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50 percent Alberola Argentina's trade Argentine peso balance of payments Balassa-Samuelson hypothesis Brazil Brazilian real captures cointegration vector collapse contribution Convertibility regime currency board current account balance decomposition denote depreciation deviations Diverging fundamentals econometric economy effective exchange rate empirical equilibrium exchange rate equilibrium level equilibrium real exchange estimate evolution exchange rate appreciates exchange rate determination external equilibrium factors Figure foreign asset position hyperinflation implies internal labor productivity long-run macroeconomic Mercosur Mussa nominal exchange rate null hypothesis observed real exchange payments approach percent of Argentina's percent of GNP permanent component peso misalignment peso overvaluation policies inconsistent PPP approach price of non-tradables productivity differentials ratio real appreciation real effective exchange real exchange rate real misalignment REER relative PPP relative price relative productivity Research Working Paper role sectoral prices sectoral productivity side of 23 test statistic trade asymmetries trade balance trade structure transitory component U.S. dollar undervalued variables