𝐴𝑐𝑡𝑢𝑎𝑙 𝑅𝐺𝐷𝑃 2012

𝑊𝑜𝑟𝑙𝑑 𝑅𝑒𝑎𝑙 𝐺𝐷𝑃 2011 𝑄1 = (3.44)

𝑅𝐺𝐷𝑃 %Δ
( 100 + 1)

In order to obtain Nominal GDP Series, the GDP deflator percentage change

was converter to an actual index.

𝑥2 − 𝑥1
𝐺𝐷𝑃 𝐷𝐸𝐹 %Δ 2005 Q4 = ∗ 100 = 4.80 (3.45)
𝑥1

100
𝐺𝐷𝑃 𝐷𝐸𝐹 𝐼𝑛𝑑𝑒𝑥 2004 Q4 → 𝑥1 = = 95.42 (3.46)
1.048

Models used in this research requires as many degrees of freedom as possible.

Some series were extended using either information from different sources and data

transformations. For example in the case of Chinese exchange rates, the data provided

started in 1993 for real series. With CPI%Δ series available from IMF-IFS we were

able to construct the actual CPI index, and using nominal series allowed us to extend

six years the original starting period for real exchange rates, so from 1993 to 1987.

Some series for quarterly data as provided from some sources were not as complete as

if monthly data were used to obtain quarterly observations. For example in the case of

Russia, the nominal quarterly RUB/USD exchange rates series provided by IMF-IFS

starts in 1992Q3, ERS-USDA provides monthly data for the same series since 1970,

hence, quarterly observations were complemented with this last information.

3.3.4 Plots of the Series

Some plots are provided to give a notion of the time series. The volatility of

nominal and real exchange rates are presented In Figures 3-1 and 3-2, respectively.

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