Don't Overdo PPP Adjustment of Real Output

Patrick Honohan

No WP092, Papers from Economic and Social Research Institute (ESRI)

Abstract: Conventional PPP-adjusted real output measures, invaluable for making international comparisons of living standards, may greatly exaggerate the productive capacity of poor countries. The equilibrium prices of an hypothetical world of full economic integration provide an instructive basis for evaluating the potential share of different countries in world output

Pages: 25 pages
Date: 1997-12
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