Volatility of Within-Country Cumulative Percentage Change in REER, 2001–2017
| Country group . | n . | Horizon (years ahead) . | |||||
|---|---|---|---|---|---|---|---|
| . | 1 . | 2 . | 3 . | 4 . | 5 . | 6 . | |
| SSA HIPCs | 31 | 6.9 | 10.4 | 12.4 | 13.6 | 14.3 | 15.6 |
| CFA | 12 | 3.8 | 5.7 | 6.8 | 7.0 | 7.2 | 8.1 |
| Non-CFA | 19 | 8.8 | 13.3 | 15.9 | 17.8 | 18.8 | 20.3 |
| LICs | 27 | 7.5 | 11.3 | 13.2 | 14.4 | 15.4 | 16.7 |
| LMICs | 36 | 5.7 | 8.8 | 10.9 | 12.9 | 14.4 | 15.5 |
| UMICs | 39 | 5.8 | 8.7 | 10.6 | 12.2 | 13.6 | 14.9 |
| HICs | 53 | 4.6 | 7.2 | 8.8 | 10.1 | 11.1 | 11.9 |
| Country group . | n . | Horizon (years ahead) . | |||||
|---|---|---|---|---|---|---|---|
| . | 1 . | 2 . | 3 . | 4 . | 5 . | 6 . | |
| SSA HIPCs | 31 | 6.9 | 10.4 | 12.4 | 13.6 | 14.3 | 15.6 |
| CFA | 12 | 3.8 | 5.7 | 6.8 | 7.0 | 7.2 | 8.1 |
| Non-CFA | 19 | 8.8 | 13.3 | 15.9 | 17.8 | 18.8 | 20.3 |
| LICs | 27 | 7.5 | 11.3 | 13.2 | 14.4 | 15.4 | 16.7 |
| LMICs | 36 | 5.7 | 8.8 | 10.9 | 12.9 | 14.4 | 15.5 |
| UMICs | 39 | 5.8 | 8.7 | 10.6 | 12.2 | 13.6 | 14.9 |
| HICs | 53 | 4.6 | 7.2 | 8.8 | 10.1 | 11.1 | 11.9 |
Source: CPI-based annual trade-weighted real effective exchange rate indexes calculated with 172 trading partners, as described in Darvas (2012) and http://bruegel.org/publications/datasets/real-effective-exchange-rates-for-178-countries-a-new-database/
Note: The table shows simple averages across the country group of within-country standard deviations of the k-year-ahead cumulative appreciation of the real effective exchange rate index (2007 = 100). Countries with an REER index below 33 or above 300 for any year are excluded from the table. LICs, LMICs, UMICs and HICs are countries classified by the World Bank as low-, lower-middle, upper-middle and high-income in 2017.
Volatility of Within-Country Cumulative Percentage Change in REER, 2001–2017
| Country group . | n . | Horizon (years ahead) . | |||||
|---|---|---|---|---|---|---|---|
| . | 1 . | 2 . | 3 . | 4 . | 5 . | 6 . | |
| SSA HIPCs | 31 | 6.9 | 10.4 | 12.4 | 13.6 | 14.3 | 15.6 |
| CFA | 12 | 3.8 | 5.7 | 6.8 | 7.0 | 7.2 | 8.1 |
| Non-CFA | 19 | 8.8 | 13.3 | 15.9 | 17.8 | 18.8 | 20.3 |
| LICs | 27 | 7.5 | 11.3 | 13.2 | 14.4 | 15.4 | 16.7 |
| LMICs | 36 | 5.7 | 8.8 | 10.9 | 12.9 | 14.4 | 15.5 |
| UMICs | 39 | 5.8 | 8.7 | 10.6 | 12.2 | 13.6 | 14.9 |
| HICs | 53 | 4.6 | 7.2 | 8.8 | 10.1 | 11.1 | 11.9 |
| Country group . | n . | Horizon (years ahead) . | |||||
|---|---|---|---|---|---|---|---|
| . | 1 . | 2 . | 3 . | 4 . | 5 . | 6 . | |
| SSA HIPCs | 31 | 6.9 | 10.4 | 12.4 | 13.6 | 14.3 | 15.6 |
| CFA | 12 | 3.8 | 5.7 | 6.8 | 7.0 | 7.2 | 8.1 |
| Non-CFA | 19 | 8.8 | 13.3 | 15.9 | 17.8 | 18.8 | 20.3 |
| LICs | 27 | 7.5 | 11.3 | 13.2 | 14.4 | 15.4 | 16.7 |
| LMICs | 36 | 5.7 | 8.8 | 10.9 | 12.9 | 14.4 | 15.5 |
| UMICs | 39 | 5.8 | 8.7 | 10.6 | 12.2 | 13.6 | 14.9 |
| HICs | 53 | 4.6 | 7.2 | 8.8 | 10.1 | 11.1 | 11.9 |
Source: CPI-based annual trade-weighted real effective exchange rate indexes calculated with 172 trading partners, as described in Darvas (2012) and http://bruegel.org/publications/datasets/real-effective-exchange-rates-for-178-countries-a-new-database/
Note: The table shows simple averages across the country group of within-country standard deviations of the k-year-ahead cumulative appreciation of the real effective exchange rate index (2007 = 100). Countries with an REER index below 33 or above 300 for any year are excluded from the table. LICs, LMICs, UMICs and HICs are countries classified by the World Bank as low-, lower-middle, upper-middle and high-income in 2017.
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