006 100.000 94.1110 88.7435 88.2533 85.5395 81.0807 83.5561217 BRERI 120.918 105.890 96.317 92.645 100.299 100.000 96.4132 93.7782 93.3121 88.8621 82.6971 85.2577218 ERIFS 75.750 75.750 75.750 75.750 75.750 75.750 75.7500 75.7500 75.7500 75.7500 75.7500 75.7500219 BMER 80.142 86.604 91.667 91.542 82.167 80.792 78.8625 76.4542 76.4117 77.7708 79.2125 79.1792220 BMD 0.945 0.875 0.826 0.827 0.922 0.938 0.9605 0.9908 0.9913 0.9740 0.9563 0.9567
--------------------------------------------------------- COUNTRY=IRAQ --------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
221 ADJREXRI 116.938 110.010 108.607 109.407 108.454 100.000 100.174 106.546 99.3783 96.0213 96.3653 97.8901222 BRERI 121.708 112.265 111.727 104.959 111.993 100.000 105.092 112.209 99.8184 92.1172 90.4284 92.2695223 ERIFS 0.357 0.357 0.357 0.357 0.357 0.357 0.357 0.357 0.3571 0.3571 0.3571 0.3535224 BMER 0.392 0.400 0.397 0.425 0.395 0.408 0.389 0.388 0.4064 0.4255 0.4350 0.4287225 BMD 0.911 0.893 0.900 0.839 0.903 0.875 0.918 0.921 0.8787 0.8392 0.8209 0.8246
0
CoukTav OAVA, 133o-li. 16s,3 P6IDA'V. iAANCI it, 101W to
------------------------------------------------------ COUNTRVmIRELAND --------------------------------------------------------
OBS VARIASLE 1960 1961 1962 1963 1964 1965 1966 1961 198 1989 1970 1971
136 AOJRRXRI 96.0792 32.3000 34.1652 09.0740 93.l066 100.000 100.368 33.5730 17.8846 1.6347 933.8S28 31.3346
227 8RERI 93.0752 92.9090 94.1852 93.6740 99.1668 100.000 100.385 99.5130 81.8846 91.5341 93.5725 91.3345228 ERIFS 0.3511 0.3571 0.3571 0.3571 0.3571 0.351 0.357 0.3621 0.4167 0.4167 0.4161 0.4109
229 OMER 0.3571 0.3571 0.3571 0.3571 0.3571 0.357 0.35? 0.362t 0.4167 0.4167 0.4167 0.4109
230 6MD 1.0000 1.0000 1.0000 1.0000 1.0000 1.000 1.000 1.0000 1.0000 1.0000 1.0000 1.0000
…----…-- ------------------------------------------------ COUNTRV=ISRAEL ------------------------ …--___________________________
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
231 ADJREXRI 132.588 140.402 91.3608 92.1661 94.2374 100.000 105.074 100.588 86.9086 85.5837 87.1062 86.3708232 8RERI 110.722 111.039 86.7983 85.5547 96.8816 100.000 103.394 98.691 89.0024 80.2571 75.2146 80.2087233 ERIFS 0.180 0.,180 0.2900 0.3000 0.3000 0.300 0.300 0.304 0.3500 0.3500 0.3500 0.3730
234 SMER 0.234 0.247 0.3318 0.3513 0.3172 0.326 0.331 0.337 0.3715 0.4057 0.4406 0.4366
235 BOM 0.768 0.728 0.8740 0.8540 0.9458 0.920 0.905 0.903 0.9421 0.8627 0.7944 0.8543
---------------------------------------------------------- COUNTRV=ITALV ------------------------------------------------------…----
o0s VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
236 ADJREXRI 89.466 89.147 91.567 96.282 99.357 100 98.36 97.874 96.921 96.433 96.763 97.005
237 BRERI 89.466 89.147 91.567 96.282 99.357 100 98.36 97.874 96.921 96.433 96.763 97.005
238 ERIFS 623.986 625.000 625.000 625.000 625.000 625 625.00 625.000 625.000 625.000 625.000 619.934
239 SMER 623.986 625.000 625.000 625.000 625.000 625 625.00 625.000 625.000 625.000 625.000 619.934
240 BVD 1.000 1.000 1.000 1.000 1.000 1 1.00 1.000 1.000 1.000 1.000 1.000
…-------------------…-- ------------------------------- COUNTRY=JAMAICA ----------------------- …-_________________________________
08S VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
241 ADJREXRI 102.486 104.970 104.250 104.603 101.708 100.000 105.580 105.744 92.0840 92.6806 92.0886 92.1506
242 BRERI 104.764 105.978 106.419 101.701 104.258 100.000 107.330 105.349 91.4043 70.4221 69.9723 72.9430
243 ERIFS 0.714 0.714 0.714 0.714 0.714 0.714 0.714 0.724 0.8333 0.8333 0.8333 0.8220
244 OMER 0.720 0.729 0.721 0.751 0.718 0.736 0.724 0.749 0.8650 1.1300 1.1300 1.0700
245 BMD 0.992 0.980 0.991 0.944 0.995 0.971 0.987 0.967 0.9634 0.7374 0.7374 0.7682
--------------------------------------------------------- COUNTRV=JAPAN -----------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
246 ADJREXRI 91.19 95.535 96.098 97.36 98.524 100 101.017 103.471 105.916 106.134 106.96 107.555247 BRERI 91.19 95.535 96.098 97.36 98.524 100 101.017 103.471 105.916 106.134 106.96 107.555248 ERIFS 360.00 360.000 360.000 360.00 360.000 360 360.000 360.000 360.000 360.000 360.00 349.330249 BOER 360.00 360.000 360.000 360.00 360.000 360 360.000 360.000 360.000 360.000 360.00 349.330250 BUD 1.00 1.000 1.000 1.00 1.000 1 1.000 1.000 1.000 1.000 1.00 1.000
0w
CoutNTV DAIA. tseO-11. 19,S0 FRIbAV. MANCW if, g19 to
--- ^------------------------------------------------ COUNTRYuKAMPUCHEA DEM - ---------------------------------------------------
@66 VARIAULS lose lest 1les los 1*64 logo lose of*$ eye fell
251 ADJREXRI 100.721 99.877 90.182 91.30 97.111 100.000 96.831 93.939 96.829 83.169 63.684 64.161252 SRERI 141.431 165.329 129.225 122.168 103.913 100.000 121.530 139.065 150.351 172.293 118.213 83.016253 ERIPS 35.000 35.000 35.000 35.000 35.000 35.000 35.000 35.000 35.000 42.600 55.540 71.6s55254 OSER 71.517 63.052 74.354 78.279 98.500 104.688 83.417 70.717 67.421 61.967 89.733 217.333255 BUD 0.489 0.555 0.471 0.447 0.355 0.334 0.420 0.495 0.519 0.687 0.619 0.330
---------------------------------------------------------- COUNTRY=KENYA -
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
256 AOJREXRI 109.032 114.877 11t.676 106.248 105.693 100.000 97.8615 97.0561 96.0259 91.6576 99.2430 83.5808257 BRERI 112.865 117.463 115.330 108.017 109.409 100.000 84.3829 81.9805 86.7143 75.0384 76.1576 64.8062258 ERIFS 7.143 7.143 7.143 7.143 7.143 7.143 7.1429 7.1429 1.1429 7.1429 7.1429 7.1429259 BMER 7.197 7.286 7.214 7.328 7.197 7.450 8.6400 8.8200 8.2500 9.1000 9.7083 9.6083260 BUD 0.992 0.980 0.990 0.975 0.992 0.959 0.8267 0.8099 0.8658 0.7849 0.7358 0.7434
------------------------------------------------------ COUNTRY=KOREA, REP. OF -
o0s VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
261 ADJREXRI 204.563 114.329 125.982 158.355 121.264 100.000 107.822 121.310 133.878 140.811 144.708 135.823262 BRERI 123.472 121.982 150.517 144.215 114.791 100.000 152.932 166.685 183.469 188.985 172.509 164.851263 ERIFS 63.130 124.790 130.000 130.000 213.850 266.270 271.330 270.510 276.640 288.230 310.570 348.200264 SMER 150.083 167.833 156.136 204.833 324.167 382.083 274.500 282.500 289.667 308.167 373.833 411.667265 BUD 0.421 0.744 0.833 0.635 0.660 0.697 0.988 0.958 0.955 0.935 0.831 0.846
---------------------------------------------------------- COUNTRY=KUWAIT -…-…------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
266 ADJREXRI . . 108.946 105.920 102.931 100.000 97.8096 94.4360 9l.6746 88.7562 76.6183 97.7264267 BRERI . . 108.946 105.920 102.931 100.000 97.8096 94.4360 91.6746 88.7562 76.0011 99.1746268 ERIFS . . 0.357 0.351 0.357 0.357 0.3571 0.3571 0.3511 0.3571 0.3511 0.3561269 SMER . . 0.357 0.357 0.357 0.357 0.3571 0.3571 0.3571 0.3571 0.3600 0.3509270 DMO 1.000 1.000 1.000 1.000 1.0000 1.0000 1.0000 1.0000 0.9019 1.0148
--------------------------------------------------------- COUNTRv*LEBANON -------------------------------------------------------
095 VARIABLE 1960 1961 1962 1963 1964 1965 1908 1967 1968 1969 1970 1971
271 ADJREXRI 110.247 110.200 110.610 105.934 103.446 100.000 97.0028 95.2240 93.3966 90.6158 84.7094 80.8624272 BRERI 110.092 110.318 110.596 105.804 103.503 100.000 97.0648 94.3738 93.1922 90.3555 84.4710 80.6256273 ERIFS 3.169 3.079 3.009 3.097 3.074 3.072 3.1308 3.2045 3.1568 3.2546 3.2690 3.2271274 BMER 3.163 3.064 2.999 3.090 3.061 3.061 3.1178 3.2220 3.1526 3.2525 3.2667 3.2258275 BOD 1.002 1.005 1.003 1.002 1.004 1.004 1.0042 0.9946 1.0013 1.0006 1.0007 1.0006
COUNtRV DAUtA 1OS0-?t. #6., FOIDAY. MVANCI It, 1033 If
------------------------------------------ COUNTRYcLESOTHO ----------------------------------------------------------
0PU VARKAULE 1360 1961 1362 1936 1364 1368 1366 16? S968 1960 9 1370 WI
276 ADJREXRI 105.621 104.345 102.830 101.053 100.089 100.000 99.804 99.986 99.420 98.028 95.4790 93.8783277 BRERI 114.142 103.169 109.583 108.632 101.000 100.000 102.388 103.244 107.093 105.t91 96.4820 94.9720278 ERIFS 0.714 0.714 0.714 0.714 0.714 0.714 0.714 0.714 0.714 0.714 0.7143 0.7152279 SMER 0.739 0.807 0.749 0.743 0.791 0.798 0.778 0.773 0.741 0.740 0.7901 0.7902280 8vo 0.967 0.885 0.953 0.962 0.903 0.895 0.918 0.924 0.964 0.966 0.9041 0.9051
--------------------------------------------------------- COUNTRV=LISERIA ---------------- ________________________________________
o0s VARIABLE 1960 1961 1962 1963 1964 1965 1968 1967 1968 1969 1970 1971
281 ADJREXRI 101.516 91.3065 91.881 91.2043 103.749 100 92.7731 90.0399 89.5899 87.3722 76.1664 73.2578282 BRERJ 101.516 91.3065 91.881 91.2043 103.749 100 92.7731 90.0399 89.5899 87.3722 76.1664 73.0387283 ERIFS 1.000 1.0000 1.000 1.0000 1.000 1 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000284 BMER 1.000 1.0000 1.000 1.0000 1.000 1 1.0000 1.0000 1.0000 1.0000 1.0000 1.0030285 BMD 1.000 1.0000 1.000 1.0000 1.000 1 1.0000 1.0000 1.0000 1.0000 1.0000 0.9970
…--------------------------------------------------------- COUNTRY=LIBVA ------------------- …__-- …-______________________________
OSs VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
286 AOJREXRI 98.357 95.5584 98.1218 101.210 95.9220 100.000 104.195 107.814 108.892 106.544 100.150 115.497287 BRERI 105.979 96.7936 95.1631 100.326 99.2138 100.000 105.073 104.563 111.241 99.654 86.329 109.016288 ERIFS 0.357 0.3571 0.3571 0.357 0.3571 0.357 0.357 0.357 0.357 0.357 0.357 0.356289 OMER 0.400 0.4255 0.4444 0.435 0.4167 0.431 0.427 0.444 0.422 0.461 0.500 0.456290 BMD 0.893 0.8392 0.8036 0.821 0.8570 0.829 0.836 0.804 0.846 0.775 0.714 0.782
-------------------------------------------------------- COUNTRY=MADAGASCAR ---------------------------------------------------….
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
291 ADJREXRI 100.941 99.752 100.154 100.701 99.173 100.000 101.845 99.237 97.485 92.026 66.437 83.230292 BRERI 104.047 101.648 107.365 101.841 103.017 100.000 101.091 102.290 101.068 85.074 93.103 91.449293 ERIPS 246.850 246.850 246.850 246.850 240.850 246.850 246.850 246.850 246.850 259.710 277.710 277.130294 OUER 260.000 263.000 250.000 265.000 258.000 268.000 270.000 260.000 258.500 305.000 279.911 213.033295 BMD 0.949 0.939 0.987 0.932 0.957 0.921 0.914 0.949 0.958 0.832 0.992 1.012
----------- ------------------------------------------ COUNTRYVMALAWI --------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
296 ADJREXRI 103.468 99.917 101.103 103.623 99.795 100.000 96.401 90.0281 81.3203 79.6639 81.4920 61.6886297 BRERI 111.749 107.916 109.197 95.329 101.793 100.000 100.261 73.0207 84.2429 76.2080 74.0840 60.4906298 ERIFS 0.714 0.714 0.714 0.714 0.714 0.714 0.714 0.7242 0.8333 0.8333 0.8333 0.8309299 SMER 0.741 0.741 0.741 0.870 0.784 0.800 0.769 1.0000 0.9009 0.9756 1.0266 1.2567300 BDM 0.964 0.964 0.964 0.821 0.911 0.893 0.929 0.7242 0.9250 0.8541 0.8117 0.6612
-a
COUNTRV DATA. 1960-71. 15:31 FRIDAY, MARCH 11, 1988 13
--------------------------------------------------------- COUNTRV=MALAVSIA ---------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
301 ADJREXRI 125.004 111.602 106.910 102.776 101.255 100.000 94.7349 91.6232 86.1119 86.7739 81.1546 75.0591302 BRERI 124.323 111.128 108.210 103.747 101.200 100.000 94.8869 91.6232 86.9248 87.8514 81.7885 76.7464303 ERIFS 3.061 3.061 3.061 3.061 3.061 3.061 3.0612 3.0612 3.0612 3.0612 3.0612 3.0523304 BMER 3.140 3.136 3.085 3.093 3.124 3.122 3.1175 3.1225 3.0933 3.0842 3.0983 3.0450305 BMD 0.975 0.976 0.992 0.990 0.980 0.980 0.9819 0.9804 0.9896 0.9925 0.9880 1.0024
…-------------------------------------------------------- COUNTRY=MALI ---------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
306 ADJREXRI 101.230 102.868 103.355 103.592 105.047 100.000 96.773 99.875 117.669 111.981 103.045 101.909307 BRERI . . . . . . . . .308 ERIFS 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 259.710 277.710 277.030309 BMER . . . . . . . . .310 BMD . . . . . . . . .
…------------------------------------------------------- COUNTRY=MAURITANIA --------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
311 ADJREXRI 102.201 102.738 105.534 107.766 105.449 100.000 100.277 100.627 99.381 91.0071 79.8102 80.6136312 BRERI 105.346 104.691 113.133 108.986 109.536 100.000 99.534 103.724 103.034 84.1318 85.9642 87.5194313 ERIFS 49.371 49.371 49.371 49.371 49.371 49.371 49.371 49.371 49.371 51.9420 55.5420 55.4260314 BMER 52.000 52.600 50.000 53.000 51.600 53.600 54.000 52.000 51.700 61.0000 55.9833 55.4260315 BMD 0.949 0.939 0.987 0.932 0.957 0.921 0.914 0.949 0.955 0.8515 0.9921 1.0000
-------------------------------------------------------- COUNTRY=MAURITIUS ---------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
316 ADJREXRI 111.307 104.511 103.546 113.193 101.627 100.000 98.5778 95.7813 86.7399 84.8037 80.7806 80.6841317 BRERI . . . . . . . . . .318 ERIFS 4.762 4.762 4.762 4.762 4.762 4.762 4.7619 4.8280 5.5556 5.5556 5.5556 5.4789319 BMER . . . . . . . . .320 BMD . . . . . . . . . .
…----------------------- …-_----------------------------- COUNTRV=MEXICO ----------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
321 ADJREXRI 98.4546 98.8577 98.8811 98.9163 101.287 100.000 100.102 99.6971 99.4104 98.7772 96.9235 95.2110322 BRERI 98.4546 98.8577 98.8811 98.9694 101.362 100.000 100.102 99.6971 99.4167 98.7772 96.9235 95.1477323 ERIFS 12.5000 12.5000 12.5000 12.5000 12.500 12.500 12.500 12.5000 12.5000 12.5000 12.5000 12.5000324 BMER 12.4900 12.4900 12.4900 12.4833 12.481 12.490 12.490 12.4900 12.4892 12.4900 12.4900 12.4983325 BMD 1.0008 1.0008 1.0008 1.0013 1.002 1.001 1.001 1.0008 1.0009 1.0008 1.0008 1.0001
0
COUNTRY DATA, 1060-11. tlimi PrEPAY, MANl4 II. fell 14
---------------------------------------------------------- COUNTRYaMOROCCO ----------------------------------------------------
0@6 VARSAfLS 6066 oll 1060 lose 664 $066 lo6e OSY lose I6s iota gy7
326 ADJREXRI 95.911 94.9644 96.2093 99.318 100.112 0OO.000 95.0642 91.441 86.9836 85.6808 83.2382 80.5296327 BRERI 102.053 97.8030 98.0623 108.508 98.514 100.000 99.99t8 101.297 94.6530 93.9945 95.2220 96.1514328 ERIPS 5.060 5.0605 5.0605 5.060 5.060 5.060 5.0605 5.060 5.0605 5.0605 5.0605 5.0500329 OMER 5.758 5.9917 6.0542 5.754 0.271 6.171 5.8661 5.571 5.6700 5.6250 5.3942 5.1575330 SMO 0.879 0.8446 0.8359 0.879 0.807 0.820 0.8626 0.908 0.8924 0.8996 0.9381 0.9792
-------------------------------------------------------- COUNTRV=MOZAMBIQUE -
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
331 ADJREXRI 100.147 98.9944 98.1078 103.756 102.023 100.000 99.1115 101.708 100.406 92.3708 90.1955 96.3595332 BRERI 101.419 97.1510 97.8242 103.936 102.108 100.000 99.6658 102.369 100.944 92.9118 81.0937 75.8651333 ERIFS 28.750 28.7500 28.7500 28.750 28.750 28.750 28.7500 28.750 28.750 28.7500 28.7500 28.3228334 OMER 28.410 29.3167 28.8542 28.721 28.747 28.771 28.6100 28.585 28.617 28.6033 32.0000 36.0000335 BMD 1.012 0.9807 0.9964 1.001 1.000 0.999 1.0049 1.006 1.005 1.0051 0.8984 0.7867
…------------------…----------------------------------- COUNTRV=NEPAL -
OBS VAAIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
336 ADJREXRI 90.844 90.586 93.139 93.524 91.711 100.000 110.857 101.247 89.777 83.929 84.363 80.746337 ORERI 166.548 166.074 170.755 171.460 151.323 100.000 101.619 104.411 109.456 116.109 107.340 103.162338 ERIFS 7.619 7.619 7.619 7.619 7.619 7.619 7.619 7.619 9.289 10.125 10.125 10.125339 BMER 9.000 9.000 9.000 9.000 10.000 16.500 18.000 16.000 16.500 15.850 17.233 17.162340 OMD 0.847 0.847 0.847 0.847 0.762 0.462 0.423 0.476 0.563 0.639 0.588 0.590
------------------------------------------------------- COUNTRV=NETHERLANDS -
o0s VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1910 1971
341 ADJREXRI 86.9427 90.048 91.2693 92.8443 97.5682 100.00 101.98 102.696 104.354 106.188 105.255 109.524342 BRERI 86.9427 90.048 91.2693 92.8443 97.5682 100.00 101.98 102.896 104.364 106.188 105.255 109.524343 ERIFS 3.8000 3.650 3.6200 3.6200 3.6200 3.62 3.62 3.620 3.620 3.620 3.620 3.502344 sMER 3.8000 3.650 3.6200 3.6200 3.6200 3.62 3.62 3.620 3.620 3.620 3.620 3.502345 BMO 1.0000 1.000 1.0000 1.0000 1.0000 1.00 1.00 1.000 1.000 1.000 1.000 1.000
----------------------------------------------------- COUNTRY=NEW ZEALAND --------------------------------------------------------
08S VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
346 ADJREXRI 101.064 98.3970 98.4302 98.9028 99.9242 100.000 96.8905 95.9889 80.4899 79.0794 81.8574 87.4501347 BRERI 101.064 98.3970 98.4302 98.9028 99.9242 100.000 96.8905 95.9889 80.4899 79.0794 81.8574 87.4501348 ERIFS 0.714 0.7155 0.7192 0.7192 0.7192 0.719 0.7192 0.7336 0.8929 0.8929 0.8929 0.8806349 OMER 0.714 0.7155 0.7192 0.7192 0.7192 0.719 0.7192 0.7336 0.8929 0.8929 0.8929 0.8806350 eMD 1.000 1.0000 1.0000 1.0000 1.0000 1.000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
'-
COUNTRY DATA, 1960-71. 15:31 FRIDAV. MARCH 11. 1988 15
-------------------------------------------------------- COUNTRY=NICARAGUA ---------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
351 ADJREXRI 110.025 107.103 102.470 99.8493 101.782 100.000 96.9763 95.0188 97.1190 93.9543 90.8763 85.4620352 8RERI 110.070 97.760 93.574 95.9321 101.307 100.000 97.3375 95.0862 97.1773 94.9521 90.8763 85.3851353 ERIFS 7.000 7.000 7.000 7.0000 7.000 7.000 7.0000 7.0000 7.0000 7.0000 7.0000 7.0000354 SMER 8.323 9.122 9.118 8.6667 8.366 8.327 8.2958 8.3208 8.3217 8.2392 8.3267 8.3342355 8MD 0.841 0.767 0.768 0.8077 0.837 0.841 0.8438 0.8413 0.8412 0.8496 0.8407 0.8399
-------------------------------------------------------- COUNTRY=NIGER -----------------------------------------------------------
08S VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
356 ADJREXRI 108.786 109.552 106.097 103.234 99.495 100.000 102.531 102.388 96.406 92.580 83.078 78.878357 BRERI 112.133 111.635 113.736 104.403 103.351 100.000 101.772 105.538 99.949 85.586 89.484 86.667358 ERIFS 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 259.710 277.710 277.130359 OMER 260.000 263.000 250.000 265.000 258.000 268.000 270.000 260.000 258.500 305.000 279.917 273.833360 BMD 0.949 0.939 0.987 0.932 0.957 0.921 0.914 0.949 0.955 0.852 0.992 1.012
--------------------------------------------------------- COUNTRY=NIGERIA ----------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
361 ADJREXRI 108.999 111.116 113.727 106.840 103.990 100.000 107.541 101.972 95.5470 96.6001 144.923 139.848362 BRERI 117.725 120.012 122.832 98.289 t06.072 100.000 111.847 81.578 84.8458 79.2129 128.336 125.305363 ERIFS 0.714 0.714 0.714 0.714 0.714 0.714 0.714 0.714 0.7143 0.7143 0.714 0.713364 OMER 0.741 0.741 0.741 0.870 0.784 0.800 0.769 1.000 0.9009 0.9756 0.903 0.891365 BMO 0.964 0.964 0.964 0.821 0.911 0.893 0.929 0.714 0.7929 0.7322 0.791 0.800
---------------------------------------------------------- COUNTRV=NORWAV -------------------------------------------------- ____
o0s VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
366 ADJREXRI 95.8024 95.4906 97.1360 97.3655 98.8082 100.000 100.043 99.7317 101.372 101.003 106.990 107.396367 BRERI 95.8024 95.4906 97.1360 97.3655 98.8082 100.000 100.043 99.7317 101.372 101.003 106.990 107.396368 ERIFS 7.1429 7.1429 7.1429 7.1429 7.1429 7.143 7.143 7.1429 7.143 7.143 7.143 7.042369 BMER 7.1429 7.1429 7.1429 7.1429 7.1429 7.143 7.143 7.1429 7.143 7.143 7.143 7.042370 BMD 1.0000 1.0000 1.0000 1.0000 1.0000 1.000 1.000 1.0000 1.000 1.000 1.000 1.000
----------------------------------------------------------- COUNTRV=OMAN --------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
371 ADJREXRI 104.369 103.375 102.981 101.690 101.689 100.000 97.9270 90.1815 85.0541 82.2617 79.7117 86.1650372 BRERI 104.369 103.375 102.981 101.690 101.689 100.000 97.9270 90.1815 85.0541 82.2617 79.7117 86.1235373 ERIFS 0.357 0.357 0.357 0.357 0.357 0.357 0.3571 0.3621 0.4167 0.4167 0.4167 0.4154374 BMER 0.357 0.357 0.357 0.357 0.357 0.357 0.3571 0.3621 0.4167 0.4167 0.4167 0.4156375 BMD 1.000 1.000 1.000 1.000 1.000 1.000 1.0000 1.0000 1.0000 1.0000 1.0000 0.9995
0
Couwt4Y OAlA. 1t@0-71@-. $s$ FSAAV. MANCW ttj los to
--------------------------------------------------------- COUNTRVmPAKISTAN ---------------------------------------------------------
OMG VASIASLS tee. tet lost lose 664 .lose less t661 1tie tees toie $to,
376 ADJREXRI 105.023 103.4Z4 100.741 97.740 99.553 100.000 99.308 105.018 104.179 100.658 98.03173 95.6778377 ORER1 128.141 116.600 105.715 109.120 104.275 100.000 100.647 104.915 101.434 89.883 77.3039 87.3424378 ERIFS 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.762 4.7620 4.7620379 8MER 6.939 7.642 8.068 7.583 8.083 8.467 8.337 8.475 8.696 9.482 10.7292 12.0292380 BUD 0.686 0.623 0.590 0.628 0.589 0.562 0.571 0.562 0.548 0.502 0.4438 0.3959
-------------------------------------------------------- COUNTRV-PANAMA ----------------------------------------------------------
OBS VARIABLE 1980 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
381 ADJREXRI 109.657 107.11 104.632 104.528 103.21 100 97.7118 97.0892 95.2568 92.1703 87.174 83.1037382 BRERI 109.657 107.11 104.632 104.528 103.21 100 97.7118 97.0892 95.2568 92.1703 87.174 83.1037383 ERIFS 1.000 1.00 1.000 1.000 1.00 1 1.0000 1.0000 1.0000 1.0000 1.000 1.0000384 SMER 1.000 1.00 1.000 1.000 1.00 I 1.0000 1.0000 1.0000 1.0000 1.000 1.0000385 BUD 1.000 1.00 1.000 1.000 1.00 I 1.0000 1.0000 1.0000 1.0000 1.000 1.0000
---------- …------------------------------------------ COUNTRY=PAPUA NEW GUINEA -----------------------------------------------------
OeS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
386 ADJREXRI 110.232 107.047 104.206 102.407 101.118 100.000 103.174 108.558 111.281 i11.569 110.643 107.633387 BRERI . . . . . . . . .388 ERIFS 0.893 0.893 0.893 0.893 0.893 0.893 0.893 0.893 0.893 0.893 0.893 0.861389 SUER . . . . . . . . .390 BUD . . . . . . . . .
--------------------------------------------------------- COUNTRY=PARAGUAY ---------------------------- __ - -- _______________
o0s VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
391 ADJREXRI 91.220 93.078 101.896 101.218 100.415 100.000 99.915 94.242 93.458 92.219 88.266 86.815392 BRERI 104.617 110.530 117.223 102.352 96.461 100.000 104.822 97.818 100.742 96.051 89.684 85.025393 ERIFS 123.170 126.000 126.000 126.000 126.000 126.000 126.000 126.000 126.000 126.000 126.000 126.000394 OMER 128.208 126.667 130.750 148.750 156.583 150.417 143.315 144.911 139.542 144.417 146.042 153.563395 BUD 0.961 0.995 0.964 0.841 0.805 0.838 0.879 0.869 0.903 0.872 0.881 0.820
----------------------------------------------------------- COUNTRYePERU -- ------- -...............
OBS VARIABLE 1960 1961 1962 1963 1964 l6os 1966 1987 1968 1969 1970 1911
396 ADJREXRI 79.1472 79.8868 81.8907 83.7965 91.3270 100.000 107.185 101.584 91.6646 95.2402 95.1595 03.5319397 BRERI 80.1694 81.3661 81.8907 83.7965 89.6962 100.000 107.576 100.026 82.6674 84.7365 67.1335 58.6328398 ERIFS 0.0269 0.0268 0.0268 0.0268 0.0268 0.027 0.027 0.030 0.0381 0.0387 0.0387 0.0387399 OMER 0.0272 0.0270 0.0275 0.0275 0.0280 0.027 0.027 0.031 0.0440 0.0446 0.0561 0.0633400 BMO 0.9879 0.9933 0.9753 0.9753 0.9579 0.975 0.979 0.960 0.8795 0.8677 0.6898 0.6114
COUNTCV OAtA, t960-71. ISit PRIDAV, MARCH i4, e988 1t
------------------------------------------------------- COUNTRY=PHILIPPItES --------------------------------------------------------
ON$ VAUIAILI sear feet tees tlos m64 less loee 16t teem tees 1st0 l?
401 ADJREXRI 115.821 114.551 91.1662 98.2069 99.412 100.000 101.151 104.906 107.231 101.213 76.0199 12.7090402 BRERI 102.827 93.954 96.2604 99.9795 101.898 100.000 102.070 102.240 100.639 86.559 68.1535 68.4011403 ERIFS 2.0t5 2.020 3.7279 3.9100 3.910 3.909 3.900 3.900 3.900 3.900 5.9040 6.4320404 OUER 3.530 3.845 3.8792 3.9350 3.908 4.005 3.983 4.100 4.257 4.949 6.6883 7.0050405 BUD 0.571 0.525 0.9610 0.9936 1.000 0.976 0.979 0.951 0.916 0.788 0.8827 0.9182
--------------------------------------------------------- COUNTRV=PORTUGAL ---------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
406 AOJREXRI 101.379 105.729 103.381 100.770 99.6239 100.000 101.283 101.854 100.715 103.538 99.1021 98.0742407 BRERI 108.743 103.760 103.082 100.946 99.7074 100.000 101.849 102.515 101.255 104.144 99.4245 98.8564408 ERIFS 26.750 28.750 28.750 28.750 28.7500 28.750 28.750 28.750 28.750 28.750 28.7500 28.3120409 OUER 28.410 29.317 28.054 28.721 28.7467 28.771 28.611 28.585 28.617 28.603 28.6775 28.1083410 BUD 1.012 0.981 0.996 1.001 1.0001 0.999 1.005 1.006 1.005 1.005 1.0025 1.0072
---------------------------------------------------------- COUNTRV=RWANOA ----------------------------------------------------------
OaS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
411 ADJREXRI 84.089 87.470 78.152 86.036 96.730 100.000 75.713 87.528 85.895 81.090 19.989 75.1968412 8RERI 130.326 136.049 123.266 134.592 152.384 100.000 63.037 83.284 93.390 85.467 91.002413 ERIFS 50.000 50.000 50.000 50.000 50.000 50.000 87.500 100.000 100.000 100.000 100.000 99.7430414 SUER 50.650 50.470 49.770 50.180 49.830 78.500 165.000 165.000 144.400 148.960 138.000415 8VD 0.987 0.991 1.005 0.996 1.003 0.637 0.530 0.606 0.693 0.671 0.725
------------------------------------------------------- COUNTRV=SAUDI ARABIA -----------------------------------------------…-------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1910 1971
416 ADJREXRI . . . 109.573 104.360 100.000 98.1703 96.8924 96.5778 93.5056 87.3975 93.6378417 BRERI . . . 108.046 102.831 100.000 98.3687 96.8559 96.7021 93.6613 87.2351 93.9879418 ERIFS . . . 4.500 4.500 4.500 4.5000 4.5000 4.5000 4.5000 4.5000 4.4868419 SUER . . . 4.577 4.580 4.513 4.5042 4.5150 4.5075 4.5058 4.5217 4.4833420 BUD . . . 0.983 0.982 0.997 0.9991 0.9967 0.9983 0.9987 0.9952 1.0008
--------------------------------------------------------- COUNTRV=SENEGAL ----------------------------------------------------------
08S VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
421 ADJREXRI 105.480 105.809 105.269 102.285 102.422 100.000 96.765 94.760 91.711 88.941 79.739 76.433422 BRERI 108.726 107.821 112.848 103.443 106.391 100.000 96.048 97.675 95.081 82.222 85.887 83.980423 ERIFS 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 259.710 277.710 277.130424 SMER 260.000 263.000 250.000 265.000 258.000 268.000 270.000 260.000 258.500 305.000 279.917 273.833425 BUD 0.949 0.939 0.987 0.932 0.957 0.921 0.914 0.949 0.955 0.852 0.992 1.012
0
COUNtRY DAtA. 100-1t. 51sls PRIDAw, MANCH Jt, lujr $
------------------------------------------------------- COUNTRYUSIERRA LEONE -------------------------------------------------------
o6 VARtIAfL los tool l6s less 1064 l6s food 166? lo6e 16se 161o I*Tl
426 ADJREXRI . . 98.2896 100.000 96.0052 97.0140 62.7492 81.2533 78.365t 70.2656427 BRERI . . . .428 ERIFS . . . . 0.7143 0.714 0.7143 0.7242 0.8333 0.8333 0.8333 0.8299429 OMER . . . . . . . . .430 BUD . . . . . . . . .
-------------------------------------------------------- COUNTRY=SINGAPORE ---------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
431 ADJREXRI 112.514 109.162 106.901 104.629 102.137 100.000 97.4999 94.9762 93.4757 91.4408 87.2846 84.9250432 BRERI 111.901 108.699 108.201 105.616 102.081 100.000 97.6563 94.9762 94.3581 92.5763 87.9663 86.7877433 ERIPS 3.061 3.061 3.061 3.061 3.061 3.061 3.0612 3.0612 3.0612 3.0612 3.0612 3.0507434 SMER 3.140 3.136 3.085 3.093 3.124 3.122 3.1175 3.1225 3.0933 3.0842 3.0983 3.0450435 BUD 0.975 0.978 0.992 0.990 0.980 0.980 0.9819 0.9804 0.9896 0.9925 0.9880 1.0019
--------------------------------------------------------- COUNTRY=SOMALIA ----------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
436 ADJREXRI 81.3721 86.6666 83.5561 83.6332 91.6781 100.000 93.1214 89.8619 90.3787 92.0773 87.0672 82.3930437 BRERI . . . . . . . . .438 ERIFS 7.1429 7.1429 7.1429 7.1429 7.1429 1.143 7.1429 7.1429 1.1429 7.1429 1.1429 7.1286439 OUER . . . . . . . . .440 BUD . . . . . . . . .
------------------------------------------------------- COUNTRV=SOUtH AFRICA -------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1986 1967 1968 1969 1970 1971
441 ADJREXRI 105.214 104.095 102.005 101.389 101.321 100.000 100.093 103.569 104.999 104.369 99.306 96.4086442 BRERI 113.702 102.921 108.704 108.992 102.249 100.000 102.665 106.945 113.102 112.636 100.430 91.5318443 ERIFS 0.714 0.714 0.114 0.114 0.714 0.714 0.714 0.114 0.114 0.114 0.114 0.1152444 SUER 0.739 0.807 0.749 0.143 0.791 0.198 0.118 0.113 0.141 0.140 0.190 0.7902445 BUD 0.967 0.885 0.953 0.962 0.903 0.895 0.919 0.924 0.964 0.966 0.904 0.9051
---------------------------------------------------------- COUNTRYVSPAIN -------------------------------------- __________________
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
446 ADJREXRI 85.9733 85.0216 87.2813 91.8193 94.602 100 103.967 106.900 94.9248 94.7496 95.04 95.9454447 BRERI 85.9733 85.0216 87.2813 91.8193 94.602 100 103.967 106.900 94.9248 94.7496 95.04 95.9454448 ERIFS 60.0000 60.0000 60.0000 60.0000 60.000 60 60.000 60.833 70.0000 70.0000 70.00 69.4690449 SUER 60.0000 60.0000 60.0000 60.0000 60.000 60 60.000 60.833 70.0000 70.0000 10.00 69.4690450 BUD 1.0000 1.0000 1.0000 1.0000 1.000 1 1.000 1.000 1.0000 1.0000 1.00 1.0000
E-
COUNTRY DATA, 1960-71. 15:31 FRIDAY, MARCH 11, 1988 19
-------------------------------------------------------- COUNTRY=SRI LANKA ---------------------------------------------------------
oBS VARIABLE 1960 1961 1962 1963 1964 1965 196e 1967 1968 1969 1970 1971
451 ADJREXRI 115.468 110.202 105.544 103.998 103.274 100.000 95.5130 92.2454 80.944 71.751 68.2795 62.5317452 BRERI 218.138 200.745 142.335 137.886 109.246 100.000 95.6392 89.8727 110.168 111.043 93.3771 69.1546453 ERIFS 4.762 4.762 4.762 4.762 4.762 4.762 4.7620 4.8610 5.952 6.601 6.8490 7.0420454 SMER 6.698 6.947 9.383 9.544 11.962 12.654 12.6375 13.2583 11.621 11.334 13.3083 16.9208455 BMD 0.711 0.686 0.507 0.499 0.398 0.376 0.3768 0.3666 0.512 0.582 0.5146 0.4162
---------------------------------------------------------- COUNTRY=SUDAN ---------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
456 ADJREXRI 99.676 105.082 103.588 105.131 105.958 100.000 97.734 105.301 105.006 102.808 110.323 103.646457 BRERI 124.133 124.230 114.759 111.346 102.758 100.000 100.753 101.161 106.932 97.863 86.730 85.815458 ERIFS 0.348 0.348 0.348 0.348 0.348 0.348 0.348 0.348 0.348 0.348 0.348 0.348459 BMER 0.410 0.432 0.461 0.482 0.526 0.511 0.495 0.531 0.501 0.536 0.649 0.617460 DMO 0.849 0.806 0.755 0.722 0.661 0.682 0.703 0.655 0.694 0.649 0.536 0.565
-----------------------------------------------------…---…- COUNTRY=SWEDEN ----------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
461 ADJREXRI 96.7239 96.6797 97.6603 96.5441 97.6860 100.000 102.517 104.225 103.872 102.726 101.448 102.464462 BRERI 96.7239 96.6797 97.6603 96.5441 97.6860 100.000 102.517 104.225 103.872 102.726 101.448 102.464463 ERIFS 5.1732 5.1732 5.1732 5.1732 5.1732 5.173 5.173 5.173 5.173 5.173 5.173 5.117464 OMER 5.1732 5.1732 5.1732 5.1732 5.1732 5.173 5.173 5.173 5.173 5.173 5.173 5.117465 BMD 1.0000 1.0000 1.0000 1.0000 1.0000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
---------------------------------------------------- COUNTRY=SWITZERLAND ------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
466 ADJREXRI 92.6064 93.5747 96.1485 97.7342 99.7377 100.000 100.837 101.975 102.318 100.360 98.673 105.687467 BRERI 92.6064 93.5747 96.1485 97.7342 99.7377 100.000 100.837 101.975 102.318 100.360 98.673 105.687468 ERIFS 4.3730 4.3730 4.3730 4.3730 4.3730 4.373 4.373 4.373 4.373 4.373 4.373 4.134469 BMER 4.3730 4.3730 4.3730 4.3730 4.3730 4.373 4.373 4.373 4.373 4.373 4.373 4.134470 BMD 1.0000 1.0000 1.0000 1.0000 1.0000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
----------------------------------------------------- COUNTRV=SYRIAN ARAB REP --------------------------------------------------
oBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
471 ADJREXRI 111.239 111.453 102.779 97.9508 100.174 100.000 102.552 100.797 100.345 92.0319 91.9126 91.4656472 BRERI 108.941 107.804 102.468 98.1857 99.697 100.000 94.212 100.797 99.159 88.4353 85.5344 84.5705473 ERIFS 3.580 3.580 3.690 3.8200 3.820 3.820 3.820 3.820 3.820 3.8200 3.8200 3.8200474 SMER 4.000 4.050 4.050 4.1700 4.200 4.180 4.550 4.180 4.230 4.3500 4.4917 4.5208475 BMD 0.895 0.884 0.911 0.9161 0.910 0.914 0.840 0.914 0.903 0.8782 0.8505 0.8450
(COUNTRV DATA, 1960-71. 15:31 FRIDAV, MARCH 11, 1988 20
------------------------------------------------------ COUNTRV=TANZANIA ----------------------------------- ____________________
OBs VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
476 ADJREXRI 100.811 106.220 103.682 104.598 105.002 100.000 97.9758 94.2903 93.0723 90.7646 88.7063 85.1387
477 BRERI 104.354 108.611 107.074 106.339 108.693 100.000 84.4815 79.6443 84.0471 74.3073 65.7032 54.7584
478 ERIFS 7.143 7.143 7.143 7.143 7.143 7.143 7.1429 7.1429 7.1429 7.1429 7.1429 7.1429
479 OMER 7.197 7.286 7.214 7.328 7.197 7.450 8.6400 8.8200 8.2500 9.1000 10.0583 11.5833
480 BMD 0.992 0.980 0.990 0.975 0.992 0.959 0.8267 0.8099 0.8658 0.7849 0.7101 0.6167
--------------------------------------------------------- COUNTRY=THAILAND ------------------------------------------------ ____
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
481 ADJREXRI 104.415 105.853 103.578 99.0312 99.0773 100.000 103.260 99.1271 95.8666 93.5606 84.8677 79.9055
482 BRERI 100.597 103.060 100.337 96.5158 96.3877 100.000 103.677 98.1994 95.4599 92.2621 84.6464 79.3949
483 ERIFS 21.182 21.058 20.880 20.8300 20.8000 20.800 20.800 20.8000 20.8000 20.8000 20.8000 20.8000
484 OMER 21.907 21.551 21.477 21.2958 21.3033 20.725 20.642 20.9208 20.8133 21.0167 20.7792 20.8583
485 BMD 0.967 0.977 0.972 0.9781 0.9764 1.004 1.008 0.9942 0.9994 0.9897 1.0010 0.9972
----------------------------------------------------------- COUNTRY=TOGO -----------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
486 ADJREXRI 115.817 110.334 107.786 108.023 105.981 100.000 101.883 100.265 97.719 93.129 80.809 84.582
487 BRERI 119.380 112.431 115.546 109.246 110.089 100.000 101.128 103.350 101.310 86.093 87.040 92.933
488 ERIFS 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 246.853 259.710 277.710 277.130
489 BMER 260.000 263.000 250.000 265.000 258.000 268.000 270.000 260.000 258.500 305.000 279.917 273.833
490 BMD 0.949 0.939 0.987 0.932 0.957 0.921 0.914 0.949 0.955 0.852 0.992 1.012
--------------------------------------------------- COUNTRY=TRINIDAD AND TOBAGO ----------------------- …-
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
491 ADJREXRI 105.550 102.216 101.703 108.699 104.341 100.000 100.310 99.6773 94.5905 90.7242 85.4265 83.8111
492 BRERI . . . . . . . . . .
493 ERIFS 1.714 1.714 1.714 1.714 1.714 1.714 1.714 1.7381 2.0000 2.0000 2.0000 1.9749
494 BMER . . . . . . . . . .
495 BMD . . . . . . . . . .
-------------------------------------------------------- COUNTRV=TUNISIA -------------------------------------…----------…-_--_-
08S VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
496 ADJREXRI 126.048 119.003 116.677 119.299 111.078 100.000 97.820 98.690 95.900 94.875 90.708 89.619
497 BRERI 177.981 139.168 67.639 91.214 96.531 100.000 112.475 120.745 114.559 113.882 117.213 124.902
498 ERIFS 0.420 0.420 0.420 0.420 0.446 0.525 0.525 0.525 0.525 0.525 0.525 0.523
499 BMER 0.478 0.577 1.165 0.883 0.826 0.844 0.734 0.690 0.707 0.703 0.653 0.603
500 BMD 0.878 0.727 0.361 0.475 0.540 0.622 0.715 0.761 0.743 0.746 0.804 0.867
COUNtNY PAtA1 100-I. 1118l1 PRIDAY, MANCH It. till St
----- ----------------------------------------------- COUNTRY-TURKEY ---------------------------------------------------------
063 VARIASLI l06g toot 1062 tosS 1964 toss tleg 1067 tos 1896g 1970 1971
b0 ADJREXQI 161.18 91.i811 91.4011 99.8948 99.3129 100.000 102.418 105.628 108.867 101.et8 ss.5084 74.0484502 DRENI 70.191 83.9038 91.8962 92.5371 95.4209 OO.000 102.627 101.S56 98.179 94.776 94.6103 96.6587803 ERIPS 4.861 9.0000 9.0000 9.0000 9.0000 9.000 9.000 9.000 9.000 9.000 11.5000 14.9170
504 SMER 14.479 13.2708 12.8875 13.1250 12.6542 12.158 12.133 12.848 13.234 13.806 14.5333 15.6042505 BMD 0.336 0.6782 0.6984 0.6857 0.7112 0.740 0.742 0.712 0.680 0.652 0.7913 0.9560
---------------------------------------------------------- COUNTRY=UGANDA -
OeS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
506 ADJREXRI 94.3782 96.6865 91.7019 91.5392 112.491 100.000 94.9767 91.0371 91.8344 89.2701 94.1875 96.1007507 BRERI 97.6959 98.8628 94.7018 93.0632 116.446 100.000 81.8954 76.8964 82.9292 73.0837 70.1697 67.6491508 ERIFS 7.1430 7.1430 7.1430 7.1430 7.143 7.143 7.1430 7.1430 7.1430 7.1430 7.1430 7.1430509 OMER 7.1970 7.2860 7.2140 7.3280 7.197 7.450 8.6400 8.8200 8.2500 9.1000 10.0000 10.5833510 BMD 0.9925 0.9804 0.9902 0.9748 0.992 0.959 0.8267 0.8099 0.8658 0.7849 0.7143 0.6749
------------------------------------------------------ COUNTRY=UNITED KINGDOM -
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
511 ADJREXRI 97.9167 98.3005 98.9687 98.1748 98.6018 100.000 100.588 98.8659 86.9991 87.7672 88.4065 90.9004512 BRERI 97.9167 98.3005 98.9687 98.1748 98.6018 100.000 100.588 98.8659 86.9991 87.7672 88.4065 90.9004513 ERIFS 0.3571 0.3571 0.3571 0.3571 0.3571 0.357 0.357 0.3621 0.4167 0.4167 0.4167 0.4109514 BSER 0.3571 0.3571 0.3571 0.3571 0.3571 0.357 0.357 0.3621 0.4167 0.4167 0.4167 0.4109515 BMD 1.0000 1.0000 1.0000 1.0000 1.0000 1.000 1.000 1.0000 1.0000 1.0000 1.0000 1.0000
------------------------------------------------------ COUNTRY=UNITED STATES -
OBS VARIABLE 1960 1961 1962 1983 1964 1965 1966 1967 1968 1969 1970 1971
516 ADJREXRI 107.855 105.76 104.763 103.033 101.351 100 99.4817 99.1522 101.264 101.774 100.734 98.4349517 BRERI 107.855 105.76 104.763 103.033 101.351 100 99.4817 99.1522 101.264 101.774 100.734 98.4349518 ERIFS 1.000 1.00 1.000 1.000 1.000 1 1.0000 1.0000 1.000 1.000 1.000 1.0000519 OMER 1.000 1.00 1.000 1.000 1.000 I 1.0000 1.0000 1.000 1.000 1.000 1.0000520 BMD 1.000 1.00 1.000 1.000 1.000 1 1.0000 1.0000 1.000 1.000 1.000 1.0000
--------------------------------------------------------- COUNtRV-URUGUAY ----------------------------------
OBS VARIABLE 1980 1961 1982 1963 1964 1965 1966 1961 1968 1989 1910 1971
521 ADJREXRI 138.840 1686.216 183.424 159.079 157.728 100.000 121.855 126.050 129.900 149.343 1b8.130 110.816522 BRERI 136.716 163.674 180.618 147.550 148.690 100.000 118.764 124.015 l19.820 144.288 14S.423 99.901523 ERIFS 0.011 0.011 0.011 0.015 0.020 0.052 0.088 0.118 0.235 0.280 0.250 0.288524 SUER O.Ol 0.011 0.011 0.015 0.021 0.051 0.086 O.116 0.281 0.283 0.284 0.411525 BMD 1.000 1.000 1.000 0.942 0.951 1.018 0.990 0.999 0.931 0.981 0.946 0.b34
(COUNTRY bATA, 1960-71. 15:31 FRIDAY, MARCH 11, 1988 22
--------------------------------------------------------- COUNTRY=VENEZUELA ---------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
526 ADJREXRI 150.337 144.759 143.061 141.369 103.073 100.000 98.5134 95.9164 95.5885 92.0072 87.8568 86.6300
527 BRERI 110.566 101.780 104.799 104.736 103.678 100.000 98.7756 96.1376 95.7686 92.4141 88.2199 87.0499
528 ERIFS 3.350 3.350 3.350 3.350 4.501 4.500 4.4988 4.5001 4.4999 4.4996 4.4983 4.5007
529 OMER 4.575 4.786 4.593 4.542 4.495 4.520 4.5071 4.5100 4.5117 4.5000 4.5000 4.4992
530 BMD 0.732 0.700 0.729 0.738 1.001 0.996 0.9982 0.9978 0.9974 0.9999 0.9996 1.0003
-------------------------------------------------------- COUNTRV=VUGOSLAVIA ----------------------------------------------…---------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
531 ADJREXRI 136.268 149.312 161.703 170.225 188.133 100.000 64.888 67.110 67.662 66.531 69.476 63.906
532 BRERI 95.878 91.791 101.470 109.394 112.229 100.000 102.998 113.954 116.343 114.618 117.540 109.022533 ERIFS 3.000 3.000 3.000 3.000 3.000 6.958 12.500 12.500 12.500 12.500 12.500 14.875534 BMER 7.889 9.029 8.846 8.637 9.305 12.874 14.571 13.621 13.451 13.425 13.671 16.133535 BMD 0.380 0.332 0.339 0.347 0.322 0.540 0.858 0.918 0.929 0.931 0.914 0.922
---------------------------------------------------------- COUNTRY=ZAIRE -----------------------------------------------------------
OBS VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
536 ADJREXRI 111.806 113.181 108.775 160.351 75.5425 100.000 99.4514 73.1683 72.732 81.440 75.308 73.707537 BRERI 129.785 108.530 66.885 82.660 70.3408 100.000 69.5695 82.4565 135.472 137.371 131.169 111.029
538 ERIFS 0.050 0.052 0.064 0.081 0.1650 0.165 0.1650 0.3325 0.500 0.500 0.500 0.500539 OMER 0.094 0.119 0.227 0.342 0.3863 0.360 0.5142 0.6432 0.585 0.646 0.626 0.724540 BMD 0.532 0.440 0.282 0.236 0.4271 0.459 0.3209 0.5169 0.854 0.774 0.799 0.691
------------------------------------------------------- COUNTRY=ZAMBIA ----------------------------------------- _______________
o0s VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
541 ADJREXRI 103.486 96.221 95.327 92.3947 93.1912 100.000 121.788 116.943 131.636 155.243 127.472 109.930542 BRERI 109.578 101.885 100.938 83.3316 93.1912 100.000 126.565 112.359 98.083 109.582 103.474 80.218543 ERIFS 0.714 0.714 0.714 0.7143 0.7143 0.714 0.714 0.714 0.714 0.714 0.714 0.714544 OMER 0.741 0.741 0.741 0.8696 0.7843 0.784 0.755 0.816 1.053 1.111 0.966 1.075545 BMD 0.964 0.964 0.964 0.8214 0.9107 0.911 0.946 0.875 0.679 0.643 0.739 0.665
------------------------------------------------------ COUNTRY=ZIMBABWE ---------------------------------------------------------
o0s VARIABLE 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
546 ADJREXRI 111.693 106.130 103.501 98.1428 98.5043 100.000 97.3343 89.7655 90.9898 93.3820 91.8570 90.5904547 BRERI 107.712 102.347 99.812 80.6157 89.7126 100.000 87.5972 82.3946 79.6203 81.7136 67.4134 60.0451548 ERIFS 0.714 0.714 0.714 0.7143 0.7143 0.714 0.7143 0.7143 0.7143 0.7143 0.7143 0.7122549 BMER 0.741 0.741 0.741 0.8696 0.7843 0.714 0.7937 0.7782 0.8163 0.8163 0.9733 1.0745550 BMD 0.964 0.964 0.964 0.8214 0.9107 1.000 0.9000 0.9179 0.8750 0.8750 0.7339 0.6628
Ln
COUNTRV DATA. 1972-84. 15:31 FRIDAV. MARCH 11. 1988 23
------------------------------------------------------- COUNTRY=AFGHANISTAN --------------------------------------------------------
o0s VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 198t 1982 1983 1984
1 ADJREXRI 94.8970 105.727 117.650 112.622 129.196 143.941 143.147 131.388 117.480 113.2022 BRERI 94.3286 100.108 113.839 111.765 124.695 139.614 147.455 137.475 128.411 106.5733 ERIFS 80.5000 60.720 56.580 55.040 47.380 43.440 40.000 43.260 45.315 50.1674 SMER 81.7708 64.750 59.042 56.000 49.567 45.221 39.208 41.746 41.860 53.8045 BMD 0.9845 0.930 0.9S8 0.983 0.956 0.961 1.020 1.036 1.083 0.932
--------------------------------------------------------- COUNTRV=ALGERIA --------------------------------------------------…-------
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
6 ADJREXRI 89.0353 95.9793 120.102 118.268 119.482 122.091 119.867 127.019 143.435 146.327 146.770 150.033 152.9017 BRERI 80.7007 87.6310 108.960 106.111 98.940 83.539 79.914 79.755 73.475 67.382 60.945 60.3208 ERIFS 4.4838 3.9592 4.181 3.949 4.164 4.147 3.966 3.853 3.837 4.316 4.592 4.789 4.9839 OSER 7.1850 6.2983 6.693 6.357 7.303 8.802 8.640 8.913 10.881 13.612 16.063 17.30010 BMD 0.6241 0.6286 0.625 0.621 0.570 0.471 0.459 0.432 0.353 0.317 0.288 0.277
---------------------------------------------------------- COUNTRV=ANGOLA ----------------------------------------------------------
o6s VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
11 ADJREXRI 105.063 118.892 141.796 156.765 165.670 192.620 184.974 192.249 221.727 257.630 269.968 272.14 282.93912 BRERI 92.005 91.975 72.741 32.824 21.925 . . . . .
13 ERIFS 27.011 24.673 25.408 25.553 30.223 29.918 29.918 29.919 29.918 28.483 29.450 30.00 30.00014 OMER 35.404 36.608 56.850 140.079 262.125 . . . . .
is BUD 0.763 0.674 0.447 0.182 0.115 . . . . .
-------------------------------------------------------- COUNTRVYARGENTINA ----------------------------------- ____________________
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1992 1983 1984
16 ADJREXRI 74.6462 94.5897 110.104 71.8659 95.8422 78.3185 88.282 121.712 160.916 141.557 70.9522 84.5559 89.050717 BRERI 61.5768 91.3180 71.405 44.3173 63.4631 91.6712 105.884 146.648 194.685 121.753 60.2168 70.198418 ERIFS 0.0000 0.0000 0.000 0.0000 0.0000 0.0000 0.000 0.000 0.000 0.000 0.0026 0.0105 0.067619 BMER 0.0000 0.0000 0.000 0.0000 0.0000 0.0000 0.000 0.000 0.000 0.001 0.0031 0.015520 BUD 0.6734 0.7881 0.529 0.5034 0.5405 0.9555 0.979 0.984 0.988 0.702 0.6928 0.6717
-------------------------------------------------------- COUNTRV=AUSTRALIA ------------------------------------------------- _____
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
21 ADJREXRI 101.395 119.733 143.118 121.271 121.853 109.065 103.889 101.644 106.023 120.713 119.942 114.579 119.64322 BRERI 101.395 119.733 143.118 121.271 121.853 109.065 103.889 101.644 106.023 120.713 119.942 114.579 119.64323 ERIFS 0.839 0.704 0.632 0.764 0.818 0.902 0.874 0.895 0.878 0.870 0.986 1.110 1.13724 SUER 0.839 0.704 0.632 0.764 0.818 0.902 0.874 0.895 0.878 0.870 0.986 1.110 1.13725 BMO 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
0%
cOu"tmv PAtA, l1st-34. lsili PRIDOA, UAUtN It, $658 14
----''----- ----------------- '--------------------------- COIUNTNY.AUSTRIA ---------------------- ___ --- --- ______________
"I VAUIAILS 633 616 9014 ISIS lov IOYY tOYS love lose 191$ lost 8368 904
26 ADJREXRI 102.283 112.259 116.460 119.888 111.669 123.277 125.415 128.491 126.699 111.644 112.854 109.926 105.62927 BRERI 102.263 112.259 116.460 119.888 117.669 123.277 125.415 128.491 126.699 111.644 112.854 109.928 105.62928 ERIFS 23.115 19.580 18.692 17.417 17.940 16.527 14.522 13.368 12.938 15.927 17.059 17.963 20.00929 OSER 23.115 19.580 18.692 17.417 17.940 16.527 14.522 13.368 12.938 15.927 17.059 17.963 20.00930 BUD 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
-------------------------------------------------------- COUNTRV-B I LADESH ---------------------------------------------------------
OSs VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
31 ADJREXRI 74.2063 78.1862 97.3722 132.701 58.5924 49.9799 50.2508 48.1656 50.5719 51.9612 41.7809 45.1180 51.119932 BRERI 61.3308 79.8269 67.7747 101.867 71.3646 57.0013 40.6077 35.5342 41.7251 45.3014 52.2771 56.462833 ERIFS 6.0300 7%7808 7.9661 8.876 14.8521 15.4667 15.1215 15.2228 15.4777 16.3441 20.0400 23.7578 24.948534 SMER 12.9722 13.5500 15.7125 20.558 21.6750 24.1125 33.2706 36.6875 33.3583 33.3333 32.5667 33.754235 BMD 0.4649 0.5742 0.5070 0.432 0.6852 0.6414 0.4545 0.4149 0.4640 0.4903 0.6154 0.7038
--------------------------------------------------------- COUNtRV=8ELGIUM ----------------------------------------------------------
OBS VARIADLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
36 ADJREXRI 102.708 106.887 108.684 115.579 114.633 120.953 122.294 123.873 119.307 100.935 89.3244 84.899 79.836437 BRERI 102.708 106.687 108.684 115.579 114.633 120.953 122.294 123.873 119.307 100.935 89.3244 84.899 79.636438 ERIFS 44.015 38.976 38.951 36.779 38.605 35.843 31.492 29.319 29.243 37.131 45.6906 51.132 57.764039 OMER 44.015 38.976 38.951 36.779 38.605 35.843 31.492 29.319 29.243 37.131 45.6906 51.132 57.784040 BUD 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.0000 1.000 1.0000
---------------------------------------------------------- COUNTRYV2ENIN -----------------------------------------------------------
OS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1961 1982 1983 1984
41 ADJREXRI 82.185 85.440 82.126 88.682 88.022 85.035 83.548 88.103 90.495 81.069 76.989 77.107 71.54942 DRERI 91.301 92.015 89.487 95.822 96.454 92.290 90.088 94.152 99.082 87.068 82.526 79.68443 ERIFS 252.210 222.700 240.500 214.320 238.980 245.670 225.640 212.720 211.300 271.730 328.620 381.010 436.96044 SMER 246.479 224.500 239.625 215.342 236.171 245.150 227.188 216.104 209.521 274.667 332.833 400.33345 BUD 1.023 0.992 1.004 0.995 1.009 1.000 0.993 0.984 1.006 0.939 0.96? 0.962
--------------------------------------------------------- COUNTRY&SOLIVIA -
OBS VARIABLE 1972 1973 1974 1975 1916 1977 1978 1919 1980 1981 1982 1903 1984
46 ADJREXRI 88.3582 71.5111 102.976 97.3616 102.107 103.777 100.333 105.368 111.543 148.935 146.611 183.795 240.6647 BRERI 62.9573 66.6888 102.458 97.9964 103.454 106.137 100.213 99.465 100.898 117.040 59.466 57.05248 ERIFS 13.2900 20.0000 20.000 20.0000 20.000 20.000 20.000 20.390 24.510 24.510 64.118 229.778 2314.0049 SUER 20.2208 23.2500 21.792 21.5417 21.400 21.200 21.708 23.417 29.375 33.813 171.315 802.50050 BUD 0.6572 0.6602 0.918 0.9284 0.935 0.943 0.921 0.871 0.834 0.725 0.374 0.286
COUNTRY DATA, 1972-84. 15:31 FRIDAY. MARCH 11, 1988 25
-------------------------------------------------------- COUNTRY=BOtAWANA ------------------------------------ ___________________
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
51 ADJREXRI 78.6581 89.7088 86.8015 80.9553 74.4365 79.2707 65.6432 78.0814 88.2441 85.3185 72.6674 71.3512 63.8171
52 BRERI 79.0912 89.1126 85.7295 79.1612 59.2994 42.9057 . . .
53 ERIFS 0.7687 0.6940 0.6795 0.7395 0.8696 0.8420 0.8282 0.8150 0.7772 0.8367 1.0297 1.0963 1.2839
54 OMER 0.8545 0.7809 0.7690 0.8453 1.2201 1.7388 . . . .
55 BMD 0.8996 0.8887 0.8836 0.8748 0.7127 0.4842 . . . .
-----------------------------------------------…---------- COUNTRY=BRAZIL ----------------------------------------------------------
OBS0 VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
56 ADJREXRI 100.555 103.622 113.317 113.712 123.166 123.289 118.674 113.445 102.876 117.726 121.816 92.7511 90.0963
57 BRERI 87.690 93.413 98.644 91.532 93.870 98.492 95.308 91.812 91.753 98.674 79.575 58.8144
58 ERIFS 0.006 0.006 0.007 0.008 0.011 0.014 0.018 0.027 0.053 0.093 0.180 0.5770 1.8480
59 BMER 0.007 0.007 0.008 0.010 0.014 0.018 0.022 0.033 0.059 0.111 0.275 0.9100
60 BMD 0.872 0.901 0.871 0.805 0.762 0.799 0.803 0.809 0.892 0.838 0.653 0.6341
-- ----------------------------------------------- COUNTRY=BURKINA FASO --------
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
61 ADJREXRI 78.751 79.100 73.776 79.541 73.791 78.131 83.240 85.505 84.781 76.411 70.678 65.778 63.60
62 BRERI 87.485 85.187 80.389 85.946 80.860 84.797 89.756 91.376 92.825 82.070 75.761 67.977
63 ERIFS 252.210 222.700 240.500 214.320 238.980 245.670 225.640 212.720 211.300 271.730 328.620 381.070 436.96
64 BMER 246.479 224.500 239.625 215.342 236.771 245.750 227.188 216.104 209.521 274.667 332.833 400.333
65 BMD 1.023 0.992 1.004 0.995 1.009 1.000 0.993 0.984 1.008 0.989 0.987 0.952
---------------------------------------------------------- COUNTRY=BURMA -------------------------------------…-____________________
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
66 ADJREXRI 75.4534 73.8059 102.902 83.732 86.161 76.0201 69.2452 67.8367 62.3197 59.6611 58.6991 57.8004 58.5235
67 BRERI 95.6127 88.9418 132.625 105.218 104.103 67.3545 56.3498 48.2176 44.6808 45.6422 54.9500 53.4675
68 ERIFS 5.2020 5.0510 5.148 6.543 6.788 7.1900 6.7960 6.6330 6.6800 7.4400 7.8741 8.1134 8.5587
69 BMER 16.2217 16.5625 15.783 20.575 22.200 32.0667 33.0000 36.8750 36.8167 38.4292 33.2375 34.6583
70 BMD 0.3207 0.3050 0.326 0.318 0.306 0.2242 0.2059 0.1799 0.1814 0.1936 0.2369 0.2341
--------------------------------------------------------- COUNTRY=BURUNDI ----------------------------------------------------------
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
71 ADJREXRI 78.2043 77.7397 80.6810 86.4606 82.7154 82.934 78.9578 89.9168 97.6608 92.6942 100.779 108.910 98.363
72 BRERI . . 80.0651 . . 65.096 . . . . . 89.984
73 ERIFS 87.5000 80.0260 78.7500 78.7500 86.2500 90.000 90.0000 90.0000 90.0000 90.0000 90.000 92.950 119.710
74 BMER . . 91.7000 . . 132.500 . . . . . 130.000
75 BMD . . 0.8588 . . 0.679 . . . . . 0.715
COUNtRY DA1A, T.12-64. 16,8? FRIDAY. AARCH il. 1666 26
--------------------------------------------------------- COUNTRV-CAMEROON -
00R VANIARLa love 071 1614 gym love IS?, ISiS l9ei 1960 1981 lost lsIS 1964
76 ADJREXRI 95.706 99.821 92.630 109.620 103.416 10i.641 1D4.234 tl2.210 11b.43 106.01, i01.109 103.231 104.24077 sRERI 108.320 107.510 101.157 118.446 113.321 110.536 112.392 119.916 126.83b 113.810 109.024 10e.68278 ERIFS 252.210 222.100 240.500 214.320 238.980 245.670 229.640 212.120 211.300 271.730 328.620 381.070 436.96079 SMER 246.479 224.500 239.625 215.342 238.771 245.750 227.188 216.104 209.521 274.687 332.833 400.33380 BMD 1.023 0.992 1.004 0.995 1.009 1.000 0.993 0.984 1.008 0.989 0.981 0.952
--------------------------------------------------------- COUNTRY=CANADA -
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
81 ADJREXRI 97.8713 91.3608 97.8943 92.6074 101.227 92.2692 78.1376 76.1423 78.1286 86.1245 93.9953 98.7665 97.493282 BRERI 97.8713 91.3608 97.8943 92.6074 101.227 92.2692 78.1376 76.1423 78.1286 86.1245 93.9953 98.7665 97.493283 ERIFS 0.9899 1.0001 0.9780 1.0170 0.986 1.0635 1.1407 1.1714 1.1693 1.1989 1.2337 1.2324 1.295184 OMER 0.9899 1.0001 0.9780 1.0170 0.986 1.0635 1.1407 1.1714 1.1693 1.1989 1.2337 1.2324 1.295185 BMD 1.0000 1.0000 1.0000 1.0000 1.000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
-------------------------------------------------- COUNTRV=CENTRAL AFRICAN REP. -
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
86 ADJREXRI 82.624 81.345 81.182 90.193 99.807 98.817 98.761 107.694 114.936 104.830 100.501 94.444 90.44187 BRERI 91.788 87.606 88.459 97.455 109.369 107.248 106.491 115.089 125.842 112.594 107.729 97.60188 ERIFS 252.210 222.700 240.500 214.320 238.980 245.670 225.640 212.720 211.300 271.730 328.620 381.070 436.96089 BMER 246.479 224.500 239.625 215.342 236.771 245.750 227.188 216.104 209.521 274.667 332.833 400.33390 BOD 1.023 0.992 1.004 0.995 1.009 1.000 0.993 0.984 1.008 0.989 0.987 0.952
---------------------------------------------------------- COUNTRV=CHAD -
OBS VARIABLE 1972 1973 1914 1975 1976 1911 1918 1919 1980 1981 1982 1983 1984
91 ADJREXRI 90.214 94.151 82.042 88.360 83.280 80.528 83.842 92.321 79.132 70.113 70.51292 BRERI 100.219 101.397 89.395 95.475 91.258 87.398 90.404 98.660 86.640 75.305 75.64893 ERIFS 252.210 222.700 240.500 214.320 238.980 245.670 225.640 212.720 211.300 271.730 328.62094 OMER 246.479 224.500 239.625 215.342 236.771 245.750 227.188 216.104 209.521 274.667 332.83395 BMD 1.023 0.992 1.004 0.995 1.009 1.000 0.993 0.984 1.008 0.989 0.987
--------------------------------------------------------- COUNTRV=CHILE -----------------------------------------------------------
OeS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
96 ADJREXRI 97.2926 77.0943 73.9867 49.2584 62.9652 71.253 64.735 72.811 82.262 94.471 82.964 67.626 62.301597 BRERI 16.1279 18.2141 90.2206 71.8534 96.5376 110.293 109.391 121.150 134.187 148.906 125.501 81.54498 ERIFS 0.0195 0.1108 0.8319 4.9105 13.0542 21.529 31.656 37.246 39.000 39.000 50.909 78.842 98.656099 OMER 0.2039 0.8129 1.1825 5.8350 14.7583 24.108 32.471 38.800 41.442 42.887 58.333 113.333
100 BMD 0.0956 0.1363 0.7035 0.8416 0.8845 0.893 0.975 0.960 0.941 0.909 0.873 0.696
COUN1tY tAlA, 1372-14. isdit OhiAv. UiAhtC 44, Oi .I
---------------------------------------------------------- COUNTRY=CHINA ---- ---------- --------------- '- -- ---
Ome VAmIASLI love love 34 lov love tel love love told Iasi losea loss 14
101 ADJREXIt 69.4342 67.19t 62.5282 57.6548 54.850S 53.0664 S0.6208 51.5466 W0.6181 46.2020 42.3541 40.9352 36.7649102 SRERt S9.9045 100.095 91.2686 06.4644 09.0106 67.0406 51.7406 52.0715 60.3325 59.5221 54.1216 56,4052 ,103 ERIFS 2.2451 1.989 ' 1.9612 1.6598 1.9414 1.6518 1.6836 1.SS49 1.4984 1.7045 1.8925 1.9751 2.3200104 SUER 2.6768 2.077 2.0717 2.4875 2.3792 2.2675 2.2758 2.3733 1.9383 2.0400 2.2563 2.2108105 OMD 0.8390 0.958 0.9467 0.1477 0.8160 0.8193 0.7398 0.6552 0.7730 0.8355 0.8380 0.8937
--------------------------------------------------------- COUNTRV-COLOMBIA -------------------------------------------------…-_____
O0S VARIABLE 1972 t973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
106 ADJREXRI 65.3005 62.6756 64.6535 59.4301 64.4083 71.948 67.638 69.730 73.187 79.673 85.939 84.061 80.246107 URERI 94.9166 91.2163 93.1981 88.8667 97.8872 114.263 108.117 110.937 116.150 127.074 135.622 119.314108 ERIFS 21.8690 23.6400 26.0680 30.9330 34.6990 36.780 39.095 42.550 47.280 54.491 64.085 78.854 100.817109 BMER 24.2833 26.2167 29.1875 33.3875 36.8500 37.379 39.475 43.167 46.083 55.142 65.542 89.667110 BUD 0.9006 0.9017 0.8931 0.9265 0.9416 0.984 0.990 0.986 0.983 0.988 0.978 0.879
------------------ …-------------------------------- COUNTRV=CONGO, PEOPLE'S REP. ---------------------------------------------------
o0s VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
111 ADJREXRI 93.546 97.235 89.101 95.988 91.575 93.554 92.289 99.099 113.269 101.881 97.517 91.010 83.412112 8RER1 103.921 104.719 97.087 103.716 100.348 101.535 99.513 105.904 124.017 109.426 104.531 94.052113 ERIFS 252.210 222.700 240.500 214.320 238.980 245.670 225.640 212.720 211.300 271.730 328.620 381.070 436.960114 BMER 246.479 224.500 239.625 215.342 236.771 245.750 227.188 216.104 209.521 274.667 332.833 400.333115 BMD 1.023 0.992 1.004 0.995 1.009 1.000 0.993 0.984 1.008 0.989 0.987 0.952
-------------------------------------------------------- COUNTRY-COSTA RICA -------------------------------------------------------
O0S VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
118 ADJREXRI 87.2845 88.3545 80.5119 82.7341 94.0943 101.102 93.325 92.186 100.217 54.2326 57.9503 71.1901 76.4187117 BRERI 60.5527 66.9081 84.0831 92.2849 99.5358 111.81t- 107.735 101.980 94.408 50.8330 43.9486 59.7929118 ERIFS 6.6350 6.6468 7.9300 8.5700 8.5700 8.570 8.570 8.570 8.510 21.7633 37.4070 41.0940 44.5330119 SUER 11.5250 10.3375 9.1500 9.2583 9.7625 9.337 8.946 9.333 10.962 27.9792 59.4375 58.9583120 BUO 0.5757 0.6430 0.8667 0.9257 0.8778 0.918 0.958 0.918 0.782 0.7778 0.6294 0.6970
------------------------------------------------------ COUNTRVzCOTE D'IVOIRE -------------------------------------------------------
08S VARIABLE 1972 1973 1974 1975 1978 1977 1978 1979 1980 1981 1982 1983 1984
121 ADJREXRI 81.337 87.462 96.931 103.145 106.854 127.341 123.734 130.217 124.516 103.621 97.215 91.114 92.281122 ORERI 90.358 94.194 105.619 111.450 117.090 138.205 133.419 139.159 136.330 111.295 104.207 94.159123 ERIFS 252.210 222.700 240.500 214.320 238.980 245.670 225.640 212.720 211.300 271.730 328.620 381.070 436.960124 SUER 246.479 224.500 239.625 215.342 236.771 245.750 227.188 216.104 209.521 274.667 332.833 400.333125 BUD 1.023 0.992 1.004 0.995 1.009 1.000 0.993 0.984 1.008 0.989 0.901 0.952
CouN?Uv DATA. f@1-64. tb,If PRR0AV, MARCH Of. ISlE II
------------------------------------------ COUNTRY=oENMARK ----------------------------------------------------------
O0l VANIASLI 1fe1 1571 IS?4 It7s W15 tei* 178 love logo *tt tooil less 04
126 ADJREXRI 110.814 121.400 123.365 131.104 131.274 131.904 135.178 138.094 127.86t 113.806 110.063 108.371 102.014127 MRERI 110.814 121.400 123.365 131.104 131.274 131.904 135.176 138.094 127.871 113.806 110.063 108.371 102.014128 ERIFS 6.949 6.049 6.095 5.746 6.045 6.003 5.515 5.261 5.636 7.123 8.332 9.145 10.357129 BMER 6.949 6.049 6.095 5.746 6.045 6.003 5.515 5.261 5.636 7.123 8.332 9.145 to.357130 BMD 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
----------------------------------------------------- COUNTRY=DOMINICAN REP. -
o0s VARIABLE 1972 1973 1974 1975 1976 1977 1918 1979 1980 1981 1982 1983 1984
131 ADJREXRI 79.5209 71.4246 76.1904 79.1809 78.9505 80.1555 68.7651 68.9240 72.3030 70.1845 86.0587 88.5460 114.345132 BRERI 83.5612 75.4170 80.2254 80.4123 74.8595 76.5665 64.7675 67.2103 67.6834 73.6392 72.4752 65.3691133 ERIPS 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.000134 sMER 1.2242 1.2183 1.2217 1.2667 1.3567 1.3467 1.3658 1.3192 1.3742 1.3658 1.5275 1.7425135 SMO 0.8169 0.8208 0.8185 0.7895 0.7371 0.7426 0.7322 0.7580 0.7277 0.7322 0.6547 0.5739
-------------------------------------------------------- COUNTRY=ECUAOOR -
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
136 ADJREXRI 72.6233 66.1336 84.6976 82.5316 90.3675 97.4700 89.6830 94.3865 103.252 120.576 120.409 112.801 108.736137 URERI 69.4262 69.4159 89.9920 86.2600 87.9774 95.3120 90.4585 91.2935 99.913 104.184 73.221 62.361138 ERIFS 25.0001 25.0000 25.0000 25.0000 25.0000 25.0000 25.0000 25.0000 25.000 25.000 30.026 44.115 62.536139 OMER 27.9250 25.4333 25.1250 25.5417 27.4208 27.3000 26.4667 27.6000 27.587 30.896 52.725 85.208140 BUD 0.8953 0.9630 0.9950 0.9788 0.9117 0.9158 0.9446 0.9058 0.906 0.809 0.569 0.516
---------------------------------------------------- COUNTRVYEGYPT. ARAB REP. -
o0s VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
141 ADJREXAI 78.8570 82.934 85.122 83.3675 90.9062 91.714 86.7968 54.314 59.100 65.539 11.1570 60.921 88.1382142 BRERI 86.9322 100.912 106.864 94.6672 98.7299 102.482 97.3802 104.328 112.868 107.094 99.2585 104.639143 ERIFS 0.4348 0.398 0.391 0.3913 0.3913 0.391 0.3913 0.700 0.700 0.700 0.7000 o00oo 0.7000144 SMER 0.8115 0.673 0.641 0.7090 0.7413 0.720 0.11716 0.70 0.162 0.861 1.0412 1,114145 BVD 0.5358 0.591 0.610 0.5519 0.52t9 0.543 0.s4s3 0.934 0.919 0.794 0.6122 O.St6
----------------------------------------------------- COUNTRY-EL SALVAbOR ---- -- -- -------------------N…--…
OBS VARIABLE 1972 1913 1974 1975 1976 1911 1970 1079 190 1961 196t 1983 194
146 ADJREXRI 71.3704 67.8146 68.3835 65.3131 77.6389 84.4306 72.5828 74.7262 77.4616 83.6233 93.3492 104.164 111.628147 BRERI 65.3428 62.2290 62.4848 59.0102 66.7052 67.8738 64.2499 60.9517 43.7040 48.3580 51.4978 b1.440148 ERIFS 2.5000 2.5000 2.5000 2.5000 2.5000 2.5000 2.5000 2.5000 2.S000 2.5000 2.5000 2.S00 2.800149 SMER 2.9400 2.9333 2.9458 2.9792 3.0417 3.3483 3.0408 3.3000 4.7708 4.9625 4.8192 8.450150 BMD 0.8503 0.8523 0.8487 0.8392 0.8219 0.7466 0.8222 0.7576 0.5240 0.5038 0.8124 0.469
COUNtNY DATA. 1073-84. S1s1 PtbAY. MARACH It. 1* *O---------------------------------------------- COUNTRYETHIOPIA ---------------------------------------------------------
O0a VANEASLI leis to$ IOWA toil 15,5 love 930o lo ss st les 1684
151 ADJRExRI 82.4600 19.6293 80.1859 10.6431 12.4912 13.5492 68.9249 62.1131 88.8028 60.7992 63.151 6 4.3959 6B.9425152 SRERI 85.1489 81.4632 18.7051 33.9001 42.1844 41.2899 38.4565 46.1180 49.0123 46.4437 44.8162 43.1304153 ERIFS 2.3000 2.0988 2.0700 2.0100 2.0100 2.0700 2.0700 2.0700 2.0700 2.0700 2.0700 2.0700 2.0700154 OMER 2.5392 2.1783 2.4042 4.9175 3.9983 4.2042 4.1067 3.1708 2.8133 3.0892 3.3208 3.5233155 BDU 0.9058 0.9635 0.8610 0.4209 0.5177 0.4924 0.5041 0.6528 0.7358 0.6701 0.6233 0.5875
--------------------------------------------------------- COUNTRV=FINLAND ---------------------------------… -------- ____________
DOS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
156 ADJREXRI 82.4301 88.2091 99.1238 103.788 107.796 104.341 93.8164 96.4965 103.664 102.058 101.251 95.1817 96.9103157 BRERI 82.4301 88.2091 99.1238 103.788 107.796 104.341 93.8164 96.4965 103.664 102.058 101.251 95.1817 96.9103158 ERIFS 4.1463 3.8212 3.7738 3.679 3.864 4.029 4.1173 3.8953 3.730 4.315 4.820 5.5701 6.0100159 OMER 4.1463 3.8212 3.7738 3.679 3.864 4.029 4.1173 3.8953 3.730 4.315 4.820 5.5701 6.0100160 BNO 1.0000 1.0000 1.0000 1.000 1.000 1.000 1.0000 1.0000 1.000 1.000 1.000 1.0000 1.0000
---------------------------------------------------------- COUNTRV=FRANCE ----------------------------------------------------------
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984161 ADJREXRI 92.7124 97.7168 91.2387 103.118 90.4456 95.6830 97.3718 102.907 106.458 94.6576 89.4214 84.1121 79.7226162 BRERI 92.7124 97.7168 91.2387 103.118 98.4456 95.6830 97.3718 102.907 106.458 94.6576 89.4214 84.1121 79.7226163 ERIFS 5.0443 4.4540 4.8099 4.286 4.7796 4.95 34 4.5128 4.254 4.226 5.4346 6.5724 7.6213 8.7401164 OUER 5.0443 4.4540 4.8099 4.286 4.7796 4.9134 4.5128 4.254 4.226 5.4346 6.5724 7.6213 8.7401165 eDU 1.0000 1.0000 1.0000 1.000 1.0000 1.0000 1.0000 1.000 1.000 1.0000 1.0000 1.0000 1.0000
---------------------------------------------------- COUNTRV=GERMANVY FED REP. ------------------------------------…----------------
08S VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1964160 ADJREXRI 114.826 125.400 125.586 125.222 122.425 126.276 129.326 132.998 121.807 109.468 108.453 100.316 96.0081167 ARERI 114.826 125.400 125.586 125.222 122.425 126.276 129.326 132.998 127.807 109.468 108.453 106.376 98.0061168 ERIFS 3.189 2.673 2.588 2.460 2.518 2.322 2.009 1.833 1.618 2.260 2.421 2.f3t 2.6459169 SUER 3.189 2.673 2.588 2.460 2.518 2.322 2.009 1.833 1.818 2.260 2.427 2.553 2.64S8170 BUD 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.0000
---------------------------------------------------------- COUNTRV=OHANA -----------------------------------------------------------
08S VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 t982 1963 1984
171 ADJREXRI 59.2765 70.774 80.781 92.948 115.629 177.152 170.801 136.816 189.154 347.005 442.050 789.103 103.218172 URERA 91.4161 107.447 106.281 106.146 90.207 43.703 66.395 47.722 61.482 71.759 38.913 70.159173 ERtFS 1.3248 1.161 1.150 1.150 1.150 1.150 1.764 2.750 2.750 2.750 2.750 3.449 35.336174 BMER 1.6957 1.509 1.725 1.988 2.910 9.202 8.956 15.563 16.701 26.250 61.667 76.4893175 BUD 0.7813 0.769 0.667 0.579 0.395 0.12 0.191 0.177 0.1685 0.105 0.045 0.045
E-
COUNt7Y DATA. 1972-04. 15.11 PAIDAV. MARCH Itl 1988 sO
---------------------------------------------------------- COUNTRY=GREECE ----------------------------------------------------------
ONS VANtAULS 1972 1373 1974 1975 Io76 1977 1371 1t01 to9 96 test to 064
178 AbJRtXRI 86.0828 89.8294 91.9339 91.5182 89.8891 92.0544 88.9110 94.8061 88.1204 83.5581 817.294 79.5719 14.939177 BRERI 85.9779 88.9830 95.5105 89.9724 88.1533 89.9238 87.7182 92.5572 85.430S 79.8666 82.0437 13.3650178 ERIFS 30.0000 29.8250 30.0000 32.0510 36.5180 36.8380 36.7450 31.0380 42.6170 55.4080 66.8030 88.0640 112.720179 OMER 30.8708 30.7375 31.5958 33.5292 38.0042 38.7583 38.2792 38.9917 45.4875 59.5792 73.4167 98.1661180 BMD 0.9718 0.9638 0.9495 0.9559 0.9609 0.9505 0.9599 0.9499 0.9369 0.9300 0.9099 0.8971
-------------------------------------------------------- COUNTRY=GUA?tMALA ---------------------------------------------------------
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
181 ADJREXRI 71.4697 70.6371 74.1093 74.4859 80.3939 85.6978 77.2113 75.9021 76.2985 85.0033 90.1654 95.9916 100.419182 8RERI 71.4697 70.6371 74.1093 74.4859 80.3939 85.6978 77.2113 75.9021 76.2985 85.0033 90.1654 58.1767183 ERIFS 1.0000 1.0000 1.0000 t.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.000184 OMER 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.6500185 BMD 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 0.6061
-------------------------------------------------------- COUNTRV=GUINEA -------------------------------------…--------------------
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
186 ADJREXRI 88.6268 90.2477 81.8381 75.9759 70.8061 67.3691 62.7694 59.8088 58.8031 59.7591 59.2007 66.0489 67.0496187 BRERI . . . . . . . . . .188 ERIFS 22.7360 20.7070 20.5260 20.3310 21.3810 21.1430 19.7170 19.1060 18.9690 20.9480 22.3660 23.0950 24.2900189 OMER . . . . . . . . . .190 BMD . . . . . . . . . .
---------------------------------------------------------- COUNTRV=HAITI ------------------------------------------------- ________
O0S VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
191 ADJREXRI 83.7574 85.4241 89.3506 83.6233 91.0216 92.5833 77.7961 72.2978 80.532 85.434 90.3547 99.4829 109.154192 BRERI 83.7574 85.4241 89.3586 83.6233 91.0216 92.5833 77.7961 72.2978 80.532 85.434 90.3547 99.4829193 ERIFS 5.0000 5.0000 5.0000 5.0000 5.0000 5.0000 5.0000 5.0000 5.000 5.000 5.0000 5.0000 5.000194 BMER 5.0000 5.0000 5.0000 5.0000 5.0000 5.0000 5.0000 5.0000 5.000 S.000 50000 5.0000 195 8MO 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.000 1.000 1.0000 1.0000
--------------------------------------------------------- COUNTAV=HONDURAS ---------------------------------------------------------
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
196 ADJREXRI 82.0239 75.4542 76.3459 74.0523 77.7122 81.3041 74.3135 71.9242 72.583 77.5063 84.8071 90.1300 94.4327197 BRERI 82.0239 75.4542 76.3459 74.0523 77.7122 81.3041 74.3135 71.9242 72.583 77.8063 84.8077 63.2491198 ERIFS 2.0000 2.0000 2.0000 2.0000 2.0000 2.0000 2.0000 2.0000 2.000 2.0000 2.0000 2.0000 2.0000199 BMER 2.0000 2.0000 2.0000 2.0000 2.0000 2.0000 2.0000 2.0000 2.000 2.0000 2.0000 2.8500200 DOM 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.000 1.0000 1.0000 0.7018
COUNT4V DATA, 1972-04. 18131 PRICAY, MARCH ii. 1918 si
-------------------------------------------------------- COUNTRY*HONG KONG ------------------------ ____________________-_____----
Gll VANIASLI lov 1t? 1974 0si 1376 lol,t I l l?*S lose t 161 S less 034
201 ADJREXRI 98.8971 106.891 110.653 104.232 110.831 110.346 100.821 100.857 107.028 107.244 110.245 97.4423 99.7221202 BRERI 99.7837 107.668 111.813 105.392 112.198 111.329 101.850 102.008 109.376 107.700 110.397 97.8072203 ERIFS 5.6414 5.146 5.032 4.935 4.905 4.662 4.684 5.003 4.976 5.589 6.070 7.2652 7.8180204 OUER 5.6275 5.142 5.012 4.912 4.877 4.651 4.661 4.918 4.901 5.602 6.101 7.2850205 BOD 1.0025 1.001 1.004 1.005 1.006 1.002 1.004 1.005 1.015 0.998 0.995 0.9973
---------------------------------------------------------- COUNTRY=INDIA -----------------------------------------------------------
o0s VARIABLE 1972 1973 1974 1975 1975 1977 1978 1979 1980 1981 1982 1983 1984
206 ADJREXRI 65.0394 65.949 68.811 54.6335 54.7043 54.1804 49.2884 52.5155 54.7251 S4.0165 54.9053 56.9405 53.2664207 BRERI 87.2780 103.385 109.693 91.6135 87.6153 87.8873 77.7066 80.7184 93.0348 90.3691 82.5858 91.7317208 ERIFS 7.7060 7.791 7.976 8.6530 8.9390 8.5630 8.2060 8.0760 7.8930 8.9290 9.6280 10.3120 11.8870209 OMER 10.6833 9.246 9.308 9.6000 10.3833 9.8208 9.6833 9.7750 8.6375 9.9292 11.9083 11.9083210 BUD 0.7213 0.843 0.857 0.9014 0.8609 0.8719 0.8474 0.8262 0.9138 0.8993 0.8085 0.8660
-------------------------------------------------------- COUNTRY=INOONESIA ---------------------------------------------------------
o0s VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1933 1984
211 ADJREXRI 123.268 141.666 190.415 190.515 211.368 219.983 195.922 167.349 197.558 219.875 230.464 192.590 187.09212 BRERI 257.739 298.528 399.923 388.812 442.547 462.024 402.663 356.792 419.915 452.201 471.288 393.994213 ERIFS 415.000 415.000 415.000 415.000 415.000 415.000 442.050 623.060 626.990 631.760 661.420 909.260 1025.90214 BUER 428.333 425.000 426.417 438.833 427.750 426.417 464.167 630.667 636.583 662.917 699.000 959.167215 BMD 0.969 0.976 0.973 0.946 0.970 0.973 0.952 0.988 0.985 0.953 0.948 0.948
---------------------------------------------------- COUNTRYUIRAN. ISLAMIC REP. ----------------------------------------------------
OB5 VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
216 ADJREXRI 82.2596 99.287 144.921 141.054 151.613 157.026 143.784 154.641 197.912 213.355 231.148 252.580 260.649217 BRERI 85.9383 102.304 152.917 151.347 158.185 158.476 140.495 90.899 75.260 60.118 46.173 64.189218 ERIFS 75.7500 68.882 67.625 68.166 70.535 70.579 70.475 70.475 71.575 80.027 84.452 81.228 91.902219 SUER 77.3333 71.300 68.354 67.758 72.104 74.587 76.925 127.875 200.750 302.917 452.083 366.083220 BUD 0.9795 0.966 0.989 1.006 0.978 0.946 0.916 0.551 0. 357 0.264 0.187 0.238
…----------------…-- ---------------------------------- COUNtRY.IRAO -----------------------------------------------------------
08S VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
221 AOJREXRI 90.7184 88.8328 160.349 142.562 150.901 148.987 132.923 125.818 . .222 BRERI 89.0194 89.9615 168.988 137.454 142.523 146.623 134.218 117.582 . .223 ERIFS 0.3329 0.3029 0.295 0.295 0.295 0.295 0.295 0.295 . .224 BUER 0.3878 0.3419 0.320 0.350 0.357 0.343 0.334 0.361 . .225 BMD 0.8584 0.8859 0.922 0.843 0.826 0.861 0.883 0.818 . .
COUNTRYV ATA. 3is-64. 1,s1t PtRoAYV MARC II, 190S 32
---------------------------------------------------------- COUNTRV-IRELAND ---------------------------- _- -__________________,
03 VARIAULE 1973 1973 1974 1375 1375 1971 I1si 1s73 360 lOll 1 133 t914
226 ADJREXRI 101.S06 99.2141 91.1162 93.6796 66.6536 HAM5781 g1.8664 99.6129 101.912 101.803 104.60 100.913 V4.403t227 8RERI 101.606 99.2141 91.1162 93.6798 8s.6536 88.5751 91.8684 99.6729 101.912 Ol1.803 104.629 100.919 94.4031223 ERIFS 0.400 0.4082 0.4278 0.4520 0.5565 0.5733 0.5215 0.4888 0.487 0.621 0.705 0.801 0.9106229 OMER 0.400 0.4062 0.4278 0.4520 0.ss65 0.5733 0.5215 0.4886 0.467 0.621 0.105 0.801 0.9138230 BND 1.000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.000 1.000 1.000 1.000 1.0000
-- …------------------------------------------------------- COUNTRY=ISRAEL -------------------------------------…--------------------
OBS VARIABLE 1972 1973 1974 1975 1976 1971 1978 1979 1960 198t 1982 1983 1964
231 ADJREXRI 79.5625 85.7465 98.0843 83.5080 84.3076 82.6477 65.6873 11.8014 72.1185 15.2070 81.6378 67.6873 80.564232 BRERI 69.0692 76.1165 78.2869 63.4722 60.4905 71.8925 69.0184 79.2221 73.5303 75.9551 80.8812 81.6472233 ERtFS 0.4200 0.4200 0.4460 0.6340 0.7940 1.0460 1.7460 2.5440 5.1240 11.4320 24.2670 56.2140 293.210234 SMER 0.5259 0.5143 0.6074 0.9067 1.2029 1.3071 1.8063 2.6063 8.5083 12.3042 26.6250 65.6250235 BUD 0.7986 0.8166 0.7343 0.6992 0.6601 0.8002 0.9666 1.0150 0.9302 0.9291 0.9114 0.8566
---------------------------------------------------------- COUNTRY=tALY --------------- …----------------------------____________
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
236 AOJREXRt 96.166 94.654 91.206 94.830 85.068 81.595 s6.496 95.173 101.65 92.36 92.95 95.19 91.83237 BRERI 98.188 94.664 91.206 94.830 85.068 87.595 88.496 95.173 101.65 92.36 92.95 95.19 91.83238 ERIFS 583.217 582.995 650.342 652.848 832.290 862.390 846.660 830.860 856.45 1136.77 1352.51 1518.85 1757.00239 SMER 583.217 562.995 650.342 652.848 832.290 882.390 848.660 830.860 856.45 1136.77 1352.51 1516.85 1757.00240 BUD 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.00 1.00 1.00 1.00 1.00
--------------------------------------------------------- COUNTRV2JAMAICA --------------------------------------------------------
o0s VARIABLE 1972 1973 1974 1975 1976 1977 1976 1979 1980 1981 1982 1983 1984
241 ADJREXRI 86.3017 18.1596 92.4512 99.1553 106.613 109.907 74.0590 63.9200 68.2154 15.1268 83.9044 69.5069 60.3329242 BRERI 69.9880 73.2135 78.0186 83.6761 75.130 st.476 45.1375 53.5181 50.0842 52.4319 82.383? 53.9991243 ERIFS 0.8028 0.9091 0.9091 0.9091 0.909 0.909 1.4492 1.1633 1.1814 1.7814 1.7814 1.9322 3.9428244 SMER 1.0200 1.0000 1.1100 1.1100 1.330 2.000 2.4500 2.1700 2.5000 2.6300 2.9400 3.3000245 BUD 0.7871 0.9091 0.8190 0.8190 0.684 0.455 0.5915 0.8126 0.1126 0.6713 0.6059 0.568s
----------------------------------------------------- COUNTRYsJAPAN ------------------ _--- -______________________________
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
246 ADJREXRI 116.848 126.019 125.26 120.683 124.712 133.428 151.952 135.453 125.243 135.282 123.781 130.5*19 132.353247 BRERI 1t6.848 126.019 125.26 120.683 124.712 133.428 151.952 135.453 125.243 135.282 123.781 130.519 132.353248 ERIFS 303.170 271.700 299.08 296.800 296.550 268.510 210.440 219.140 226.740 220.540 249.050 237.520 237.520249 SMER 303.170 271.700 299.08 296.800 296.550 268.510 210.440 219.140 226.740 220.540 249.050 231.820 237.520250 DMD 1.000 1.000 1.00 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
COU4tNV DPAI, 4611S-4. 10,11 PRIBAV, MARCH ito gUS 80
---------------------------- ------------------------ COUNTRVsKAMPUCHEA OEM. ------------------------------------------------------
030 VARIAGLa love l7S 014 lOIS 0ov 01l I*?1 11, log0 log less less 1314
251 AOJREXRI 41.510 60.337 49.386 . . . . . . .252 sRERI 95.505 167.142 133.509 . . . . . . .253 ERIFS 162.900 249.900 804.250 . . . . . . .254 eMER 212.083 269.833 889.833 . . . . .255 BMD 0.768 0.926 0.904 . . . . . . .
---------- -- ---------------------------------------- COUNTRVSKENVA -----------------------------------------------------------
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
256 ADJREXRI 75.8086 73.5959 75.9504 73.3713 74.2077 80.6958 75.7177 75.5286 76.8832 71.2068 65.5173 59.4343 60.7752257 BRERI 59.8436 50.4413 66.0184 64.1306 69.0462 80.7654 72.7047 69.1774 72.7110 61.8349 52.0569 50.8190258 ERIFS 7.1429 7.0012 7.1429 7.3432 8.3671 8.2766 7.7294 7.4753 7.4202 9.0475 10.9223 13.3115 14.4140259 sMER 9.4375 10.6542 8.5708 8.7625 9.3792 8.6250 8.3958 8.5125 8.1833 10.8667 14.3375 16.2375260 BMD 0.7569 0.6571 0.8334 0.8380 0.8921 0.9596 0.9206 0.8782 0.9067 0.8326 0.7618 0.8198
------------------------------------------------------ COUNTRY=KOREA, REP. OF ------------------------------------------------------
o0s VARIABLE 1972 1973 1974 1975 1976 1971 1978 1979 1980 1981 1982 1983 1984
261 ADJREXRI 125.615 121.364 141.864 131.152 153.159 162.590 169.119 185.280 169.457 178.965 181.531 176.144 177.657262 BRERI 170.309 165.786 191.723 179.718 215.217 221.404 225.263 231.092 220.125 244.093 236.494 232.939263 ERIFS 392.900 398.320 400.430 484.000 484.000 484.000 484.000 484.000 607.430 68i.030 731.080 775.750 805.980264 OMER 415.833 418.417 425.167 506.833 494.250 510.000 521.417 556.833 671.000 716.500 805.250 841.750265 BMD 0.945 0.952 0.942 0.955 0.979 0.949 0.928 0.869 0.905 0.950 0.908 0.922
---------------------------------------------------------- COUNTRV=KUWAIT -------------------------------------…--------------------
o0s VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
266 ADJREXRI 94.6910 102.515 261.198 190.515 187.389 179.154 146.279 181.603 194.711 174.283 165.667 168.631 168.187267 sRERI 94.6622 103.106 260.310 189.730 187.581 179.342 147.027 181.735 195.579 173.971 165.265 167.539268 ERIFS 0.3289 0.297 0.293 0.290 0.292 0.287 0.275 0.276 0.270 0.279 0.288 0.291 0.296269 sMER 0.3290 0.295 0.294 0.291 0.292 0.286 0.274 0.276 0.269 0.279 0.289 0.293270 BMD 0.9997 1.006 0.997 0.996 1.001 1.001 1.005 1.001 1.004 0.998 0.998 0.994
-…-…--------------------------------------------------- COUNTRV=LESOTHO -
o0s VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
271 ADJREXRI 83.6297 86.9699 86.6327 84.4069 77.1739 78.7433 75.2026 82.2493 90.2106 90.0319 79.1639 82.6463 74.2439272 eRERI 84.0902 86.3919 85.5627 82.5363 61.4801 69.9354 73.9013 81.4218 91.3965 91.5239 78.5762 81.1291273 ERIFS 0.7687 0.6940 0.6795 0.7395 0.8696 0.8696 0.8696 0.8420 0.7788 0.6702 1.0617 1.1122 1.4380274 SMER 0.8545 0.7809 0.7690 0.8453 1.2201 1.0944 0.9891 0.9507 0.8592 0.9s58 1.2181 1.25tl275 BMO 0.8996. 0.8887 0.8836 0.8748 0.7121 0.1946 0.8792 0.88s5 0.9004 0.9095 0.8880 0.8s41
d.
COUNtY DATA, 101*-64. MO§ PtNOAV. MARCH it. told 04
- ------------------------------------------------------ COUNTRY=LIBERIA -
001 VARIAULS fell 10 0*14 t Iis 101? love l logo mt lost tol 0 00194
276 ADJREXRI 66.3415 65.4805 63.0863 13.5669 89.9903 12.6189 03.3918 82.8286 62.3204 63.1919 6e.8949 671.8S0 89.4719271 BRERI 61.1103 54.9287 52.4502 6o.5888 60.6239 62.1986 50.6325 48.0290 47.s835 53.5939 59.6814 63.4780278 ERIFS 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000279 OMER 1.0857 1.1921 1.2026 1.2142 1.1545 1.1675 1.2520 1.2920 1.3015 1.1792 1.1040 1.0690280 8Mb 0.9211 0.8389 0.8315 0.8236 0.8662 0.8565 0.7987 0.7740 0.7683 0.8480 0.9058 0.9355
--------------------------------------------------------- COUNTRY=LIBYA -
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
281 AOJREXRI 140.66s 164.862 328.159 252.682 258.338 258.007 208.143 237.649 294.827 301.752 330.571 332.989 345.412282 BRERI 130.435 162.344 314.245 207.354 212.287 212.260 168.331 164.593 207.614 202.972 227.714 195.437283 ERIFS 0.329 0.300 0.296 0.296 0.296 0.296 0.296 0.296 0.296 0.296 0.296 0.296 0.289284 BMER 0.428 0.368 0.373 0.435 0.435 0.434 0.442 0.516 0.507 0.531 0.519 0.609285 BMO 0.788 0.816 0.793 0.680 0.681 0.682 0.670 0.574 0.583 0.557 0.571 0.486
------------------------------------------------------- COUNTRY=MADAGASCAR -
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
286 ADJREXRI 84.454 92.430 95.119 99.261 94.741 91.585 91.275 97.479 103.016 103.004 106.023 106.348 91.12287 BRERI 93.822 99.545 . . . . . . .
288 ERIFS 252.210 222.700 240.500 214.320 238.980 245.670 225.640 212.720 211.300 271.730 349.710 430.500 576.60289 OMER 246.479 224.500 . . . . . . .290 BMD 1.023 0.992 . . . . . . .
--------------------------------------------------------- COUNTRY=MALAWI -
OBS VARIABLE 1972 1973 1974 1975 1978 1977 1978 1979 1980 1981 1982 1983 1984
291 ADJREXRI 76.5641 70.6490 73.8403 69.1560 69.7091 73.3534 67.0577 61.6970 63.9278 70.2910 68.7233 66.6800 64.3114292 BRERI 59.5901 70.3421 75.2480 53.2252 46.9042 49.5902 40.3335 37.2884 36.8469 37.4665 43.0405 47.6066293 ERIFS 0.8016 0.8193 0.8412 0.8638 0.9130 0.9029 0.8438 0.8169 0.8121 0.8953 1.0555 1.1748 1.4134294 OMER 1.1535 0.9216 0.9245 1.2570 1.5197 1.4958 1.5712 1.5138 1.5780 1.8812 1.8326 1.8429295 DMO 0.6949 0.8890 0.9099 0.6872 0.6008 0.6036 0.5370 0.8396 0 .146 0.4759 0.5760 0.6379
-------------------------------------------------------- COUNTRY-MALAVSIA --------------------------------------------------
o0s VARIABLE 1972 1973 1974 1975 1976 1917 1978 1979 t980 1981 1982 1983 1984
296 AOJREXRI 72.9336 85.8155 88.8188 76.4323 78.9473 79.9849 76.1649 83.2524 81.7652 79.7211 82.2911 S7.1352 90.0154297 BRERI 74.3836 86.2664 90.3946 77.3701 80.4459 81.3816 77.3894 85.0828 83.2840 81.0501 83.8348 88.3889298 ERIFS 2.8196 2.4433 2.4071 2.4016 2.5416 2.4613 2.3160 2.1884 2.1769 2.3041 2.3354 2.3213 2.3436299 OMER 2.8200 2.4792 2.4125 2.4200 2.5442 2.4675 2.3250 2.1842 2.1800 2.3111 2.3383 2.3342300 MBO 0.9999 0.9855 0.9978 0.9924 0.9990 0.9975 0.9961 1.0019 0.9986 0.9967 0.9986 0.994S
FJ
COUNTRY PAtA. 1910-14. 1Iig PNSOAV, MARCH tl, IS8I iS-------------------------------------------------------- COUNTRY=MALI --------
0" VARIASLI lov lots lSY4 1.7m t*i ete lse s11 log feel less I11s 1654301 ADJREXRI 107.434 111.02 97.19 11.91 114.40 110.07 112.399 119.598 l19.595 105.538 98.581 90.144 91.066302 BRERt . . .303 ERIFS 252.210 222.700 240.50 214.32 238.98 245.67 225.660 212.720 211.280 271.730 329.610 381.060 436.960304 SUER . . . . . .305 OMD . . . . . . . .
------------------------------------------------------- COUNTRV=MAURItANIA -
05S VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984306 ADJREXRI 61.0706 93.384 95.3431 103.607 103.314 97.2979 84.6248 86.1380 82.7244 85.7971 89.4180 87.764 81.2523307 BRERI 87.9215 101.297 78.2076 107.744 50.499 53.5055 51.0921 61.3072 63.4398 83.3079 83.7606 35.528308 ERIFS 50.4430 44.540 45.3330 43.104 45.022 45.5870 46.1570 45.8900 45.9140 48.2960 51.7690 54.812 63.8030309 OSER 50.4970 44.578 60.0000 45.000 100.000 90.0000 83.0000 70.0000 65.0000 54.0000 60.0000 147.000310 BUD 0.9989 0.999 0.7555 0.958 0.450 0.5065 0.5561 0.6556 0.7064 0.8944 0.8628 0.373
------------------------------------------------------- COUNTRV=MAURITIUS ---------------------------------------------------------
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984311 ADJREXRI 84.5131 82.5306 114.353 101.020 92.3456 91.8057 91.3086 93.2106 88.593 86.8547 78.8908 79.6185 73.3916312 URERI . . . . . . . . . .313 ERIFS 5.3385 5.4423 5.703 6.027 6.6815 6.6073 6.1630 6.3080 7.684 8.9370 10.8730 11.7080 13.8000314 SMER . . . . . . . . . .315 BOD . . . . . . . . . .
--------------------------------------------------------- COUNtRV=MEXICO -
03S VARIABLE 1972 1973 1974 1975 1976 1911 1978 1979 1980 1981 1982 1983 1984316 ADJREXRI 90.6633 88.3394 98.3930 101.245 94.9851 17.3161 16.4444 83.07117 91.3631 118.642 84.7387 76.312 08.993317 BRERI 90.5908 88.2687 98.3143 101.164 82.7938 74.7106 75.5412 01.8568 94.3439 112.662 58.563S 91.413318 ERIFS 12.5000 12.5000 12.5000 12.500 15.4260 22.5130 22.7670 22.8050 22.9510 24.515 56.4020 120,094 167.630319 OSER 12.5000 12.5000 12.5000 12.500 17.6833 23.3411 23.0208 23.1290 23.6667 25.180 1.84518 189.333320 BUO 1.0000 1.0000 1.0000 1.000 0.8123 0.9671 0.9890 0.0802 0.9608 o.0s2 0.691? 0,1g4
------------------------------------------------------- COUNTRY-MOROCCO
o0s VARIABLE 1972 1913 1974 1975 1976 1971 1978 1979 1980 1981 1982 1983 1984321 ADJREXRI 82.1439 84.1678 88.916 85.9530 80.1797 79.9025 79.8977 83.4727 82.0389 70.5702 87.7170 58.8742 52.3879322 sRERI 93.8066 97.1602 105.346 98.7214 92.6875 92.1812 90.1955 91.2720 95.1813 83.1690 77.3574 67.6200323 ERIFS 4.5959 4.1069 4.370 4.0525 4.4193 4.5034 4.1667 3.8991 3.9367 5.1723 8.0230 7.1113 8.8110324 OSER 4.9075 4.3383 4.497 4.3025 4.6617 4.7800 4.5008 4.3483 4.1375 5.3517 6.4292 7.5500325 BUD 0.9365 0.9467 0.972 0.9419 0.9480 0.9461 0.9258 0.8967 0.9515 0.9665 0.9368 0.9419
COUNtRv DAtA, 9072-84. bit3i POIDAY, MARCH i1. tOil U
-------------------------------------------------------- CCOUNTRV=MOZAMBIQUE --------------------------------------------------------
0O6 VARSAtl6 #*I* 1376 l64 IS7i 1376 t967 676 670 660 lost loot 6#3 t964
326 ADJNEXRI 99.0041 39.1187 101.214 103.485 88.271 82.808 78.549 82.3806 76.8844 87.9298 100.401 110.705 110.222327 URERA 70.4250 63.1133 29.769 10.060 8.900 9.096 25.937 33.1374 34.6230 42.2368 36.173 24.927328 ERIPS 27.0110 24.6729 25.408 25.S53 30.223 32.928 32.996 32.5585 38.0000 36.0000 36.000 36.000 40.183329 OMER 36.0000 36.8000 66.500 263.000 300.000 300.000 100.000 81.0000 80.0000 75.0000 100.000 160.000330 8UD 0.7108 0.6359 0.294 0.097 0.101 0.110 0.330 0.4020 0.4500 0.4800 0.360 0.225
---------------------------------------------------------- COUNTRV=NEPAL ---------------------- …-…-_________________________________
o0s VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
331 ADJREXRI 81.411 66.865 71.374 80.841 69.438 58.851 55.548 56.984 55.951 61.739 62.1417 65.616 63.1751332 BRERI 12t.9B9 136.608 165.014 124.496 122.829 115.653 109.473 108.067 117.696 110.810 90.6316 104.601333 ERIFS 10.125 10.283 10.560 10.560 11.973 12.500 12.361 12.000 12.000 12.000 12.9360 13.796 15.2600334 OMER 14.633 10.900 9.992 14.850 14.658 13.775 13.583 13.679 12.354 14.479 19.2083 18.742335 BUD 0.692 0.943 1.068 0.711 0.817 0.907 0.910 0.877 0.971 0.829 0.6735 0.736
------------------------------------------------------- COUNTRY=NETHERLANDS --------------------------------------------------------
O0S VARIABLE 1972 1973 1974 1975 1916 1977 1978 1979 1980 1981 1982 1983 1984
336 ADJREXRI 117.221 125.946 129.884 136.376 137.652 144.548 147.197 149.591 145.766 125.258 126.184 119.954 110.329337 BRERI 117.221 125.946 129.884 136.376 137.652 144.548 147.197 149.591 145.766 125.256 126.184 119.954 110.329338 ERIFS 3.209 2.796 2.689 2.529 2.644 2.454 2.164 2.006 1.988 2.495 2.670 2.854 3.209339 BeER 3.209 2.796 2.689 2.529 2.644 2.454 2.164 2.006 1.988 2.495 2.670 2.654 3.209340 BMD 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
------------------------------------------------------- COUNTRY=NEW ZEALAND --------------------------------------------------------
OBS VARIABLE 1912 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
341 ADJREXRI 90.5681 46.9676 92.4334 19.5241 75.7920 71.1610 81.3615 85.8950 85.5621 90.3035 87.1036 80.0266 78.1147342 8RERI 90.5687 96.9676 92.4334 79.5247 75.7920 77.7610 81.3615 85.8950 85.6627 90.3035 87.7036 80.0266 18.1141343 ERIFS 0.8368 0.7362 0.7151 0.8329 1.0048 1.0303 0.9644 0.9785 1.0261 1.1528 1.3326 1.4968 1.7269344 BOER 0.8368 0.7362 0.7151 0.8329 1.0048 1.0303 0.9644 0.9785 1.0267 1.1528 1.3328 1.4988 1.7289345 BUD 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
-------------------------------------------------------- COUNTVR=NICARAGUA --------------------------------------------------------
08S VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 198t t982 1983 1984
346 ADJREXRI 79.2010 81.9748 90.2386 80.9147 87.3772 91.0214 79.5138 73.7182 82.8329 96.4564 114.166 132.084 173.879347 DRERI 79.0037 81.8765 89.6999 80.7262 86.7934 90.1695 71.8134 44.4508 58.6525 44.2089 38.311 19.595348 ERIFS 7.0000 7.0000 7.0132 7.0263 7.0263 7.0263 7.0263 9.2553 10.0500 10.0500 10.050 10.050 10.050349 BMER 8.3475 8.3367 8.3925 8.3775 8.4142 8.4375 9.2542 18.2583 16.8833 26.0033 35.625 80.583350 BVD 0.8386 0.8397 0.8357 0.8387 0.8351 0.8327 0.7593 0.5069 0.5953 0.3853 0.282 0.125
COuNTRV DATA, 1072-04. Soist PkIdAY, MANCH It. tell J1
--------------------------------------------------------- COUNTRY=NIGER --
ems VARIAULI lte leis 1074 IsIS u*1i 40,y 10i 671 tOS teat tless tees t043S1 ADJRexnl 18.452 101.823 89.916 99.018 99.153 101.634 10B.153 112.619 113.959 102.429 03.878 81.402 84.524352 8RERI 81.153 109.336 97.915 102.668 104.920 110.304 115.108 120.341 124.772 110.011 100.627 90.333353 ERIFS 252.210 222.100 240.500 214.320 238.980 245.670. 225.640 212.120 211.300 211.730 328.620 381.010 436.960354 BMER 246.479 224.500 239.625 215.342 236.771 245.750 227.188 216.104 209.521 274.667 332.833 400.333355 BMD 1.023 0.992 1.004 0.995 1.009 1.000 0.993 0.984 1.008 0.989 0.987 0.952
-------------------------------------------------------- COUNTRV=NIGERIA -
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
356 ADJREXRI 140.892 127.406 180.746 193.670 212.685 208.090 204.327 219.550 255.432 247.312 247.316 231.917 277.668357 BRERI 116.318 112.942 145.189 149.352 176.365 144.320 127.083 139.519 172.562 184.765 161.657 94.032358 ERIFS 0.658 0.658 0.630 0.615 0.627 0.645 0.635 0.604 0.547 0.618 0.673 0.724 0.764359 OMER 0.892 0.831 0.879 0.894 0.846 1.041 1.144 1.064 0.906 0.926 1.154 2.001360 BMD 0.737 0.792 0.717 0.689 0.740 0.619 0.555 0.567 0.603 0.667 0.584 0.362
--------------------------------------------------------- COUNTRY=NORWAY -
o0S VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
361 ADJREXRI 108.024 116.362 121.149 125.492 126.398 128.034 118.068 117.873 126.589 128.863 126.398 119.214 115.129362 BRERI 108.024 116.362 121.149 125.492 126.398 128.034 118.068 117.873 126.589 126.863 126.398 119.214 115.129363 ERIFS 6.588 5.766 5.540 5.227 5.456 5.323 5.242 5.064 4.939 5.739 6.454 7.296 8.161364 BMER 6.588 5.766 5.540 5.227 5.456 5.323 5.242 5.064 4.939 5.739 6.454 7.296 8.161365 BMD 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
---------------------------------------------------------- COUNTRV=OMAN -
OBS VARIABLE 1972 1973 1974 1975 1916 1977 1978 1979 1980 1981 1982 1983 1984
366 ADJREXRI 86.2015 90.0448 327.588 286.275 280.796 273.129 241.071 291.312 366.266 425.559 454.481 465.703 468.768367 BRERI 86.2015 89.5056 327.588 286.275 280.796 273.129 241.071 291.312 366.266 425.559 454.481 465.703368 ERIFS 0.3838 0.3486 0.345 0.345 0.345 0.345 0.345 0.345 0.345 0.345 0.345 0.345 0.345369 OMER 0.3838 0.3507 0.345 0.345 0.345 0.345 0.345 0.345 0.345 0.345 0.345 0.345370 DMD 1.0000 0.9940 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1,000
-------------------------------------------------------- COUNTRY=PAKISTAN -
OBS VARIABLE 1972 1973 1974 1975 1976 1971 1978 1979 1980 1981 1982 1983 1984
371 AOJREXRI 74.7231 40.9794 49.0740 54.6402 59.9569 60.6651 57.2906 54.8499 95.6105 63.2915 65.8763 58.1112 60.9585372 BRERI 61.5348 61.5256 74.8959 85.2695 89.6900 83.4509 75;6082 75.0358 78.7807 80.8749 82.2187 82.0662373 ERIFS 5.8070 10.5730 9.9000 9.9000 9.9000 9.9000 9.9000 9.9000 9.9000 9.9000 10.5500 12.7000 13.4760374 SMER 12.5375 12.5208 11.5333 11.2792 11.7667 12.7958 13.3375 12.8667 12.4250 13.7750 15.0292 16.1542375 BMD 0.4632 0.8444 0.8584 0.8777 0.8414 0.7737 0.7423 0.7694 0.7968 0.7187 0.7020 0.1862
COUNtRY DATA, 1010-14. fSSlI PrIDAY, MARCH It, 100e Os
----------------------------------------------------- COUNTRY=PANAMA ---------------------------------------- ________________
053 VARIABLE 19S2 ISiS 1374 1915 1976 1977 Isis 1979 $980 t98 10982 1983 1364
376 ADJNEXRI 78.1119 73.0104 13.es4 1t.9828 12.51t8 69.8432 64.1564 63.t843 64,0415 86.4971 12.6919 14.144t 16.0001377 DRERIt 1s.l1s 73.0104 13.884 11.9628 12.5118 69.5432 64.1584 63.t843 64.0418 68.4971 12.6892 t4.1441378 ERIPS 1.0000 1.0000 1.000 1.0000 1.0000 1.0000 t.0000 1.0000 , 1.0000 1.0000 1.0000 1.0000 1.0000379 OMER 1.0000 1.0000 1.000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000380 BMD 1.0000 1.0000 1.000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
----------------------------------------------------- COUNTRYSPAPUA NEW GUINEA ------------------------------------------…-________
OBS VARIABLE 1972 1973 1974 1975 1976 1971 1978 1979 1980 1981 1982 1983 1984
381 ADJREXRI 109.030 133.666 133.184 110.664 123.649 121.973 118.631 119.160 123.714 123.470 119.268 116.346 118.230382 BRERI . . . . . . . . . .393 ERIFS 0.835 0.704 0.698 0.764 0.793 0.791 0.708 0.712 0.670 0.672 0.737 0.834 0.894384 OMER . . . . . . . . . .385 BMD . . . . . . . . . .
--------------------------------------------------------- COUNTRV=PARAGUAY ---------------------------------------------------------
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1990 1981 1982 1983 1984
386 ADJREXRI 84.588 88.252 99.063 93.762 95.516 95.017 90.356 97.732 104.287 125.373 133.863 152.250 116.721387 BRERI 73.299 70.587 106.434 99.708 103.985 106.294 97.427 105.791 115.236 125.652 97.311 64.389388 ERIFS 126.000 126.000 126.000 126.000 126.000 126.000 126.000 126.000 126.000 126.000 126.000 126.000 201.000389 SMER 173.593 168.917 140.000 141.333 138.167 134.458 139.500 138.958 136.125 150.083 206.917 355.667390 BD 0.726 0.746 0.900 0.892 0.912 0.937 0.903 0.907 0.926 0.840 0.609 0.354
----------------------------------------------------------- COUNTRY=PERU -----------------------------------------------------------
O0S VARtABLE 1972 1973 1974 1975 1976 1977 1978 1979 1960 198t 1982 1983 1984
391 AOJREXRI 91.3663 90.7727 96.4880 99.2434 89.6224 76.1605 52.6141 63.1887 11.1730 81.0340 80.0835 12.1565 69.8309392 BRERI 53.0823 54.2466 62.5615 62.6951 62.6928 70.5289 46.5451 63.6705 70.5498 81.5856 79.3245 69.9930393 ERIFS 0.0387 0.0387 0.0387 0.0405 0.0564 0.0838 0.1563 0.2245 0.2889 0.4223 0.6976 1.6286 3.4669394 BMER 0.0683 0.0664 0.0612 0.0658 0.0827 0.0928 0.1812 0.2285 0.2988 0.4301 0.7221 1.7215395 BMo 0.5666 0.5828 0.6324 0.6161 0.6822 0.9032 0.8628 0.9827 0.9667 0.9819 0.9660 0.9460
------------------------------------------------------- COUNTRY=PHILIPPINES --------------------------------------------------------
083 VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
398 ADJREXRI 87.0363 67.4269 79.9349 71.8007 14.1940 73.3891 68.7070 11.4861 74.1511 80.0310 81.6192 69.9808 70.3374397 BRERI 65.1446 64.8677 77.8789 67.5354 71.5475 71.3552 65.9960 67.8335 71.0220 79.6659 78.6514 55.8500398 ERIfS 6.6710 6.7560 6.7880 7.2480 7.4403 7.4028 7.3658 7.3116 7.5114 1.8997 8.5400 11.1t30 16.6990399 SMER 7.0333 7.1950 7.1383 7.8950 7.9050 7.8008 1.6567 7.9658 6.03s0 6.1308 9.0792 14,2861400 BUD 0.9485 0.9390 0.9509 0.9180 0.9412 0.9490 0.931S 0.9262 0.9348 0.9710 0.0408 0.1109
couNTry DATA. 9te-I4. 16i3l PrtDAVY MANCH It, 0106 OfW*e--...... ...............-------- ---- COUNTRVYPORTUGAL --------------------------------------------------------
1 VANIASLI le§u *ete * 16Y4 ICY. O§1S OY fol Ol tells lea$ leasn tse 614401 AOJNERMt ff.141 1o0.1o0 101.684 110.463 10o.tib g0s 150 81.0748 84.5054 e9.6411 08.1590 84.s11t s 1.a0s i90440t IE"Nt 96.6174 M3A6U8 103.053 6e.973 f33.93 Ob.9116 80.9123 81.911- 86.8444 03.0850 19.0o0t 64.20*403 ENIPS n1.0540 24.12 '28.408 20.553 a0.2z9 385.110 43.9400 48,.z40 o000620 015450 1o9.4130 110.150 140.390404 OMEN 20.9442 24.471 z6.5s4 32.470 34.117 43.2458 41.3208 50.1917 bl.7150 64.8833 80.2833 129.500405 8Mb 1.0041 1.008 0.957 0.181 0.886 0.88051 0.9286 0.9688 0.9680 0.9480 0.3313 0.855
--------------------------------------------------------- COUNTRV*RWANDA --------------------------------------------------------
o0s VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
406 ADJREXRI 73.4218 77.4576 81.018 91.872 106.343 107.782 99.6681 100.118 95.0482 99.7946 111.369 116.406 116.786407 BRERI . . 109.699 . . 126.187 . . . . . 117.288408 ERIFS 92.1060 84.0460 92.840 92.840 92.840 92.840 92.8400 92.840 92.8400 92.8400 92.840 94.340 100.170409 BMER . . 107.650 . . 124.500 . . . . . 147.000410 BMo . . 0.862 . . 0.746 . . . . . 0.642
------------------------------------------------------ COUNTRV=SAUDI ARABIA -----------------
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984411 AOJREXRI 93.2264 104.521 225.512 283.584 298.413 295.984 265.291 258.864 332.817 427.013 420.139 370.064 334.646412 BRERA 97.0434 113.075 226.178 284.197 298.778 297.213 273.608 258.996 335.424 421.437 418.891 366.288413 ERIFS 4.3158 3.984 3.565 3.530 3.527 3.530 3.487 3.354 3.348 3.334 3.416 3.438 3.489414 BMER 4.1583 3.693 3.565 3.533 3.533 3.526 3.391 3.362 3.332 3.388 3.437 3.483415 BMD 1.0379 1.079 1.000 0.999 0.998 1.001 1.028 0.998 1.005 0.984 0.994 0.987
-------------------------------------------------------- COUNTRV=SENEGAL -
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984416 ADJREXRI 78.311 82.489 80.901 89.956 81.196 78.449 79.543 81.872 84.010 71.812 66.525 62.705 60.895417 BRERI 86.997 88.837 88.152 97.199 88.975 85.141 85.769 87.493 91.981 77.130 71.310 64.801418 ERIFS 252.210 222.700 240.500 214.320 238.980 245.670 225.640 212.720 211.300 271.730 328.620 381.070 436.980419 BMER 246.479 224.500 239.625 215.342 236.771 245.750 227.188 216.104 209.521 274.667 332.833 400.333420 BMD 1.023 0.992 1.004 0.995 1.009 1.000 0.993 0.984 1.008 0.989 0.987 0.952
------------------------------------------------------ COUNTRV=SIERRA LEONE -
o0s VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
421 AOJREXRI 67.3267 61.1729 61.9959 60.7563 53.1234 56.2655 59.9482 60.3697 60.2493 63.9172 71.5572 60.1616 57.115422 BRERA . . . . . . . . .423 ERIFS 0.8008 0.8163 0.8555 0.9040 1.1128 1.1465 1.0470 1.0570 1.0498 1.1591 1.2386 1.8853 2.510424 BMER . . . . . . . . .425 BID . . . . . . . . .
COUWITN GA, 1291-14. hiuSt PRCAYV. MARCH It. f@o 40
-------------------------------------------------------- COUNTRYuSINOAPORE --------------------------------------------------------
@31 VARIASLI 0t73 lOl 1*14 073 .*7 1077 1676 077 1900 loll lost 13S 1964
426 ADJREXRt 87.0365 96.4b12 101.968 95.3363 89.9438 84.1600 79.0290 0.1l141 80.1t71 87.8508 91.9910 98.985 100.208421 IRERt 66.5423 97.2586 103.134 98.4522 91.4340 86.2310 80.4594 80.8061 81.6516 89.7679 93.8331 100.199428 ERIPS 2.8125 2.4574 2.431 2.3713 2.4108 2.4394 2.2740 2.1746 2.1412 2.1121 2.1400 2.tl3 2.133429 OMER 2.8200 2.4895 2.443 2.3906 2.4792 2.4458 2.2783 2.171? 2.1433 2.1092 2.1400 2.117430 8UD 0.9973 0.9686 0.997 0.9918 0.9968 0.9914 0.9981 1.0013 0.9990 1.0011 1.0000 0.998
-…--------------------------------------------------- COUNTRYVSOMALIA ---------------------------------… -----------------------
OS VARIABLE 1972 1973 1914 1975 1976 1917 1978 1979 1980 1981 1982 1963 1984
431 ADJREXRI 84.5240 90.4801 92.5923 94.3291 106.282 107.568 106.834 110.853 133.126 201.380 134.031 116.326 102.022432 ORERI . . . . . . . . .433 ERIFS 6.9801 6.2815 6.2950 6.2950 6.295 6.295 6.295 6.295 6.295 6.295 10.750 15.788 20.019434 SMER . . . . . . . . .435 BUD . . . . . . . . .
------------------------------------------------------- COUNTRYVSOUTH AFRICA -------------------------------------------------------
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
436 ADJREXRI 89.1913 101.532 107.794 96.5691 88.0146 89.2997 86.1016 92.4201 110.621 109.133 103.034 115.752 101.055437 BRERI 89.6941 100.857 106.478 94.4417 70.1243 79.3201 84.6215 91.5011 112.103 111.885 102.269 114.467438 ERIFS 0.7688 0.694 0.680 0.7396 0.8697 0.8697 0.8697 0.8421 0.779 0.878 1.082 1.112 1.438439 SMER 0.8545 0.781 0.769 0.8453 1.2201 1.0944 0.9891 0.9507 0.859 0.957 1.218 1.257440 BUD 0.8997 0.889 0.884 0.8750 0.7128 0.7947 0.8793 0.8858 0.907 0.917 0.886 0.885
---------------------------------------------------------- COUNTRY=SPAIN -----------------------------------------------------------
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
441 ADJREXRI 101.026 107.61 114.947 119.705 116.143 115.186 116.930 140.880 137.136 124.533 121.505 105.208 105.744442 8RERI 101.026 107.61 114.947 119.705 116.143 115.188 116.930 140.660 137.138 124.533 121.505 105.208 105.144443 ERIFS 64.271 58.26 57.697 57.407 66.903 75.962 76.668 67.125 71.102 92.314 109.858 143.428 160.160444 SUER 64.271 58.26 S7.687 57.407 66.903 75.962 76.668 67.125 71.102 92.314 109.858 143.426 160.760445 BUD 1.000 1.00 1.000 1.000 1.000 1.000 1.000 1.000 1,000 1,000 1.000 1.000 1.000
-------------------------------------------------------- COUNtRY-SRI LANKA -------
08S VARIABLE 1912 1973 1974 1975 1976 1977 1976 1979 1960 1981 1962 1983 1984
446 ADJREXRI 56.2628 49.6543 55.422 49.1149 43.2966 36.9603 30.0324 31.4277 32.4538 34.4431 36.3051 31.2061 41.4465447 BRERI 74.2613 94.0429 116.418 81.4065 87.3082 91.6692 60.7226 58.7558 65.3957 82.2836 85.8352 17.5214448 ERIFS 7.6430 8.4310 8.524 9.0000 10.8800 13.3940 15.6107 15.5118 16.5340 19.2460 20.8120 23.9290 25.4380449 SUER 15.3875 11.8292 10.783 14.4292 14.3375 14.3563 20.5167 22.1333 21.8042 21.4083 23.3917 30.0083450 BUD 0.4961 0.1127 0.790 0.6231 0.1588 0.9326 0.7609 0.1036 0.1583 0.8990 0.8697 0.7841
w
COUNtNY bATA, 7s1-34. 1U.31 OtD0AY. MAMCH ti, toea Al---------------------------------------------------------- COUNTPY=SUDAN ----------------------------------------------------------
065 VANIAULI l1os i*I 1074 leis 310 tg7 love IS7S lose Me0 lost less 1014451 ADJNEXRI 104.10t 109.478 120.688 118.220 115.336 110.930 102.527 103.008 99.9322 121.900 90.4844 84.6298 111.6834S2 8RERI 102.896 91.098 100.939 88.097 98.037 94.796 86.567 89.245 74.6811 100.858 84.3108 88.7036453 ERIFS 0.348 0.348 0.348 0.348 0.348 0.348 0.376 0.425 0.5000 0.535 0.9380 1.3001 1.300454 OMER 0.511 0.591 0.610 0.668 0.601 0.597 0.652 0.719 0.9811 0.948 1.4762 1.8232455 DMO 0.674 0.589 0.570 0.521 0.580 0.583 0.576 0.590 0.5096 0.564 0.6354 0.7131
---------------------------------------------------------- COUNTRY=SWEDEN ----------------------------------------------------------
O0S VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
456 ADJREXRI 105.706 106.660 103.167 112.517 116.011 114.394 106.464 108.969 113.798 106.340 94.6845 84.9057 85.7398457 BRERI 105.706 106.660 103.167 112.517 116.011 114.394 106.464 108.969 113.798 106.340 94.6845 84.9057 85.7398458 ERIFS 4.762 4.367 4.439 4.152 4.356 4.482 4.518 4.287 4.230 5.063 6.2826 7.6671 8.2718459 OMER 4.762 4.367 4.439 4.152 4.356 4.482 4.518 4.287 4.230 5.063 6.2826 7.6671 8.2718460 DM0 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.0000 1.0000 1.0000
------------------------------------------------------- COUNTRV=SWITZERLAND --------------------------------------------------------
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
461 ADJREXRI 112.578 126.789 130.735 143.580 147.602 141.094 167.695 166.368 155.017 144.431 152.426 152.233 141.054462 BRERI 112.578 126.789 130.735 143.580 147.602 141.094 167.695 166.368 155.017 144.437 152.426 152.233 141.054463 ERIFS 3.819 3.166 2.979 2.581 2.500 2.403 1.788 1.663 1.675 1.964 2.030 2.099 2.350464 BMER 3.819 3.166 2.979 2.581 2.500 2.403 1.788 1.663 1.675 1.964 2.030 2.099 2.350465 BMD 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
----------------------------------------------------- COUNTRV=SVRIAN ARAB REP. -----------------------------------------------------
08S VARIABLE 1972 1973 1974 1975 1976 1977 1918 1979 1980 1981 1982 1983 1984
466 ADJREXRI 81.1635 79.2132 93.2373 87.5464 90.6937 91.6187 86.1101 89.0144 98.1248 118.229 122.463 121.840 135.345467 8RERI 78.5186 82.8659 99.1631 94.2682 94.2502 96.2521 89.7291 87.6008 93.8241 84.174 86.532 92.050468 ERIFS 3.8200 3.8233 3.1329 3.1000 3.8521 3.9250 3.9250 3.9250 3.9250 3.925 3.925 3.92 3:.925469 OMER 4.3208 3.9992 3.8175 3.1600 4.0561 4.0908 4.1217 4.3642 4.8192 6.032 6.078 5.951470 8M0 0.8841 0.9560 0.9178 0.9840 0.9491 0.9595 0.9523 0.8994 0.8685 0.651 0,648 0.660
--------------------------------------------------------- COUNTRt-tANZAN!A --
OBS VARIABLE 1972 1973 1974 1975 1978 1977 1978 1979 1980 1981 1982 1983 1984
471 ADJREXRI 80.9890 19.0715 83.9481 82.6185 81.1171 89.0680 88.7317 79.4489 78.7018 89.4402 88.8655 81.0487 10.5493472 FRERI 39.6517 39.8438 46.4046 30.8754 32.3123 35.8786 54.6212 56.8401 32.0152 28.0330 28.3928 23.7742473 ERIFS 7.1429 7.0214 7.1350 7.3668 8.3768 8.2892 7.7120 8.2170 8.1970 8.2840 9.2830 11.1430 15.2920474 SMER 15.2167 14.5333 13.4625 20.5150 21.9333 21.4625 13.0667 11.9792 21.0167 27.5667 32.6000 39.6208475 DM0 0.4694 0.4831 0.5300 0.3580 0.3819 0.3862 0.5902 0.6859 0.3900 0.3005 0.2848 0.2812
COUNtRY DAtA, 1971-14. 16,31 PRIO*A. MV ACH It, 1966 42
-------------------------------------------------------- COUNTRY=THAILAND -
O06 VARIAsLE 1972 1973 1974 1975 1978 1977 1978 1979 1960 O198 1 Ul 1963 1984
416 AOJREXRI 71.8030 81.4464 88.8165 81.1s31 81.6862 81.3786 75.8823 16.5563 8t,42i3 84.6935 84.5432 81.08t8 81.062?471 BRERI 71.2132 82.5165 89.7816 80.9590 t9,5557 81.0522 76.2752 75.1785 82.5570 84.4655 84.6062 86.1779418 ERIPS 20.8000 20.6200 20.3750 20.3790 20.4000 20.4000 20.3360 20.4190 20.4160 21.8200 23.0000 23.0000 23.6390419 OMER 20.8833 20.2792 20.0833 20.3542 20.8708 20.4083 20.1583 20.5542 20.12is 21.8000 22.9000 22.9833480 BMD 0.9960 1.0168 1.0145 1.0012 0.9774 0.9996 1.0088 0.9934 1.0176 1.0009 1.0044 1.0007
---------------------------------------------------------- COUNTRY=TOGO -
o0s VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
481 ADJREXRI 82.532 83.293 99.911 95.108 94.387 101.839 89.702 85.367 88.901 77.727 70.149 67.103 61.73482 eRERI 91.686 89.703 108.866 102.765 103.429 110.527 96.723 91.229 95.147 83.483 75.194 69.346483 ERIFS 252.210 222.700 240.500 214.320 238.980 245.670 225.640 212.720 211.300 271.730 328.620 381.070 436.96484 sMER 246.479 224.500 239.625 215.342 236.77? 245.750 227.188 216.104 209.521 274.667 332.833 400.333485 BUD 1.023 0.992 1.004 0.995 1.009 1.000 0.993 0.984 1.008 0.989 0.987 0.952
-------------------------------------------------- COUNTRY=TRINIDAD AND TOBAGO -
o0s VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
486 ADJREXRI 93.5774 87.2668 129.042 131.485 115.346 124.168 110.687 126.58 156.631 112.097 171.693 201.71 220.498487 sRERI . . . . . . . . . .
488 ERIFS 1.9213 1.9592 2.053 2.170 2.436 2.400 2.400 2.40 2.400 2.400 2.400 2.'40 2.400489 OMER . . . . . . . . . .490 BUD . . . . . . . . . .
------------------------------ COUNTRY=TUNISIA…-----------------------------
OBS VARIABLE 1912 1973 1914 1975 1976 1977 1918 1979 1980 1981 1982 1983 1984
491 ADJREXRI 91.058 96.526 105.632 107.247 100.132 100.711 94.360 96.480 99.834 93.217 91.679 87.219 82.14S9492 BRERI 121.323 137.533 163.851 164.520 143.092 159.088 144.907 151.053 145.027 148.540 136.234 126.216493 ERIFS 0.477 0.422 0.436 0.402 0.429 0.429 0.418 0.406 0.405 0.494 0.591 0.679 0.7768494 OMER 0.516 0.416 0.452 0.422 0.482 0.437 0.436 0.417 0.448 0.498 0.639 0.742495 BMD 0.829 0.880 0.965 0.954 0.889 0.982 0.955 0.974 0.903 0.991 0.924 0.914
--------------------------------------------------------- COUNTRV-TURKEY -
OeS VARIABLE 1972 1973 1974 1915 1976 1917 1978 1979 1980 1981 1982 1983 1984
496 AOJREXRI 82.279 86.784 102.671 102.172 104.012 105.800 96.227 116.402 88.604 87.859 77.869 71.467 66.903497 BRERI 108.376 117.307 134.535 126.262 127.798 121.249 107.916 101.125 107.704 105.976 93.526 84.016498 ERIFS 14.150 14.150 13.927 14.442 16.053 18.002 24.282 31.077 76.038 111.219 182.553 225.457 366.680499 OMER 14.512 14.142 14.358 15.787 17.650 21.22t 29.250 48.325 84.504 124.563 182.833 259.083500 BUD 0.975 1.001 0.970 0.915 0.910 0.848 0.830 0.643 0.900 0.893 0.889 0.870
COUNTlV WAIA, fti-84. t:31 PUtIDAY, MARCH It, 1i99 43
- -------------------------------------------------- COUNTRY*UGANDA -
085 VARIASLI tisi ISiS 1974 IS?! 1978 I?77 1079 We 1010 t9oo less l$58 5394
501 AOJREXRI 90.2654 91.5884 100.181 126.353 126.624 236.8S3 298.741 511.98? 969.610 288.996 301.290 230.122 134.069502 SNERI 52.9335 31.4258 21.122 17.932 15.040 39.281 30.873 59.376 101.179 64.473 111.172 118.312503 ERIPS 7.1430 7.0210 7.136 7.422 8.260 8.259 7.736 7.463 7.417 50.052 94.047 153.883 359.700S04 OMER 12.7042 21.3417 27.481 54.545 72.583 51.900 78.583 66.083 75.667 234.000 265.033 317.500505 Bmo 0.5623 0.3290 0.260 0.136 0.114 0.159 0.098 0.110 0.098 0.214 0.354 0.465
----------------------------------------------------- COUNTRV=UNITED KINGDOM ---------------------------- …
O0S VARIASLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1963 1914
506 ADJREXRI 90.5237 82.0997 81.7681 87.2053 78.7279 79.8664 83.1069 95.5529 117.12 11S.752 109.918 100.156 92.8957507 BRERI 90.5237 82.0997 81.7681 87.2053 78.7279 79.8664 83.1069 95.5529 117.12 115.752 109.918 100.158 92.8957508 ERIFS 0.4004 0.4062 0.4278 0.4520 0.5565 0.5733 0.5215 0.4722 0.43 0.498 0.572 0.660 0.7483509 OSER 0.4004 0.4082 0.4278 0.4520 0.5565 0.5733 0.5215 0.4722 0.43 0.498 0.572 0.660 0.7483510 BUD 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.00 1.000 1.000 1.000 1.0000
----------------------------------------------------- COUNTRV=UNITED STATES -
o0s VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1964
511 ADJREXRI 92.02 83.9384 82.8164 80.2143 82.1551 79.7448 73.0845 71.7067 71.9119 80.0403 86.1349 89.2236 94.5966512 BRERI 92.02 83.9384 82.8164 80.2143 82.1551 79.7448 73.0845 71.7067 71.9119 80.0403 86.1349 89.2236 94.5966513 ERIFS 1.00 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000514 SMER 1.00 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000515 BUD 1.00 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
-------------------------------------------------------- COUNTRYVURUGUAY -
OsS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1903 1984
516 ADJREXRI 126.313 139.342 156.065 124.493 121.833 124.156 120.888 148.054 176.558 197.413 180.837 112.718 110.093517 BRERI 75.704 117.714 101.261 101.625 104.127 120.013 117.297 144.914 173.034 193.990 167.588 110.429518 ERIFS 0.536 0.866 1.196 2.254 3.336 4.678 6.060 7.861 9.099 10.820 13.909 34.540 56.122519 OSER 0.881 1.009 1.815 2.719 3.843 4.766 6.150 7.908 9.142 10.842 14.779 34.717520 BUD 0.609 0.858 0.659 0.829 0.868 0.982 0.985 0.994 0.995 0.998 0.941 0.996
------------------------------------------------------- COUNTRYMVENEZUELA ---------------------------------------
OSs VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
521 ADJREXRI 82.8316 81.6916 108.134 95.5303 97.5553 96.3300 87.2540 96.4555 109.437 126.100 130.558 136.034 99.9548522 BRERI 83.1259 81.9707 108.376 95.6265 97.7653 96.5958 87.4948 96.7216 109.739 126.448 127.099 48.266523 ERIFS 4.4000 4.3045 4.284 4.2850 4.2899 4.2925 4.2925 4.2925 4.292 4.292 4.292 4.207 7.0175524 SUER 4.4042 4.3092 4.294 4.3000 4.3000 4.3000 4.3000 4.3000 4.300 4.300 4.429 12.107525 BUD 0.9990 0.9989 0.998 0.9965 0.9977 0.9983 0.9983 0.9963 0.998 0.998 0.960 0.3a3
COUNTRY DATA, 1972-84. 15:31 FRIDAY. MARCH 11, 1988 44
-------------------------------------------------------- COUNTRYVYUGOSLAVIA --------------------------------------------------------
OOS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
526 AOJREXRI 58.703 63.592 66.454 67.711 75.137 77.741 73.284 78.684 69.678 70.895 64.3939 47.714 43.457527 BRERI 104.120 120.731 119.209 121.591 132.342 136.337 127.684 133.844 115.006 113.030 98.0192 75.593528 ERIFS 17.000 16.242 15.912 17.344 18.178 18.289 18.637 18.973 24.639 34.966 50.2760 92.839 152.822529 BMER 17.758 15.829 16.412 17.871 19.096 19.296 19.792 20.637 27.621 40.579 61.1125 108.425530 BMD 0.957 1.026 0.970 0.971 0.952 0.948 0.942 0.919 0.892 0.862 0.8227 0.856
…----------------------------------…-_----------------- COUNTRY=ZAIRE -----------------------------------------------------------
OBS VARIABLE 1072 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
531 ADJREXRI 72.815 74.119 77.495 77.2346 73.5573 86.5681 111.943 98.4644 82.5866 71.3784 74.2604 63.3596 43.6993532 BRERI 102.371 101.038 100.908 87.0857 62.2712 66.7247 62.558 72.0440 78.2542 65.3241 69.0574 63.6017533 ERIFS 0.500 0.500 0.500 0.5000 0.7922 0.8568 0.836 1.7285 2.7999 4.3835 5.7499 12.8893 36.1290534 BMER 0.775 0.800 0.837 0.9667 2.0400 2.4233 3.261 5.1500 6.4417 10.4417 13.4792 27.9917535 BMD 0.645 0.625 0.597 0.5172 0.3883 0.3536 0.256 0.3356 0.4347 0.4198 0.4266 0.4605
---------------------------------------------------------- COUNTRY=ZAMBIA -------------------------------- _______________________
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
536 ADJREXRI 102.932 116.719 119.520 89.6309 87.4718 79.6138 74.8419 83.1862 84.8601 85.0896 84.6052 74.5316 58.8778537 BRERI 54.094 65.762 72.750 51.6978 37.2872 30.2586 30.6548 49.2916 55.0073 56.9035 63.4811 61.7755538 ERIFS 0.714 0.652 0.643 0.6435 0.7218 0.7898 0.8008 0.7933 0.7886 0.8684 0.9282 1.2506 1.7944539 OMER 1.492 1.271 1.161 1.2250 1.8592 2.2817 2.1467 1.4700 1.3358 1.4258 1.3583 1.6567540 BMD 0.479 0.513 0.554 0.5253 0.3882 0.3461 0.3730 0.5397 0.5904 0.6091 0.6834 0.7549
--------------------------------------------------------- COUNTRY=ZIMBABWE ---------------------------------------------------------
OBS VARIABLE 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984
541 ADJREXRI 86.3356 89.2332 82.0578 83.0541 80.3818 84.5206 70.5482 73.6235 75.0140 79.6392 86.8406 74.2641 63.7069542 BRERI 65.8754 70.5786 60.8002 58.2114 27.2056 24.8065 29.3701 32.6102 44.8076 44.7541 53.4723 27.8686543 ERIFS 0.6610 0.5853 0.5829 0.5701 0.6256 0.6282 0.6773 0.6799 0.6426 0.6902 0.7591 1.0131 1.2442544 BMER 0.8663 0.7400 0.7867 0.8134 1.8484 2.1404 1.6269 1.5350 1.0758 1.2282 1.2328 2.6997545 BMD 0.7630 0.7909 0.7409 0.7009 0.3385 0.2935 0.4163 0.4429 0.5973 0.5620 0.6158 0.3753
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No. 31. Small Farmers in South Asia: Their Characteristics, Productivity,and Efficiency. Inderjit Singh
No. 32. Tenancy in South Asia. Inderjit Singh
No. 34. The World Bank's Lending for Adjustment: An Interim Report.Peter Nicholas
No. 35. Global Trends in Real Exchange Rates. Adrian Wood
No. 36. Income Distribution and Economic Development in Malawi: Some
Historical Perspectives. Frederic L. Pryor
No. 37. Income Distribution and Economic Development in Madagascar: SomeHistorical Perspectives. Frederic L. Pryor
The World Bank
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