Romania: Selected Issues and Statistical Appendix

Volume/Issue: Volume 2006 Issue 169

Publication date: May 2006

ISBN: 9781451832860

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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , ISCR , CR , exchange rate , Romania , EU accession , product , credit growth , foreign currency , EU institution , bank lending , EU integration , Credit , Real exchange rates , Exchange rates , Income , Exports , Central and Eastern Europe , Global , Western Europe , Baltics , Eastern Europe

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Summary

This Selected Issues and Statistical Appendix paper assesses Romania’s external competitiveness by reviewing recent developments in a range of standard indicators and estimating equilibrium real exchange rates. The results suggest that, although Romania’s historical cost advantage vis-à-vis trading partners has eroded since end-2004, on account of a strong real exchange rate appreciation, some undervaluation still remains. Furthermore, evidence suggests that the recent weak output and export performance in some of the traditional exporting sectors mainly reflects the transition toward higher value-added products.