REAL PRODUCT AND PRICE COMPARISONS BETWEEN LATIN AMERICA AND THE REST OF THE WORLD

Jorge Salazar‐Carrillo and Irma Tirado Alonso

Review of Income and Wealth, 1988, vol. 34, issue 1, 27-43

Abstract: The purpose of this article is to add 12 Latin American countries to the Phase III of the United National International Comparisons Project (ICP). The data for Latin America was obtained through ECIEL. It has been demonstrated that the exchange rates do not usually reflect the relative purchasing power of currencies. When low‐income countries are compared to higher income countries the exchange rate conversion tends to understate the relative income of the lower income countries. This is true for the total GDP and even more so for the GDP components. In per capita terms it is found that for low income countries their income is more than twice as great as is indicated by the exchange rate conversion.

Date: 1988
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