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Informality: Exit and Exclusion Main conclusions and policy messages Guillermo Perry, William F. Maloney With: Omar Arias, Pablo Fajnzylber, Jaime Saavedra

Informality: Exit and Exclusion - Development Policy …€¦ ·  · 2016-10-10Informality: Exit and Exclusion Main conclusions and policy messages ... Why do we care? ... evade

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  • Informality: Exit and ExclusionMain conclusions and policy messages

    Guillermo Perry, William F. Maloney

    With: Omar Arias, Pablo Fajnzylber, Jaime Saavedra

  • :Informality is both a consequence

    and a cause of underdevelopment. Under development explains almost 80% of informality

    Fuente: Perry et al (2007)

  • It is particularly high in Latin America

    0

    10

    20

    30

    40

    50

    60

    70

    80

    1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

    Argentina Bolivia Brazil Chile Colombia Ecuador Peru Venezuela, RB

  • Informality: What and Why? Multidimensional:

    Firms, Workers, Tax payers Tax/regulatory evasion/elusion, lack

    of social protection Due to many factors & motivations

    Exclusion Pure evasion Defensive evasion State irrelevance

    Occurs across multiple margins: Varying degrees of formality

    Why do we care? Social protection Productivity Governance, Rule of law Provision of public goods

    Margins of Informality

    0

    5

    10

    15

    20

    25

    30

    35

    1 2 3 4 5 9 10 25 50 100250

    5001000

    Firm Size - workers ()

    Sh

    are

    of l

    abo

    r fo

    rce

    Formal Informal

    Intersectoral Margin (firms) DeSoto

    Modern FirmsMicro Firms

    Intersectoral Margin (labor)

    Intrafirm Margin

  • Main themes from the report We need to focus not only on exclusion, but exit as

    motivations for informality Many firms/workers are unable to become formal due to

    poor regulations and rigidities but Many firms/workers choose not to interact with

    government and opt out of social protection Implies new emphasis on firm/worker cost benefit

    analysis of formality and other motivations in addition to understanding regulatory barriers.

    Informality, Distribution, Average Productivity are all reflections of a larger socio-economic equilibrium

  • The FirmInformality is both a development and a policy issue, with likely consequences on aggregate productivity.

  • Firm Decisions, Productivity and Growth High Informality in lower-tier of micro-firm sector:

    Low productivity, high turnover, young/uneducated firm owners Formality increases with size and growth, links to large firms, fixed location

    60-70% owner-only firms informal 20-30% among firms with 5 paid workers

    Growth creates demand for formal services and institutions and increases increases probability of detection

    0 10 20 30 40

    Chile

    Per

    Uruguay

    Colombia

    Argentina

    Bolivia

    Mxico

    Brazil

    Panam

    100 and over51 to 9921 to 5011 to 20

    6 to 105 and under

    100 and over51 to 9921 to 5011 to 20

    6 to 105 and under

    100 and over51 to 9921 to 5011 to 20

    6 to 105 and under

    100 and over51 to 9921 to 5011 to 20

    6 to 105 and under

    100 and over51 to 9921 to 5011 to 20

    6 to 105 and under

    100 and over51 to 9921 to 5011 to 20

    6 to 105 and under

    100 and over51 to 9921 to 5011 to 20

    6 to 105 and under

    100 and over51 to 9921 to 5011 to 20

    6 to 105 and under

    100 and over51 to 9921 to 5011 to 20

    6 to 105 and under

    info1_tax info2_labor

    But, informality is also an issue among registered medium & large firms: Non-compliance with

    (some) government regulations high tax/social security evasion and

    elusion

    Tax & Social Security Evasion in LAC:

  • Informality is reduced with firm growth

    8

    Effects of doubling in size of SMEs

    Fuente: Perry et al. (2007)

  • Firm Decisions, Productivity and Growth

    Choosing Informality: a rational cost/benefit analysis Private Costs of Informality:

    risk of fines, bribes: need to remain small to avoid detection. lower access to markets, credit, courts, govt services (eg, SME programs)

    Private Benefits of Informality: evade taxes, social security contributions

    and regulatory burden avoid red tape

    Focus on binding constraints to switch incentives

    Need integrated policy approach: Carrots: cut excessive regulations,

    taxes, red tape, boost access to servicesfor formal firms and sticks: increase even-handed

    enforcement

    Benefits and Costs of Informality:

    Firms remain informal

    Firms become formal

    Benefits Benefits

    BenefitsBenefits

    Costs Costs

    CostsCosts

  • Why firms choose to formalize

    10

  • Firm Decisions, Productivity and Growth Cross-country growth effects not always robust (endogeneity problems),

    though significant micro evidence aggregate static and dynamic inefficiencies likely

    Informality lowers aggregate productivity by reducing average firm size Allows less productive firms to survive (e.g. thanks to tax evasion), so it

    slows down Schumpeterian creative destruction Limits growth of (potentially larger) informal firms

    Corollary: sizable potential gains from policies that: Stimulate firms at the margin to

    formalize Shift resources away from low

    productivity informal firms and towards formal sector (largely by increasing productivity and growth of formal sector)0 .1 .2 .3 .4

    Total Factor Productivity

    Paid Employment

    Labor Productivity

    mean of OLS mean of Matching

    Impact of Firm Registration in Brazil:

  • Differences of informality by sector

    1. Low informality in tradable sectors (most of industry, commercial agriculture, oil production, large scalemining): informal firms can not export at least directly- and havea hard time competing with imports.

    2. Higher in non-tradeable sectors where economies of scale are not important: High informality in subsistence agriculture, cottage

    industries and handicrafts, retail trade, transport and construction (though changing)

    Low informality in telecoms, power, water supply and sewerage, financial services

  • Informality by trade-exposure

  • The WorkerComparative Advantage and Constraints

  • 2 Views of Raison dEtre of Informal Workers

    Dual labor markets: Exclusion/Segmentation

    Due to Labor market rigidities Skill mismatches Information failures

    Workers rationed into informality-welfare unequal across sectors

    Countercyclical informality

    Integrated labor markets Workers sort by comparative

    advantage Preference for entrepreneurship Flexibility (mothers) Low opportunity cost of being

    informal: low productivity in formal sector & low enforcement

    Costs/Benefit of social security & social assistance

    Welfare equilibrated across sectors (though not at social optimum)

    Generally pro-cyclicalBoth relevant: Relative proportions determined by country-specific institutions and context

  • Who are the informal, what drives them? Apart from firm size, strongest predictors: education, sector, tenure,

    age, womens household status. Important differences by country

    Two distinct segments (motivations/characteristics/dynamics), both very heterogeneous: Independent workers (self employed, micro entrepreneurs)

    At least 2/3 voluntary (exceptions: ARG, COL) Lack SS mainly due to low incomes and information failures; low

    attractiveness of SS and other means of coverage for health insurance Informal salaried

    Most involuntary (exceptions DR, MX): Lack contributions to SS mainly due to employers decision and/or other means of coverage for health insurance

    However, near half family members (Survival? Voluntary?)

  • 05

    101520253035404550

    15 19 23 27 31 35 39 43 47 51 55 59 63 67

    Self-Employed Formal Informal

    05

    101520253035404550

    15 19 23 27 31 35 39 43 47 51 55 59 63 67

    Self-Employed Form Informal

    Different Life-Cycle Trajectories Informal Salaried predominant among youth (point of

    entry, accumulate experience for FS or SE)

    Self Employment prevalent among prime or older (K, skills to jump to independence/open a business)

    Argentina Mexico

    Cunningham (2006)

  • Gross worker flows suggest substantial labormarket integration, though not always Flows between formality

    and self-employment are highly correlated 0.80 and pro-cyclical.

    .08

    .1.1

    2.1

    4.1

    6.1

    8S

    elf-E

    mpl

    oyed

    to F

    orm

    al

    .03

    .04

    .05

    .06

    .07

    Form

    al to

    Sel

    f-Em

    ploy

    men

    t

    1987q1 1991q1 1995q1 1999q1 2003q1

    Formal to Self-Employment Self-Employed to Formal

    23

    45

    Sel

    f-Em

    ploy

    men

    t to

    Form

    al

    .81

    1.2

    1.4

    1.6

    1.8

    Form

    al to

    Sel

    f-Em

    ploy

    men

    t

    1983m1 1988m1 1993m1 1998m1 2003m1time...

    Formal to Self-Employment Self-Employment to Formal

    MX: High flows between FS and SE, FS and IS, highly correlated and procyclical- more rematching than queuing

    BR: Same until 1990, then structural change- maybe less voluntary

    Mexico Brazil

    SE to FS

    SE to FS

    FS to SE

    FS to SE

    Trade & Constitutional Reform

  • The Labor MarketCyclical Behavior and Secular Trends

  • Cyclical Patterns of Labor Informality

    Informality tends to be countercyclical However, new insights from

    OECD literature on why: Job Finding in FS: volatile and

    pro-cyclical. Rigidities more binding in recessions

    Job finding in IS and SE sectors more constant.

    Firing rates more volatile in I, but former effect dominate:

    Net effect: I-sector absorbs labor in downturns

    0.2

    .4.6

    .8

    1987q1 1991q1 1995q1 1999q1 2003q1

    q_unm_for q_unm_infq_unm_se

    FS

    IS

    SE

    Mexico: Job Finding Rates: Transitions from U to Work

  • Cyclical Patterns Informality procyclical in some

    booms Show voluntary entry Depend on positive shocks

    To Formal/Tradable To Informal/Nontradable

    FS rigidities less binding in booms Increase in Informality in early 1990s

    Boom in non-tradables REER appreciation due to boom in

    capital inflows Opening of Capital account, ERBS,

    improved expectations of future due to reforms

    0.4

    0.6

    0.8

    1.0

    1.2

    1.4

    1.6

    1985

    1986

    1987

    1988

    1989

    1990

    1991

    1992

    1993

    1994

    1995

    1996

    1997

    1998

    1999

    2000

    2001

    2002

    2003

    2004

    1.0

    1.2

    1.4

    1.6

    1.8

    2.0

    2.2

    2.4

    Unconditioned Earnings F/SE Real exchange rate Formal/SE

    Colombia

    Rel

    ativ

    e ea

    rnin

    gsR

    eal e

    xcha

    nge

    rate

    Form

    al /

    SE

    0.4

    0.5

    0.6

    0.7

    0.8

    0.9

    1.0

    1.1

    1.2

    1.3

    1.4

    1987

    1988

    1989

    1990

    1991

    1992

    1993

    1994

    1995

    1996

    1997

    1998

    1999

    2000

    2001

    2002

    2003

    2004

    1.0

    1.2

    1.4

    1.6

    1.8

    2.0

    2.2

    2.4

    2.6

    Unconditioned Earnings F/SE Real exchange rate Formal/SE

    Mexico

    Rel

    ativ

    e ea

    rnin

    gsR

    eal e

    xcha

    nge

    rate

    Form

    al /

    SE

    Procyclical/Integrated Countercyclical/Segmented

    Chart1

    1.9293141.07142857140.5098435897

    1.86968810.5351456071

    2.3149871.11111111110.58606932

    2.1901610.93750.6327004405

    2.0546711.06666621870.5828864938

    2.2441150.9250.6453565531

    2.1669550.95238080.6835555522

    2.0917920.88125015510.6920129368

    2.1440281.02857191130.6853023676

    2.2196910.93103427730.6889549205

    2.1145810.9714290220.7084458379

    2.0439650.933333120.7074622753

    2.0480110.9749998050.6846919716

    2.1196960.95200015230.6778196518

    2.2260350.95999982450.7042067252

    2.139880.94444426670.7274811103

    2.04093310.7222437164

    2.06670.960.731043123

    2.042290.91666680.7504818633

    1.9882660.913750.7716014165

    2.15867410.7782832219

    2.0294220.98076925690.7822655292

    2.2154130.920416640.8083279099

    2.222920.916666560.8200847242

    2.0660920.95999996540.8048563268

    2.2709620.97222204330.7897540605

    2.0018211.02083311750.7984203719

    2.12134810.8218476878

    2.0413880.97619040.8029440715

    2.18310510.7756107407

    2.1952010.98823536850.7695148767

    2.138360.95238101330.7953676142

    2.18060.95486112960.760770218

    2.1264120.95238091160.7447256627

    2.062820.960.74066557

    2.2761760.8499999640.7404102374

    2.1154990.9120.6776166871

    2.0368380.9000000360.5997220255

    2.1308810.8750000420.5787476603

    1.9128880.89018190660.5698710444

    1.8782550.90.5531419108

    1.8954050.8999997120.5338912144

    1.7600920.8999997120.5573094182

    1.9002640.8999997120.5824048471

    1.90942910.5701837441

    1.9463560.85714320.5603037891

    1.7735180.98742879560.5351012787

    1.7999070.991666270.5002553305

    1.6803791.04166640.502722122

    1.6604231.07142880.4877290108

    1.6543611.04000052220.5076135763

    1.71221.04761901270.5531369013

    1.7935931.04166666670.5483933874

    1.6893951.08333310220.5273523543

    1.6764181.124999910.5368669402

    1.6223141.20000030720.5831902075

    1.6039781.2000001440.5631451854

    1.5391731.33333360.5803141714

    1.4480211.33333360.6669680689

    1.3577021.33333360.6822122738

    1.3986961.42916715670.6650495586

    1.4385041.42857120.6865193467

    1.4262811.21333307450.7330510189

    1.5178471.13999966880.7207016049

    1.3262121.33333360.7309038703

    1.3889341.3750.7442871645

    1.5436671.38888880.7352890081

    1.4592631.20192307690.7337092937

    1.3854171.26388885040.7044428832

    1.5110581.25510222970.7118473213

    1.5568451.23786398150.8640150921

    1.5688741.26000020160.838560224

    1.5713241.34713570410.8730526308

    1.5771921.31944466670.8351238451

    1.5369241.34895850470.8320208256

    1.5836251.231666560.8181970655

    1.5588111.27187471740.775706127

    1.559771.249999550.7593343158

    Colombia

    Relative earningsReal exchange rate

    Formal / SE

    Formal/SE

    Unconditioned Earnings F/SE

    Real exchange rate

    ARG

    Formal/SEUnconditioned Earnings F SEConditioned Earnings F/SE (invariant)Conditioned Earnings F/SE (variant)gdpReal exchange rateReal exchange rate

    1985 II19852.01715492080.85912909620.99113473341.19490428720.67725181611.4765556566

    1986 II19862.01437725430.83785519950.97455991311.18350266810.62361347651.603557392

    1987 I19872.01008110880.7782034771.10349003930.78954610850.54835623071.8236320552

    1987 II19872.03644758341.01658212811.68076459470.35464308840.63232245261.5814715986

    1988 I19881.9490309860.83779983381.08200402150.79265978420.63842071841.5663652059

    1988 II19881.9469318841.07246038551.11522228550.93449133620.642849691.5555735899

    1989 I19891.88836021361.03812631811.0603101104-0.14976624780.56577635071.7674828557

    1989 II19891.78266333941.06830514071.01861138511.06187936190.90147238751.1092963177

    1990 I19901.8777594441.31246922851.02864112970.85517962350.85381815651.1712095748

    1990 II19901.76643838451.37811409331.01906993380.91498696230.66053728591.5139190798

    1991 I19911.70670386651.35912564761.01429149460.99749755020.4947435252.0212492927

    1991 II19911.75691014191.15190885831.00549989371.18395248610.49499779752.020211009

    1992 I19921.88561064391.02410774620.7819363950.49912688740.47208814292.1182484988

    1992 II19921.73977347541.00992938630.93498721474.6495259970.46244151382.1624356165

    1993 I19931.65291586870.89732775871.04448193060.58352188720.45609198732.1925401625

    1993 II19931.57764642730.87923542731.13343720370.76277370720.45365002022.2043424566

    1994 I19941.7140218560.89744937191.30147683370.09305808727.10.52.2163761338

    1994 II19941.79545511750.89993293191.22233765560.88448035614.70.52.2152706681

    1995 I19951.91210299280.98422139042.0810661414-3.5624773088-0.70.52.220522146

    1995 II19951.65724852650.97632322811.70272574460.16166147-4.70.52.2222222222

    1996 I19961.79689620250.85410644151.7824519850.8668492192.30.52.218395664

    1996 II19961.85810673030.90911290912.077409294-2.15447679168.70.52.2091171773

    1997 I19971.73877869050.8834358471.912993318-0.34750854018.20.52.2046137281

    1997 II19971.93390266760.85070959541.5407240704-5.09775604498.00.52.1997164163

    1998 I19981.82365336370.82746341521.2635380262-2.05433152796.40.52.1961255057

    1998 II19981.87273634720.89736336631.7050434919-1.52000225611.40.52.1964344944

    1999 I19991.80610164691.04690798892.9957765234-0.9856729843-3.70.52.1931118651

    1999 II19991.8151351771.01302896362.1967082887-0.4401358786-3.00.52.1839640902

    2000 I20001.83023397271.00047304082.3060569056-0.6230571009-0.30.52.1712345948

    2000 II20001.74284195561.08377895992.8241686619-0.0409010886-1.30.52.1610275825

    2001 I20011.7935776120.96861668792.83212447751.7031170346-1.10.52.1495276718

    2001 II20011.63497550471.08705535534.0862079687.9029842033-7.70.52.1393030563

    2002 I20021.55402286061.19329125133.5369132321.4263592609-14.90.52.129973273

    2002 II20021.34457979811.09425070783.2622658641-0.269465295-6.60.71.4295766563

    2003 I20031.27644690131.06091242452.9876184961-2.78348113816.60.71.5167908384

    10.90.61.6802206158

    Cuadro 8.2INDEC

    Oferta y demanda Globales: valores trimestrales a precios de 1993

    Variacin porcentual respecto a igual perodo del ao anterior

    PIB a precios de mercado

    1994 17.71994 17.1

    1994 26.51994 24.7

    1994 34.51995 1-0.7

    1994 45.01995 2-4.7

    1995 12.21996 12.3

    1995 2-3.61996 28.7

    1995 3-4.41997 18.2

    1995 4-5.01997 28.0

    1996 1-0.61998 16.4

    1996 25.11998 21.4

    1996 38.21999 1-3.7

    1996 49.21999 2-3.0

    1997 18.42000 1-0.3

    1997 28.12000 2-1.3

    1997 38.42001 1-1.1

    1997 47.72001 2-7.7

    1998 16.02002 1-14.9

    1998 26.92002 2-6.6

    1998 33.22003 16.6

    1998 4-0.42003 210.9

    1999 1-2.5

    1999 2-4.9

    1999 3-5.1

    1999 4-0.9

    2000 1-0.2

    2000 2-0.4

    2000 3-0.6

    2000 4-1.9

    2001 1-2.0

    2001 2-0.2

    2001 3-4.9

    2001 4-10.5

    2002 1-16.3

    2002 2-13.5

    2002 3-9.8

    2002 4-3.4

    2003 15.4

    2003 27.7

    2003 310.2

    2003 411.7

    -24.8595104250454

    -107.931635768467

    -10.322088772846

    ARG

    Argentina

    Relative earnings

    Formal / SE

    Formal/SE

    Unconditioned Earnings F SE

    Real exchange rate

    BRA

    Formal/SEUnconditioned Earnings F/SEConditioned Earnings F/SE (invariant)Conditioned Earnings F/SE (variant)Real exchange rateReal exchange rate

    1983 I19834.33081962051.41578929250.9798734430.99760040450.9554738551.0466011129

    1983 II19834.31297942621.59947348660.99122924951.00933880321.12745043330.8869569521

    1983 III19834.37638634761.63427287370.99469423851.00288411391.11948549710.8932674899

    1983 IV19833.91277057151.58712235961.00024963171.01507475171.15928342330.8626018279

    1984 I19843.98813877591.68720647341.00274750451.03091464191.17694614220.8496565511

    1984 II19843.94227280131.62408786131.0074482091.0393472941.19947277930.8336996198

    1984 III19844.00477168031.66899348011.00379023281.02040732821.19010705220.8402605448

    1984 IV19844.00650280731.71429491821.0058364891.04325774941.17937278690.8479083213

    1985 I19854.16999054151.64193342380.99944966440.96395645811.15902137060.8627968607

    1985 II19854.19539165311.68545163161.0063915221.01346771361.27236081540.7859405822

    1985 III19854.14625482451.50694432610.99297576410.98291802021.26642962810.7896214506

    1985 IV19854.21728896691.51924131740.99479796721.02294761711.24627539270.8023908728

    1986 I19864.39524348151.45165293460.98403078850.98685217581.25137754050.7991193446

    1986 II19864.38128229591.31347778860.80744919620.69445338931.28078535180.7807709532

    1986 III19864.49766955081.11168682880.74901265810.95114699481.27089148770.786849239

    1986 IV19864.27980233881.05145042780.76060203150.53841704691.2207730830.8191530547

    1987 I19874.23174051951.13758238870.79180611630.73172875821.13852408430.8783301238

    1987 II19874.1655796451.33967534420.87103958010.72127710411.16616019940.8575151171

    1987 III19874.13424410381.31876387340.90022395520.74582927581.27134045920.7865713647

    1987 IV19874.12511705291.28522998740.91783872220.98974330431.2325793820.8113067723

    1988 I19883.99686825011.44083396530.93177293050.91818818381.20343582250.8309541575

    1988 II19883.97718729031.37544019830.95071816670.96929089881.20546480680.8295555327

    1988 III19883.91834017321.37877372390.95342177780.87999605721.14460370710.8736648272

    1988 IV19883.9575714751.42241533230.96690915920.96425201071.16359208290.8594077037

    1989 I19893.93539905961.38134035271.18764535361.27820432761.1052870050.9047423841

    1989 II19893.84069537171.19479896511.40980674092.42713914080.8611524731.1612345448

    1989 III19893.85250829761.19382527251.09806733452.14644774380.88956814911.1241409678

    1989 IV19893.88154473121.29297146860.78632792820.64460568130.83194734021.201999155

    1990 I19903.69823408271.30982425370.90320496110.72013459240.71044211321.4075742154

    1990 II19903.46266994871.34674013170.91194626480.73016185960.72523178151.3788695222

    1990 III19903.45298029461.1584195850.90998470140.77280454430.7465724011.3394548187

    1990 IV19903.29846855641.25492912590.92110399640.94426826670.90059671971.1103749083

    1991 I19913.11011292551.35128784960.93829522790.84202586530.9186065211.0886053791

    1991 II19912.95007093541.33622511930.94481821120.88663711910.8609278041.1615375823

    1991 III19913.10399530061.28866174480.94178828350.92088822530.83522538141.1972816228

    1991 IV19913.01629679091.39045662330.96600807250.97765495030.98080317321.0195725578

    1992 I19922.94105719721.48314619940.98085921030.98907451431.01058079030.9895299906

    1992 II19922.84428205961.43048126760.97903931360.97416503891.00067189950.9993285517

    1992 III19922.78402105451.45225318670.98011412890.98096023171.01858127780.9817576877

    1992 IV19922.65467679861.53697383370.9858931590.98556818880.97771681541.0227910416

    1993 I19932.7776394771.49352414170.98208055421.01605519180.94048627271.0632797405

    1993 II19932.79841300931.53658519510.98986957130.99268582670.96074606221.040857766

    1993 III19932.68105332991.50605550480.95311151120.9458869310.93534051051.0691293586

    1993 IV19932.58119974671.4425091510.96716180421.10037830850.93369562581.0710128359

    1994 I19942.61023761361.13790895910.96696302910.91425177350.90836007691.1008850184

    1994 II19942.68122231611.3691994450.97829782381.01369991040.91468892471.0932678565

    1994 III19942.52854909971.27853572771.26732016711.2483844050.91396104121.0941385408

    1994 IV19942.54349780111.18865752591.38581689271.29184680850.81340353781.2294020785

    1995 I19952.58675385281.14492695221.48364052461.45609557310.81.25

    1995 II19952.59806690021.17183370891.54353497650.94608547720.82975635971.2051730466

    1995 III19952.4488916781.20843626081.56131217441.47281904510.8124044391.230914003

    1995 IV19952.2681529511.14222241021.78055700670.91395103590.7981396091.2529136365

    1996 I19962.35491084391.16668377471.70162550930.84577951560.7814536321.2796664562

    1996 II19962.2581480911.14879301591.66804558940.9694415430.77298658081.293683519

    1996 III19962.22131307011.15727044711.83648561030.83464426740.77637933871.288030155

    1996 IV19962.14088842031.25719724491.78009909471.10361351850.78798369231.2690617964

    1997 I19972.1538780381.16430934581.83532755430.98837763210.7748608991.2905542159

    1997 II19972.22413221891.119014561.7978277260.72614724270.77424699931.2915774951

    1997 III19972.16932353551.11216021421.81360687060.81575469120.77838999761.2847030448

    1997 IV19972.05250423851.16171916292.14837914280.97548301090.79179096991.2629595916

    1998 I19982.16183285051.14630531881.82580962280.73818378610.7737034691.2924848343

    1998 II19982.18082078311.28345394071.61169258411.19962114290.77948622091.2828963145

    1998 III19982.11757126511.25619903721.6489124470.32489976730.79592004091.2564076145

    1998 IV19981.9548941291.24787318021.78733850610.97039139280.8288642811.2064701338

    1999 I19991.95230358691.27467878331.61078201120.65149323941.1736145910.8520684794

    1999 II19991.99988755031.26928989021.57712965090.74224022161.10294135840.9066665171

    1999 III19991.94246207361.29575511951.55166141490.59623370861.18589808260.8432427834

    1999 IV19991.92334027861.36501572811.64130188460.64388050681.20177041340.8321056908

    2000 I20001.97238173411.27136023251.67709532161.34524011051.09429361910.9138315189

    2000 II20001.92524617791.28804695281.73163204250.43592606521.09859201650.9102560232

    2000 III20001.94273592231.2394729141.75738040940.57540889961.07819881830.9274727286

    2000 IV20001.95202583131.27047499081.80326498190.79207762141.1269545490.8873472323

    2001 I20011.98303072891.24108173721.83146070741.21671362331.17753548590.8492313072

    2001 II20012.04033657061.28132178131.7701726250.86592583831.29185350520.7740815781

    2001 III20012.06043688171.22714433411.82552028070.75153420451.40177820170.7133796194

    2001 IV20012.01387699291.17488378732.05426710931.04504721181.34806949160.7418015215

    2002 I20022.00888855841.30114802791.77646849111.22595430221.1568007030.86445314

    2002 II20022.09422625671.20032945812.02316866251.05208718371.19866756280.8342596655

    2002 III20022.05817713371.2686522791.91211875741.15804751151.48898641040.6715978017

    2002 IV20021.99138705231.12568104932.20311000590.23106582931.67131755240.5983303404

    Argentina

    Relative earnings

    Formal / SE

    Formal/SE

    Conditioned Earnings F/SE (invariant)

    Argentina

    Relative earnings

    Formal / SE

    Formal/SE

    Conditioned Earnings F/SE (variant)

    Argentina

    Relative earnings

    GDP (yearly variation)

    Unconditioned Earnings F SE

    gdp

    Argentina

    Relative earnings

    GDP (yearly variation)

    gdp

    Conditioned Earnings F/SE (invariant)

    6.5376302881668

    BRA

    Brazil

    Relative earnings

    Formal / SE

    Formal/SE

    Unconditioned Earnings F/SE

    Real exchange rate

    COL

    WAGES

    SIZEMEDIAN REGRESSUNCONDITIONALReal exchange rateRER using IFS data

    F_SEFIXEDVARIABLEAVERAGESMEDIANSReal exchange rateNEW series

    1985 11.92931985 10.99960.98000.85741.07140.54061.08120.00728347990.50984358971.9613858448Nominal Exchange rate (U$S/Local crrcy) * CPI us

    19851985 21.86971985 20.99920.98150.87331.00000.58071.16150.00764493720.53514560711.8686503015CPI col

    19851985 32.31501985 30.99920.98260.94921.11110.57171.14330.00837241890.586069321.7062827993

    19851985 42.19021985 40.99030.97050.84430.93750.58231.16460.00903857770.63270044051.580526795964...ZF - Consumer price index

    19861986 12.05471986 10.99911.00370.84901.06670.61831.23670.00832694990.58288649381.7155998819..AHXZF - Exchange rate index 1995=100

    19861986 22.24411986 20.97880.92750.83730.92500.62581.25170.00921937930.64535655311.5495310232

    19861986 32.16701986 30.98310.95880.80780.95240.61771.23540.00976507930.68355555221.4629388888

    19861986 42.09181986 40.97811.04690.77060.88130.61981.23970.00988589910.69201293681.4450596902

    19871987 12.14401987 10.99840.95560.84641.02860.63441.26880.00979003380.68530236761.459209901

    19871987 22.21971987 20.98950.99460.75460.93100.63231.26460.00984221320.68895492051.451473776

    19871987 32.11461987 30.99000.94090.79850.97140.62051.24100.01012065480.70844583791.4115405109

    19871987 42.04401987 40.97980.98670.80230.93330.61401.22810.01010660390.70746227531.4135029315

    19881988 12.04801988 10.98881.02270.80660.97500.63691.27370.00978131390.68469197161.4605107719

    19881988 22.11971988 20.98700.93350.84010.95200.65561.31130.00968313790.67781965181.475318689

    19881988 32.22601988 30.99370.95670.83030.96000.65361.30720.01006009610.70420672521.4200375603

    19881988 42.13991988 40.97651.01130.80730.94440.66221.32440.01039258730.72748111031.3746061387

    19891989 12.04091989 10.99091.01000.85841.00000.67911.35810.01031776740.72224371641.3845741781

    19891989 22.06671989 20.99210.98520.82630.96000.69981.39960.01044347320.7310431231.3679083607

    19891989 32.04231989 30.98850.92560.83960.91670.70911.41830.01072116950.75048186331.3324772375

    19891989 41.98831989 40.98321.03620.81730.91380.70981.41960.01102287740.77160141651.2960059152

    19901990 12.15871990 10.99260.99560.84041.00000.73031.46060.01111833170.77828322191.2848792982

    19901990 22.02941990 20.99250.96240.89160.98080.74181.48370.01117522180.78226552921.278338317

    19901990 32.21541990 30.97841.04610.81030.92040.72371.44750.01154754160.80832790991.2371217024

    19901990 42.22291990 40.98591.01680.78600.91670.70971.41940.01171549610.82008472421.2193862055

    19911991 12.06611991 10.99140.98980.93550.96000.72261.44530.01149794750.80485632681.2424577737

    19911991 22.27101991 20.99350.98430.93090.97220.74141.48280.01128220090.78975406051.2662169783

    19911991 32.00181991 30.99430.96340.92981.02080.71671.43330.01140600530.79842037191.252473052

    19911991 42.12131991 40.99200.96440.92341.00000.69201.38410.01174068130.82184768781.2167704733

    19921992 12.04141992 10.99671.01740.94570.97620.68641.37280.01147062960.80294407151.245416755

    19921992 22.18311992 20.99280.97441.02491.00000.69781.39570.01108015340.77561074071.2893065394

    19921992 32.19521992 30.99721.05010.97790.98820.67761.35520.01099306970.76951487671.2995200356

    19921992 42.13841992 40.99521.00130.94780.95240.66421.32840.01136239450.79536761421.2572802591

    1993 12.18061993 10.99591.03640.94880.95490.65981.31950.0108681460.7607702181.3144573438

    19931993 22.12641993 20.99381.03071.03770.95240.66061.32110.0106389380.74472566271.3427763404

    19931993 32.06281993 30.99291.00820.67630.96000.54991.09980.01058093670.740665571.3501370126

    19931993 42.27621993 40.98081.06830.55140.85000.51661.03320.01057728910.74041023741.3506026111

    19941994 12.11551994 10.99040.99490.67210.91200.52061.04110.00968023840.67761668711.4757605872

    19941994 22.03681994 20.98400.94310.61700.90000.49890.99790.00856745750.59972202551.6674391758

    19941994 32.13091994 30.98431.02480.76060.87500.50001.00000.00826782370.57874766031.7278687562

    19941994 41.91291994 40.97990.97490.49560.89020.47180.94370.00814101490.56987104441.7547829633

    19951995 11.87831995 10.98910.96520.75910.90000.50871.01750.00790202730.55314191081.8078543325

    19951995 21.89541995 20.98720.93850.76340.90000.50691.01380.00762701730.53389121441.8730407486

    19951995 31.76011995 30.97950.92110.60470.90000.50751.01500.00796156310.55730941821.7943353679

    19951995 41.90031995 40.98060.98820.69430.90000.49530.99050.00832006920.58240484711.717018677

    19961996 11.90941996 10.99471.03270.90061.00000.46030.92050.00814548210.57018374411.7538206067

    19961996 21.94641996 20.99111.01490.67160.85710.43860.87720.00800433980.56030378911.7847460958

    19961996 31.77351996 30.99510.93470.91350.98740.44330.88670.0076443040.53510127871.8688051027

    19961996 41.79991996 40.99541.01940.90580.99170.43550.87090.00714650470.50025533051.9989791992

    19971997 11.68041997 11.00381.05960.99971.04170.48050.96100.00718174460.5027221221.9891704704

    19971997 21.66041997 21.00780.95791.03011.07140.48470.96930.00696755730.48772901082.0503188817

    19971997 31.65441997 30.99620.92420.98691.04000.48240.96470.00725162250.50761357631.9700024716

    19971997 41.71221997 40.99521.01260.91071.04760.44790.89580.00790195570.55313690131.8078707056

    19981998 11.79361998 11.00481.00810.88331.04170.50461.00910.00783419120.54839338741.8235084942

    19981998 21.68941998 21.01310.98230.90831.08330.48690.97370.00753360510.52735235431.8962653561

    19981998 31.67641998 31.01230.98190.94361.12500.47460.94920.00766952770.53686694021.8626589292

    19981998 41.62231998 41.01541.03431.08281.20000.52881.05750.00833128870.58319020751.7147064323

    19991999 11.60401999 11.01840.98960.91531.20000.61351.22710.00804493120.56314518541.7757410095

    19991999 21.53921999 21.02691.04551.11001.33330.56641.13280.00829020240.58031417141.7232045144

    19991999 31.4480211999 31.02661.10881.14501.33330.00952811530.66696806891.4993221515

    19991999 41.3577021999 41.03181.01991.14881.33330.00974588960.68221227381.4658194208

    20002000 11.3986962000 11.04001.10971.08821.42920.0095007080.66504955861.5036473403

    20002000 21.4385042000 21.03921.03691.29331.42860.00980741920.68651934671.4566231889

    20002000 31.4262812000 31.02161.03500.99811.21330.01047215740.73305101891.3641615306

    20002000 41.5178472000 41.01851.01171.21951.14000.01029573720.72070160491.387536802

    20012001 11.3262122001 11.03941.07861.05731.33330.01044148390.73090387031.3681689762

    20012001 21.3889342001 21.03421.04431.16971.37500.01063267380.74428716451.3435674397

    20012001 31.5436672001 31.03931.05811.10361.38890.01050412870.73528900811.3600094507

    20012001 41.4592632001 41.02551.04481.09671.20190.01048156130.73370929371.362937622

    20022002 11.3854172002 11.01511.09970.99691.26390.01006346980.70444288321.4195615058

    20022002 21.5110582002 21.02991.41701.00441.25510.01016924740.71184732131.4047956214

    20022002 31.5568452002 31.02450.73961.07231.23790.01234307270.86401509211.1573871905

    20022002 41.5688742002 41.01321.36231.07931.26000.01197943180.8385602241.1925201929

    20032003 11.5713242003 11.02121.06201.29391.34710.01247218040.87305263081.1454063188

    20032003 21.5771922003 21.01750.99521.04281.31940.01193034060.83512384511.1974271911

    20032003 31.5369242003 31.02721.01101.27571.34900.01188601180.83202082561.2018929927

    20032003 41.5836252003 41.02771.26221.05971.23170.01168852950.81819706551.2221994458

    20042004 11.5588112004 11.01150.90091.11901.27190.01108151610.7757061271.2891479972

    20042004 21.559772004 21.02911.10661.07331.25000.01084763310.75933431581.3169429844

    Brazil

    Relative earnings

    Formal / SE

    Formal/SE

    Conditioned Earnings F/SE (invariant)

    Brazil

    Relative earnings

    Formal / SE

    Formal/SE

    Conditioned Earnings F/SE (variant)

    MEX

    RELATIVE SIZERelative WagesRER

    NEWMaloney-Fugazza-FiessNewMaloney-Fugazza-FiessMaloney-Fugazza-Fiess

    F_SEf+i/se+conFixed in tVarable in tOldUnconditionalNormanNEW

    1987-12.3220912.02129011761987 10.95674586061.06828770420.94255003710.91893396371987 10.71584380630.01784870730.89243536481.1205293284RER using IFS data

    19871987-22.1878421.94248202561987 20.96665020671.02859668410.95243574991.00659600121987 20.71060618380.01754175270.87708763581.140136925

    19871987-32.220541.98667512691987 30.96451455771.02777422640.95147515530.9916760611987 30.69785836280.01672505420.8362527081.1958107764Nominal Exchange rate (U$S/Local crrcy) * CPI us

    19871987-42.2295011.83413606261987 40.96903526011.1131998630.98724804611.06614446241987 40.71912709540.01595988220.7979941111.2531420798CPI mex

    19881988-12.234581.89041095891988 10.80998727941.3805069530.92361111111.06217870461988 10.66381678260.01470641510.73532075641.3599507307

    19881988-22.2058231.93798449611988 20.81665800361.23403491470.87889273360.97466678361988 20.64882779860.01355097320.67754865861.475908759264...ZF - Consumer price index

    19881988-32.3593181.86553603881988 30.79113171291.33693777220.83639291471.00506884731988 30.64427438940.01313659230.65682961741.5224648424..AHXZF - Exchange rate index 1995=100

    19881988-42.210571.92396385171988 40.78553854771.16276021080.79096385540.96282676291988 40.64142602090.01287702030.64385101331.5531543468

    19891989-12.1521031.87336774981989 10.7819552151.35791295570.79460884850.97873558651989 10.64056915890.01255554440.62777721771.592921775

    19891989-22.1597921.82632050131989 20.77715876281.23045948920.74337250610.94142629821989 20.64259847320.01274768050.63738402541.568912869

    19891989-32.1198861.83038657481989 30.77068668531.18359114490.76384059910.91092218651989 30.64437325530.01291809320.64590465961.5482161107

    19891989-42.1876851.8785018271989 40.78646068971.09565901970.75918583140.96355532491989 40.64430481650.01293001460.64650073221.546788658

    19901990-12.1361351.9506251990 10.78721811381.13965794260.76858383070.98855118971990 10.63819197250.01238385070.61919253541.6150065495

    19901990-22.1967812.01337579621990 20.79150275451.08539943560.78003246750.76776477931990 20.63649567940.01225715760.61285788041.631699668

    19901990-32.118022.00573248411990 30.7802381931.03409215130.77461000540.90157698771990 30.63491186350.01213808080.60690403881.6477069456

    19901990-42.1128251.96326530611990 40.80164194480.98922464550.77543186180.95723204081990 40.63191235950.01192567390.5962836941.6770540769

    19911991-12.2466792.00890585241991 10.81157300321.11841535520.79830508470.98214424271991 10.62542382590.01135864870.56793243271.7607728358

    19911991-22.2640381.95057866751991 20.82298808970.97600006850.79627601310.98513978321991 20.62328247560.01116094060.55804703041.7919636617

    19911991-32.0973261.88878648231991 30.83374630991.04998751060.81347576011.0117044691991 30.6224567120.01116392930.5581964661.7914839324

    19911991-42.0676381.9143654981991 40.84048963941.2575961890.84626354821.07872577561991 40.61857000990.01078351540.53917576881.8546827546

    19921992-12.1021282.00320924261992 10.84778767231.27786723980.79828660440.96573233451992 10.61372641260.01029779030.51488951581.9421642301

    19921992-22.0502032.01382636661992 20.84836825671.20561942070.8071131880.9871971251992 20.61309971960.01020567860.51028393071.9596932998

    19921992-32.0507691.96627797041992 30.864549571.17741412410.82933126781.03184681811992 30.61152294010.0100932230.50466115061.981527603

    19921992-42.0017841.92515527951992 40.86722103881.18088658050.83166890681.05619485611992 40.60948292380.00998567160.49928358092.0028697882

    19931993-12.0806281.86737481031993 10.87491463311.28902509430.84790388550.99066629151993 10.60632296630.00971088730.48554436382.0595440385

    19931993-21.9378911.86091709691993 20.87940144951.01372156880.8917980231.04550562281993 20.60603173470.00962913260.48145662852.0770302887

    19931993-32.0421891.83784596871993 30.88063603931.1200244620.89530877291.06742406821993 30.60459695440.00951903160.47595157842.1010540679

    19931993-42.077921.76155646581993 40.88934509941.05824029420.91568836711.07126666311993 40.60322782660.00945848940.47292446792.1145025642

    19941994-12.0153761.84250075141994 10.90075091470.98726027640.92702485971.16812078641994 10.6102240360.00945584420.4727922082.1150940795

    19941994-22.0689931.78052368341994 20.89836952581.10199072440.95615237051.25086256771994 20.6103268680.00989767810.4948839042.0206759443

    19941994-31.9092441.74651972161994 30.90164278820.98606820350.91437467571.07147335941994 30.61005505620.00999180860.4995904292.0016396271

    19941994-41.9295421.75188187611994 40.90711490581.03632701080.93901128431.15962101521994 40.66988858670.01040381730.52019086361.9223713257

    1995-11.9086681.71090182651995 10.89546776420.94827782710.94612696560.98701660861995 10.70.0158214290.7910714511.2641083163

    19951995-21.8329071.64709156691995 20.91216092781.08094771650.9747267761.08879968961995 20.6581637220.01405662180.7028310891.4228169694

    19951995-31.7597071.60055096421995 30.91247963711.06242609361.03099327861.10143869641995 30.65038033590.01324602590.66230129681.5098868217

    19951995-41.7661281.60160575861995 40.92919205770.96520946831.03671128111.16697672261995 40.66830189020.01465385650.73269282511.3648284326

    19961996-11.7347451.64370078741996 10.93358717621.00269596541.02060221871.1378095971996 10.65371120280.01395696180.69784808981.4329766242

    19961996-21.8207681.66241857831996 20.93483693931.06767271650.99839679361.23349548191996 20.64629126560.01309551980.65477598981.5272398737

    19961996-31.8986481.62047857541996 30.95156329221.04158611641.00119808311.22818121391996 30.63924334630.01271727110.63586355351.5726644411

    19961996-41.8417471.66515709031996 40.93751956851.02881064521.0196963481.10733953471996 40.63922736090.0126362490.63181244921.5827481737

    19971997-11.8431321.66252821671997 10.94643742791.17937645121.02567287781.15809892131997 10.6318049380.01195626680.59781334211.6727629337

    19971997-21.8177651.7040757751997 20.94431691541.15819110861.03861955631.18105624421997 20.62906607750.01169364250.58468212321.7103310675

    19971997-31.8690731.74853971961997 30.95369522151.09923358961.03874388251.21307577061997 30.62386203630.01127177770.56358888351.7743430171

    19971997-41.9302881.78069657621997 40.94476839441.15419543151.04861390121.16139207741997 40.62458212260.01132764030.56638201691.7655927805

    19981998-11.9504661.78854105141998 10.94540996221.11062963481.03446901461.12733553131998 10.62520135760.01125732250.56286612641.7766213903

    19981998-21.996361.82738987111998 20.94461670641.06491173031.03402624091.14568593811998 20.62939772430.01127267110.5636335551.7742023892

    19981998-32.0239571.87511422481998 30.95267420891.10168755170.99466762951.17405767341998 30.64065903350.01194816050.59740802271.6738978419

    19981998-41.977682.00190900411998 40.96185220741.0395635321.05607859191.26933472771998 40.63132983360.01214177290.60708864461.6472059045

    19991999-11.948851.94669576061999 10.96647282061.1114537571.03697617091.2173417841999 10.61992037630.01143122280.57156113971.7495941037

    19991999-21.9527961.89669926651999 20.95693894451.11880833011.01332810661.21805908521999 20.61763754020.01066774860.53338742971.8748098368

    19991999-32.0685481999 30.95487169121.09023861131.04093567251.13810934641999 30.01042971240.52148561921.9175984212

    19991999-42.0893931999 40.95211058321.0556584941.01737160121.13480756931999 40.01033412890.51670644711.9353348612

    20002000-12.1177892000 10.94657221881.05432276061.21235615112000 10.01007698540.50384926991.9847205499

    20002000-22.0138042000 20.94482368541.17410048291.07272495212000 20.01017691810.50884590441.9652315001

    20002000-32.1159342000 30.94414807941.10159865641.07994460232000 30.00989561790.49478089422.0210966344

    20002000-42.0944662000 40.95440125250.98358976821.17904689622000 40.00986163540.49308176962.0280611893

    20012001-12.0805062001 10.95907398851.02768166211.17950550072001 10.00999711640.49985581832.0005768932

    20012001-22.1263252001 20.94897751241.1475919141.18599306852001 20.00947288870.47364443282.1112884068

    20012001-32.1111222001 30.94401441791.05476124621.18838545952001 30.00944620170.47231008752.1172531067

    20012001-42.1066562001 40.95601372981.13546942891.20466940042001 40.00930533250.46526662332.1493052582

    20022002-12.0212662002 10.94863654211.06778858311.17696483852002 10.00908556170.45427808632.2012948241

    20022002-22.0681692002 20.94844000881.17660269151.15221281322002 20.00940730830.47036541692.126006641

    20022002-31.9819432002 30.9452798871.14026185041.15718143012002 30.00977707130.48885356372.0456023526

    20022002-42.014762002 40.95276933531.13053765881.16384041572002 40.00991871030.49593551312.0163911913

    20032003-12.0105712003 10.94596947431.04342976671.16603123512003 10.01051160830.52558041271.9026584246

    20032003-21.9745862003 20.95050458631.09955908811.1793716392003 20.01015435230.50771761551.9695987879

    20032003-31.8997522003 30.9285569381.20925809991.04806884352003 30.01038805220.51940261161.9252887409

    20032003-41.9015532003 40.93676426831.13199748531.11579152692003 40.01069254790.53462739291.8704615838

    20042004-11.9261652004 10.93597681481.18140736931.05753177182004 10.01041694110.52084705631.9199494128

    20042004-21.8644732004 20.94558307941.31974163561.07173044252004 20.01090054330.54502716631.8347709285

    20042004-31.8114732004 30.93770432021.28520149071.08479886912004 30.01090099110.54504955541.8346955614

    20042004-41.8555122004 40.94274454661.29739133851.10014598132004 40.01062595440.53129772011.882183872

    ALL

    ALL

    2.01715492080.85912909620.6772518161

    2.01437725430.83785519950.6236134765

    2.01008110880.7782034770.5483562307

    2.03644758341.01658212810.6323224526

    1.9490309860.83779983380.6384207184

    1.9469318841.07246038550.64284969

    1.88836021361.03812631810.5657763507

    1.78266333941.06830514070.9014723875

    1.8777594441.31246922850.8538181565

    1.76643838451.37811409330.6605372859

    1.70670386651.35912564760.494743525

    1.75691014191.15190885830.4949977975

    1.88561064391.02410774620.4720881429

    1.73977347541.00992938630.4624415138

    1.65291586870.89732775870.4560919873

    1.57764642730.87923542730.4536500202

    1.7140218560.89744937190.4511869555

    1.79545511750.89993293190.4514121071

    1.91210299280.98422139040.450344529

    1.65724852650.97632322810.45

    1.79689620250.85410644150.4507762146

    1.85810673030.90911290910.4526695145

    1.73877869050.8834358470.4535941999

    1.93390266760.85070959540.4546040538

    1.82365336370.82746341520.4553473822

    1.87273634720.89736336630.4552833251

    1.80610164691.04690798890.4559730928

    1.8151351771.01302896360.4578829865

    1.83023397271.00047304080.4605674589

    1.74284195561.08377895990.4627428211

    1.7935776120.96861668790.4652184818

    1.63497550471.08705535530.4674419536

    1.55402286061.19329125130.4694894592

    1.34457979811.09425070780.6995077848

    1.27644690131.06091242450.6592866826

    0.5951599395

    Argentina

    Relative earningsReal exchange rate

    Formal / SE

    Formal/SE

    Unconditioned Earnings F SE

    Real exchange rate

    ALL (flipped exchange rate)

    Brazil

    Relative earningsReal exchange rate

    Formal / SE

    Formal/SE

    Unconditioned Earnings F/SE

    Real exchange rate

    1983

    1983

    1983

    1983

    1983

    1983

    1983

    1983

    1983

    1983

    1983

    1983

    1984

    1984

    1984

    1984

    1984

    1984

    1984

    1984

    1984

    1984

    1984

    1984

    1985

    1985

    1985

    1985

    1985

    1985

    1985

    1985

    1985

    1985

    1985

    1985

    1986

    1986

    1986

    1986

    1986

    1986

    1986

    1986

    1986

    1986

    1986

    1986

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    4.3308196205

    1.4157892925

    0.955473855

    4.3129794262

    1.5994734866

    1.1274504333

    4.3763863476

    1.6342728737

    1.1194854971

    3.9127705715

    1.5871223596

    1.1592834233

    3.9881387759

    1.6872064734

    1.1769461422

    3.9422728013

    1.6240878613

    1.1994727793

    4.0047716803

    1.6689934801

    1.1901070522

    4.0065028073

    1.7142949182

    1.1793727869

    4.1699905415

    1.6419334238

    1.1590213706

    4.1953916531

    1.6854516316

    1.2723608154

    4.1462548245

    1.5069443261

    1.2664296281

    4.2172889669

    1.5192413174

    1.2462753927

    4.3952434815

    1.4516529346

    1.2513775405

    4.3812822959

    1.3134777886

    1.2807853518

    4.4976695508

    1.1116868288

    1.2708914877

    4.2798023388

    1.0514504278

    1.220773083

    4.2317405195

    1.1375823887

    1.1385240843

    4.165579645

    1.3396753442

    1.1661601994

    4.1342441038

    1.3187638734

    1.2713404592

    4.1251170529

    1.2852299874

    1.232579382

    3.9968682501

    1.4408339653

    1.2034358225

    3.9771872903

    1.3754401983

    1.2054648068

    3.9183401732

    1.3787737239

    1.1446037071

    3.957571475

    1.4224153323

    1.1635920829

    3.9353990596

    1.3813403527

    1.105287005

    3.8406953717

    1.1947989651

    0.861152473

    3.8525082976

    1.1938252725

    0.8895681491

    3.8815447312

    1.2929714686

    0.8319473402

    3.6982340827

    1.3098242537

    0.7104421132

    3.4626699487

    1.3467401317

    0.7252317815

    3.4529802946

    1.158419585

    0.746572401

    3.2984685564

    1.2549291259

    0.9005967197

    3.1101129255

    1.3512878496

    0.918606521

    2.9500709354

    1.3362251193

    0.860927804

    3.1039953006

    1.2886617448

    0.8352253814

    3.0162967909

    1.3904566233

    0.9808031732

    2.9410571972

    1.4831461994

    1.0105807903

    2.8442820596

    1.4304812676

    1.0006718995

    2.7840210545

    1.4522531867

    1.0185812778

    2.6546767986

    1.5369738337

    0.9777168154

    2.777639477

    1.4935241417

    0.9404862727

    2.7984130093

    1.5365851951

    0.9607460622

    2.6810533299

    1.5060555048

    0.9353405105

    2.5811997467

    1.442509151

    0.9336956258

    2.6102376136

    1.1379089591

    0.9083600769

    2.6812223161

    1.369199445

    0.9146889247

    2.5285490997

    1.2785357277

    0.9139610412

    2.5434978011

    1.1886575259

    0.8134035378

    2.5867538528

    1.1449269522

    0.8

    2.5980669002

    1.1718337089

    0.8297563597

    2.448891678

    1.2084362608

    0.812404439

    2.268152951

    1.1422224102

    0.798139609

    2.3549108439

    1.1666837747

    0.781453632

    2.258148091

    1.1487930159

    0.7729865808

    2.2213130701

    1.1572704471

    0.7763793387

    2.1408884203

    1.2571972449

    0.7879836923

    2.153878038

    1.1643093458

    0.774860899

    2.2241322189

    1.11901456

    0.7742469993

    2.1693235355

    1.1121602142

    0.7783899976

    2.0525042385

    1.1617191629

    0.7917909699

    2.1618328505

    1.1463053188

    0.773703469

    2.1808207831

    1.2834539407

    0.7794862209

    2.1175712651

    1.2561990372

    0.7959200409

    1.954894129

    1.2478731802

    0.828864281

    1.9523035869

    1.2746787833

    1.173614591

    1.9998875503

    1.2692898902

    1.1029413584

    1.9424620736

    1.2957551195

    1.1858980826

    1.9233402786

    1.3650157281

    1.2017704134

    1.9723817341

    1.2713602325

    1.0942936191

    1.9252461779

    1.2880469528

    1.0985920165

    1.9427359223

    1.239472914

    1.0781988183

    1.9520258313

    1.2704749908

    1.126954549

    1.9830307289

    1.2410817372

    1.1775354859

    2.0403365706

    1.2813217813

    1.2918535052

    2.0604368817

    1.2271443341

    1.4017782017

    2.0138769929

    1.1748837873

    1.3480694916

    2.0088885584

    1.3011480279

    1.156800703

    2.0942262567

    1.2003294581

    1.1986675628

    2.0581771337

    1.268652279

    1.4889864104

    1.9913870523

    1.1256810493

    1.6713175524

    Colombia

    Relative earningsReal exchange rate

    Formal / SE

    Formal/SE

    Unconditioned Earnings F/SE

    Real exchange rate

    1985

    1985

    1985

    1985

    1985

    1985

    1985

    1985

    1985

    1985

    1985

    1985

    1986

    1986

    1986

    1986

    1986

    1986

    1986

    1986

    1986

    1986

    1986

    1986

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2003

    2003

    2003

    2003

    2003

    2003

    2003

    2003

    2003

    2003

    2003

    2003

    2004

    2004

    2004

    2004

    2004

    2004

    1.929314

    1.0714285714

    0.5098435897

    1.869688

    1

    0.5351456071

    2.314987

    1.1111111111

    0.58606932

    2.190161

    0.9375

    0.6327004405

    2.054671

    1.0666662187

    0.5828864938

    2.244115

    0.925

    0.6453565531

    2.166955

    0.9523808

    0.6835555522

    2.091792

    0.8812501551

    0.6920129368

    2.144028

    1.0285719113

    0.6853023676

    2.219691

    0.9310342773

    0.6889549205

    2.114581

    0.971429022

    0.7084458379

    2.043965

    0.93333312

    0.7074622753

    2.048011

    0.974999805

    0.6846919716

    2.119696

    0.9520001523

    0.6778196518

    2.226035

    0.9599998245

    0.7042067252

    2.13988

    0.9444442667

    0.7274811103

    2.040933

    1

    0.7222437164

    2.0667

    0.96

    0.731043123

    2.04229

    0.9166668

    0.7504818633

    1.988266

    0.91375

    0.7716014165

    2.158674

    1

    0.7782832219

    2.029422

    0.9807692569

    0.7822655292

    2.215413

    0.92041664

    0.8083279099

    2.22292

    0.91666656

    0.8200847242

    2.066092

    0.9599999654

    0.8048563268

    2.270962

    0.9722220433

    0.7897540605

    2.001821

    1.0208331175

    0.7984203719

    2.121348

    1

    0.8218476878

    2.041388

    0.9761904

    0.8029440715

    2.183105

    1

    0.7756107407

    2.195201

    0.9882353685

    0.7695148767

    2.13836

    0.9523810133

    0.7953676142

    2.1806

    0.9548611296

    0.760770218

    2.126412

    0.9523809116

    0.7447256627

    2.06282

    0.96

    0.74066557

    2.276176

    0.849999964

    0.7404102374

    2.115499

    0.912

    0.6776166871

    2.036838

    0.900000036

    0.5997220255

    2.130881

    0.875000042

    0.5787476603

    1.912888

    0.8901819066

    0.5698710444

    1.878255

    0.9

    0.5531419108

    1.895405

    0.899999712

    0.5338912144

    1.760092

    0.899999712

    0.5573094182

    1.900264

    0.899999712

    0.5824048471

    1.909429

    1

    0.5701837441

    1.946356

    0.8571432

    0.5603037891

    1.773518

    0.9874287956

    0.5351012787

    1.799907

    0.99166627

    0.5002553305

    1.680379

    1.0416664

    0.502722122

    1.660423

    1.0714288

    0.4877290108

    1.654361

    1.0400005222

    0.5076135763

    1.7122

    1.0476190127

    0.5531369013

    1.793593

    1.0416666667

    0.5483933874

    1.689395

    1.0833331022

    0.5273523543

    1.676418

    1.12499991

    0.5368669402

    1.622314

    1.2000003072

    0.5831902075

    1.603978

    1.200000144

    0.5631451854

    1.539173

    1.3333336

    0.5803141714

    1.448021

    1.3333336

    0.6669680689

    1.357702

    1.3333336

    0.6822122738

    1.398696

    1.4291671567

    0.6650495586

    1.438504

    1.4285712

    0.6865193467

    1.426281

    1.2133330745

    0.7330510189

    1.517847

    1.1399996688

    0.7207016049

    1.326212

    1.3333336

    0.7309038703

    1.388934

    1.375

    0.7442871645

    1.543667

    1.3888888

    0.7352890081

    1.459263

    1.2019230769

    0.7337092937

    1.385417

    1.2638888504

    0.7044428832

    1.511058

    1.2551022297

    0.7118473213

    1.556845

    1.2378639815

    0.8640150921

    1.568874

    1.2600002016

    0.838560224

    1.571324

    1.3471357041

    0.8730526308

    1.577192

    1.3194446667

    0.8351238451

    1.536924

    1.3489585047

    0.8320208256

    1.583625

    1.23166656

    0.8181970655

    1.558811

    1.2718747174

    0.775706127

    1.55977

    1.24999955

    0.7593343158

    Mexico

    Relative earningsReal exchange rate

    Formal / SE

    Formal/SE

    Unconditioned Earnings F/SE

    Real exchange rate

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2003

    2003

    2003

    2003

    2003

    2003

    2003

    2003

    2003

    2003

    2003

    2003

    2004

    2004

    2004

    2004

    2004

    2004

    2004

    2004

    2004

    2004

    2004

    2004

    2.322091

    0.9189339637

    0.8924353648

    2.187842

    1.0065960012

    0.8770876358

    2.22054

    0.991676061

    0.836252708

    2.229501

    1.0661444624

    0.797994111

    2.23458

    1.0621787046

    0.7353207564

    2.205823

    0.9746667836

    0.6775486586

    2.359318

    1.0050688473

    0.6568296174

    2.21057

    0.9628267629

    0.6438510133

    2.152103

    0.9787355865

    0.6277772177

    2.159792

    0.9414262982

    0.6373840254

    2.119886

    0.9109221865

    0.6459046596

    2.187685

    0.9635553249

    0.6465007322

    2.136135

    0.9885511897

    0.6191925354

    2.196781

    0.7677647793

    0.6128578804

    2.11802

    0.9015769877

    0.6069040388

    2.112825

    0.9572320408

    0.596283694

    2.246679

    0.9821442427

    0.5679324327

    2.264038

    0.9851397832

    0.5580470304

    2.097326

    1.011704469

    0.558196466

    2.067638

    1.0787257756

    0.5391757688

    2.102128

    0.9657323345

    0.5148895158

    2.050203

    0.987197125

    0.5102839307

    2.050769

    1.0318468181

    0.5046611506

    2.001784

    1.0561948561

    0.4992835809

    2.080628

    0.9906662915

    0.4855443638

    1.937891

    1.0455056228

    0.4814566285

    2.042189

    1.0674240682

    0.4759515784

    2.07792

    1.0712666631

    0.4729244679

    2.015376

    1.1681207864

    0.472792208

    2.068993

    1.2508625677

    0.494883904

    1.909244

    1.0714733594

    0.499590429

    1.929542

    1.1596210152

    0.5201908636

    1.908668

    0.9870166086

    0.791071451

    1.832907

    1.0887996896

    0.702831089

    1.759707

    1.1014386964

    0.6623012968

    1.766128

    1.1669767226

    0.7326928251

    1.734745

    1.137809597

    0.6978480898

    1.820768

    1.2334954819

    0.6547759898

    1.898648

    1.2281812139

    0.6358635535

    1.841747

    1.1073395347

    0.6318124492

    1.843132

    1.1580989213

    0.5978133421

    1.817765

    1.1810562442

    0.5846821232

    1.869073

    1.2130757706

    0.5635888835

    1.930288

    1.1613920774

    0.5663820169

    1.950466

    1.1273355313

    0.5628661264

    1.99636

    1.1456859381

    0.563633555

    2.023957

    1.1740576734

    0.5974080227

    1.97768

    1.2693347277

    0.6070886446

    1.94885

    1.217341784

    0.5715611397

    1.952796

    1.2180590852

    0.5333874297

    2.068548

    1.1381093464

    0.5214856192

    2.089393

    1.1348075693

    0.5167064471

    2.117789

    1.2123561511

    0.5038492699

    2.013804

    1.0727249521

    0.5088459044

    2.115934

    1.0799446023

    0.4947808942

    2.094466

    1.1790468962

    0.4930817696

    2.080506

    1.1795055007

    0.4998558183

    2.126325

    1.1859930685

    0.4736444328

    2.111122

    1.1883854595

    0.4723100875

    2.106656

    1.2046694004

    0.4652666233

    2.021266

    1.1769648385

    0.4542780863

    2.068169

    1.1522128132

    0.4703654169

    1.981943

    1.1571814301

    0.4888535637

    2.01476

    1.1638404157

    0.4959355131

    2.010571

    1.1660312351

    0.5255804127

    1.974586

    1.179371639

    0.5077176155

    1.899752

    1.0480688435

    0.5194026116

    1.901553

    1.1157915269

    0.5346273929

    1.926165

    1.0575317718

    0.5208470563

    1.864473

    1.0717304425

    0.5450271663

    1.811473

    1.0847988691

    0.5450495554

    1.855512

    1.1001459813

    0.5312977201

    ALL (flipped exchange rate)

    2.01715492080.85912909621.4765556566

    2.01437725430.83785519951.603557392

    2.01008110880.7782034771.8236320552

    2.03644758341.01658212811.5814715986

    1.9490309860.83779983381.5663652059

    1.9469318841.07246038551.5555735899

    1.88836021361.03812631811.7674828557

    1.78266333941.06830514071.1092963177

    1.8777594441.31246922851.1712095748

    1.76643838451.37811409331.5139190798

    1.70670386651.35912564762.0212492927

    1.75691014191.15190885832.020211009

    1.88561064391.02410774622.1182484988

    1.73977347541.00992938632.1624356165

    1.65291586870.89732775872.1925401625

    1.57764642730.87923542732.2043424566

    1.7140218560.89744937192.2163761338

    1.79545511750.89993293192.2152706681

    1.91210299280.98422139042.220522146

    1.65724852650.97632322812.2222222222

    1.79689620250.85410644152.218395664

    1.85810673030.90911290912.2091171773

    1.73877869050.8834358472.2046137281

    1.93390266760.85070959542.1997164163

    1.82365336370.82746341522.1961255057

    1.87273634720.89736336632.1964344944

    1.80610164691.04690798892.1931118651

    1.8151351771.01302896362.1839640902

    1.83023397271.00047304082.1712345948

    1.74284195561.08377895992.1610275825

    1.7935776120.96861668792.1495276718

    1.63497550471.08705535532.1393030563

    1.55402286061.19329125132.129973273

    1.34457979811.09425070781.4295766563

    1.27644690131.06091242451.5167908384

    1.6802206158

    Argentina

    Relative earningsReal exchange rate

    Formal / SE

    Formal/SE

    Unconditioned Earnings F SE

    Real exchange rate

    ALL (flagship)

    Brazil

    Relative earningsReal exchange rate

    Formal / SE

    Formal/SE

    Unconditioned Earnings F/SE

    Real exchange rate

    1983

    1983

    1983

    1983

    1983

    1983

    1983

    1983

    1983

    1983

    1983

    1983

    1984

    1984

    1984

    1984

    1984

    1984

    1984

    1984

    1984

    1984

    1984

    1984

    1985

    1985

    1985

    1985

    1985

    1985

    1985

    1985

    1985

    1985

    1985

    1985

    1986

    1986

    1986

    1986

    1986

    1986

    1986

    1986

    1986

    1986

    1986

    1986

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1987

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1988

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1989

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1990

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1991

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1992

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1993

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1994

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1995

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1996

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1997

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1998

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    1999

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2000

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2001

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    2002

    4.3308196205

    1.4157892925

    1.0466011129

    4.3129794262

    1.5994734866

    0.8869569521

    4.3763863476

    1.6342728737

    0.8932674899

    3.9127705715

    1.5871223596

    0.8626018279

    3.9881387759

    1.6872064734

    0.8496565511

    3.9422728013

    1.6240878613

    0.8336996198

    4.0047716803

    1.6689934801

    0.8402605448

    4.0065028073

    1.7142949182

    0.8479083213

    4.1699905415

    1.6419334238

    0.8627968607

    4.1953916531

    1.6854516316

    0.7859405822

    4.1462548245

    1.5069443261

    0.7896214506

    4.2172889669

    1.5192413174

    0.8023908728

    4.3952434815

    1.4516529346

    0.7991193446

    4.3812822959

    1.3134777886

    0.7807709532

    4.4976695508

    1.1116868288

    0.786849239

    4.2798023388

    1.0514504278

    0.8191530547

    4.2317405195

    1.1375823887

    0.8783301238

    4.165579645

    1.3396753442

    0.8575151171

    4.1342441038

    1.3187638734

    0.7865713647

    4.1251170529

    1.2852299874

    0.8113067723

    3.9968682501

    1.4408339653

    0.8309541575

    3.9771872903

    1.3754401983

    0.8295555327

    3.9183401732

    1.3787737239

    0.8736648272

    3.957571475

    1.4224153323

    0.8594077037

    3.9353990596

    1.3813403527

    0.9047423841

    3.8406953717

    1.1947989651

    1.1612345448

    3.8525082976

    1.1938252725

    1.1241409678

    3.8815447312

    1.2929714686

    1.201999155

    3.6982340827

    1.3098242537

    1.4075742154

    3.4626699487

    1.3467401317

    1.3788695222

    3.4529802946

    1.158419585

    1.3394548187

    3.2984685564

    1.2549291259

    1.1103749083

    3.1101129255

    1.3512878496

    1.0886053791

    2.9500709354

    1.3362251193

    1.1615375823

    3.1039953006

    1.2886617448

    1.1972816228

    3.0162967909

    1.3904566233

    1.0195725578

    2.9410571972

    1.4831461994

    0.9895299906

    2.8442820596

    1.4304812676

    0.9993285517

    2.7840210545

    1.4522531867

    0.9817576877

    2.6546767986

    1.5369738337

    1.0227910416

    2.777639477

    1.4935241417

    1.0632797405

    2.7984130093

    1.5365851951

    1.040857766

    2.6810533299

    1.5060555048

    1.0691293586

    2.5811997467

    1.442509151

    1.0710128359

    2.6102376136

    1.1379089591

    1.1008850184

    2.6812223161

    1.369199445

    1.0932678565

    2.5285490997

    1.2785357277

    1.0941385408

    2.5434978011

    1.1886575259

    1.2294020785

    2.5867538528

    1.1449269522

    1.25

    2.5980669002

    1.1718337089

    1.2051730466

    2.448891678

    1.2084362608

    1.230914003

    2.268152951

    1.1422224102

    1.2529136365

    2.3549108439

    1.1666837747

    1.2796664562

    2.258148091

    1.1487930159

    1.293683519

    2.2213130701

    1.1572704471

    1.288030155

    2.1408884203

    1.2571972449

    1.2690617964

    2.153878038

    1.1643093458

    1.2905542159

    2.2241322189

    1.11901456

    1.2915774951

    2.1693235355

    1.1121602142

    1.2847030448

    2.0525042385

    1.1617191629

    1.2629595916

    2.1618328505

    1.1463053188

    1.2924848343

    2.1808207831

    1.2834539407

    1.2828963145

    2.1175712651

    1.2561990372

    1.2564076145

    1.954894129

    1.2478731802

    1.2064701338

    1.9523035869

    1.2746787833

    0.8520684794

    1.9998875503

    1.2692898902

    0.9066665171

    1.9424620736

    1.2957551195

    0.8432427834

    1.9233402786

    1.3650157281

    0.8321056908

    1.9723817341

    1.2713602325

    0.9138315189

    1.9252461779

    1.2880469528

    0.9102560232

    1.9427359223

    1.239472914

    0.9274727286

    1.9520258313

    1.2704749908

    0.8873472323

    1.9830307289

    1.2410817372

    0.8492313072

    2.0403365706

    1.2813217813

    0.7740815781

    2.0604368817

    1.2271443341

    0.7133796194

    2.0138769929

    1.1748837873

    0.7418015215

    2.0088885584

    1.3011480279

    0.86445314

    2.0942262567

    1.2003294581

    0.8342596655

    2.0581771337

    1.268652279

    0.6715978017

    1.9913870523

    1.1256810493

    0.5983303404

    Colombia

    Relative earningsReal exchange rate

    Formal / SE

    Formal/SE

    Unconditioned Earnings F/SE

    Real exchange rate

    1985

    1985

    1985

    1985

    1985

    1985

    1985

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    1.929314

    1.0714285714

    1.9613858448

    1.869688

    1

    1.8686503015

    2.314987

    1.1111111111

    1.7062827993

    2.190161

    0.9375

    1.5805267959

    2.054671

    1.0666662187

    1.7155998819

    2.244115

    0.925

    1.5495310232

    2.166955

    0.9523808

    1.4629388888

    2.091792

    0.8812501551

    1.4450596902

    2.144028

    1.0285719113

    1.459209901

    2.219691

    0.9310342773

    1.451473776

    2.114581

    0.971429022

    1.4115405109

    2.043965

    0.93333312

    1.4135029315

    2.048011

    0.974999805

    1.4605107719

    2.119696

    0.9520001523

    1.475318689

    2.226035

    0.9599998245

    1.4200375603

    2.13988

    0.9444442667

    1.3746061387

    2.040933

    1

    1.3845741781

    2.0667

    0.96

    1.3679083607

    2.04229

    0.9166668

    1.3324772375

    1.988266

    0.91375

    1.2960059152

    2.158674

    1

    1.2848792982

    2.029422

    0.9807692569

    1.278338317

    2.215413

    0.92041664

    1.2371217024

    2.22292

    0.91666656

    1.2193862055

    2.066092

    0.9599999654

    1.2424577737

    2.270962

    0.9722220433

    1.2662169783

    2.001821

    1.0208331175

    1.252473052

    2.121348

    1

    1.2167704733

    2.041388

    0.9761904

    1.245416755

    2.183105

    1

    1.2893065394

    2.195201

    0.9882353685

    1.2995200356

    2.13836

    0.9523810133

    1.2572802591

    2.1806

    0.9548611296

    1.3144573438

    2.126412

    0.9523809116

    1.3427763404

    2.06282

    0.96

    1.3501370126

    2.276176

    0.849999964

    1.3506026111

    2.115499

    0.912

    1.4757605872

    2.036838

    0.900000036

    1.6674391758

    2.130881

    0.875000042

    1.7278687562

    1.912888

    0.8901819066

    1.7547829633

    1.878255

    0.9

    1.8078543325

    1.895405

    0.899999712

    1.8730407486

    1.760092

    0.899999712

    1.7943353679

    1.900264

    0.899999712

    1.717018677

    1.909429

    1

    1.7538206067

    1.946356

    0.8571432

    1.7847460958

    1.773518

    0.9874287956

    1.8688051027

    1.799907

    0.99166627

    1.9989791992

    1.680379

    1.0416664

    1.9891704704

    1.660423

    1.0714288

    2.0503188817

    1.654361

    1.0400005222

    1.9700024716

    1.7122

    1.0476190127

    1.8078707056

    1.793593

    1.0416666667

    1.8235084942

    1.689395

    1.0833331022

    1.8962653561

    1.676418

    1.12499991

    1.8626589292

    1.622314

    1.2000003072

    1.7147064323

    1.603978

    1.200000144

    1.7757410095

    1.539173

    1.3333336

    1.7232045144

    1.448021

    1.3333336

    1.4993221515

    1.357702

    1.3333336

    1.4658194208

    1.398696

    1.4291671567

    1.5036473403

    1.438504

    1.4285712

    1.4566231889

    1.426281

    1.2133330745

    1.3641615306

    1.517847

    1.1399996688

    1.387536802

    1.326212

    1.3333336

    1.3681689762

    1.388934

    1.375

    1.3435674397

    1.543667

    1.3888888

    1.3600094507

    1.459263

    1.2019230769

    1.362937622

    1.385417

    1.2638888504

    1.4195615058

    1.511058

    1.2551022297

    1.4047956214

    1.556845

    1.2378639815

    1.1573871905

    1.568874

    1.2600002016

    1.1925201929

    1.571324

    1.3471357041

    1.1454063188

    1.577192

    1.3194446667

    1.1974271911

    1.536924

    1.3489585047

    1.2018929927

    1.583625

    1.23166656

    1.2221994458

    1.558811

    1.2718747174

    1.2891479972

    1.55977

    1.24999955

    1.3169429844

    Mexico

    Relative earningsReal exchange rate

    Formal / SE

    Formal/SE

    Unconditioned Earnings F/SE

    Real exchange rate

    1987

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    2.322091

    0.9189339637

    1.1205293284

    2.187842

    1.0065960012

    1.140136925

    2.22054

    0.991676061

    1.1958107764

    2.229501

    1.0661444624

    1.2531420798

    2.23458

    1.0621787046

    1.3599507307

    2.205823

    0.9746667836

    1.4759087592

    2.359318

    1.0050688473

    1.5224648424

    2.21057

    0.9628267629

    1.5531543468

    2.152103

    0.9787355865

    1.592921775

    2.159792

    0.9414262982

    1.568912869

    2.119886

    0.9109221865

    1.5482161107

    2.187685

    0.9635553249

    1.546788658

    2.136135

    0.9885511897

    1.6150065495

    2.196781

    0.7677647793

    1.631699668

    2.11802

    0.9015769877

    1.6477069456

    2.112825

    0.9572320408

    1.6770540769

    2.246679

    0.9821442427

    1.7607728358

    2.264038

    0.9851397832

    1.7919636617

    2.097326

    1.011704469

    1.7914839324

    2.067638

    1.0787257756

    1.8546827546

    2.102128

    0.9657323345

    1.9421642301

    2.050203

    0.987197125

    1.9596932998

    2.050769

    1.0318468181

    1.981527603

    2.001784

    1.0561948561

    2.0028697882

    2.080628

    0.9906662915

    2.0595440385

    1.937891

    1.0455056228

    2.0770302887

    2.042189

    1.0674240682

    2.1010540679

    2.07792

    1.0712666631

    2.1145025642

    2.015376

    1.1681207864

    2.1150940795

    2.068993

    1.2508625677

    2.0206759443

    1.909244

    1.0714733594

    2.0016396271

    1.929542

    1.1596210152

    1.9223713257

    1.908668

    0.9870166086

    1.2641083163

    1.832907

    1.0887996896

    1.4228169694

    1.759707

    1.1014386964

    1.5098868217

    1.766128

    1.1669767226

    1.3648284326

    1.734745

    1.137809597

    1.4329766242

    1.820768

    1.2334954819

    1.5272398737

    1.898648

    1.2281812139

    1.5726644411

    1.841747

    1.1073395347

    1.5827481737

    1.843132

    1.1580989213

    1.6727629337

    1.817765

    1.1810562442

    1.7103310675

    1.869073

    1.2130757706

    1.7743430171

    1.930288

    1.1613920774

    1.7655927805

    1.950466

    1.1273355313

    1.7766213903

    1.99636

    1.1456859381

    1.7742023892

    2.023957

    1.1740576734

    1.6738978419

    1.97768

    1.2693347277

    1.6472059045

    1.94885

    1.217341784

    1.7495941037

    1.952796

    1.2180590852

    1.8748098368

    2.068548

    1.1381093464

    1.9175984212

    2.089393

    1.1348075693

    1.9353348612

    2.117789

    1.2123561511

    1.9847205499

    2.013804

    1.0727249521

    1.9652315001

    2.115934

    1.0799446023

    2.0210966344

    2.094466

    1.1790468962

    2.0280611893

    2.080506

    1.1795055007

    2.0005768932

    2.126325

    1.1859930685

    2.1112884068

    2.111122

    1.1883854595

    2.1172531067

    2.106656

    1.2046694004

    2.1493052582

    2.021266

    1.1769648385

    2.2012948241

    2.068169

    1.1522128132

    2.126006641

    1.981943

    1.1571814301

    2.0456023526

    2.01476

    1.1638404157

    2.0163911913

    2.010571

    1.1660312351

    1.9026584246

    1.974586

    1.179371639

    1.9695987879

    1.899752

    1.0480688435

    1.9252887409

    1.901553

    1.1157915269

    1.8704615838

    1.926165

    1.0575317718

    1.9199494128

    1.864473

    1.0717304425

    1.8347709285

    1.811473

    1.0847988691

    1.8346955614

    1.855512

    1.1001459813

    1.882183872

    ALL (flagship)

    2.01715492080.85912909620.6772518161

    2.01437725430.83785519950.6236134765

    2.01008110880.7782034770.5483562307

    2.03644758341.01658212810.6323224526

    1.9490309860.83779983380.6384207184

    1.9469318841.07246038550.64284969

    1.88836021361.03812631810.5657763507

    1.7826633


How Current Android Malware Seeks to Evade Automated Code

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Evade- emma bec ella

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Did Somebody Evade Totalitarianism? On the Intellectual ... · PDF file146 • Volume XXI, Nos. 1 and 2, 2008 David Pickus Did Somebody Evade Totalitarianism? On the Intellectual Escapism

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