The purpose of this paper is to move beyond the developed countries dichotomy to
investigate the role of country characteristics on purchasing power parity. The distinction
is to investigate whether trade, inflation and geographical (distance) contribute towards the
validity of purchasing power parity. This requires a sample that includes developing
countries because the former contain too little variation to address the question. The
stationary attributes of real exchange rates are examined by using four types of panel unit
root tests for a group of countries for the period 2004Q1-2014Q4. We conclude that
purchasing power parity depends on the country’s characteristics with this perspective, it
is appropriate to investigate purchasing power parity among countries with similar
characteristics.
JEL Codes: F31, O57
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