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Currency Conversion Manual

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Currency Conversion Manual New Immigrant Survey Conversion of Currencies, Round 2 New Immigrant Survey Conversion of Currencies, Round 2 Important Notice: For researchers using the monetary variables in Section B Employment, please consult Section 5 of this manual in order to avoid potential biases derived from the conversion of monetary variables. Table of Contents 1 Introduction ............................................................................................................................. 1 2 Methodology ........................................................................................................................... 2 2.1 Exchange Rate Conversion .............................................................................................. 2 2.2 Purchasing Power Parity Conversion ............................................................................... 2 2.3 Deflation of Series ............................................................................................................ 2 3 Exchange Rates and PPP Indices .......................................................................................... 2 3.1 Sources of Information ..................................................................................................... 2 3.2 Revaluations and Changes in Currency ........................................................................... 6 4 Variables ................................................................................................................................. 8 5 Section B Employment .......................................................................................................... 11 1 Introduction The NIS team has made available a database of the New Immigrant Survey, Round 2, in which the variables in different currencies have been converted to United States dollars (USD) under different specifications. The objective of these conversions is to make comparable the different monetary quantities across countries and through time. This manual describes the methodology for the conversion, as well as the sources of information that were employed. New Immigrant Survey Conversion of Currencies, Round 2 2 Methodology 2.1 Exchange Rate Conversion Let denote a quantity in terms of a given currency, corresponding to year . On the other hand, let denote the (nominal) exchange rate of the currency with respect to USD during year (i.e. the amount of currency needed to buy 1 USD). Then, the conversion to USD is: ⁄ . 2.2 Purchasing Power Parity Conversion Consider year price indices of the foreign country and the US, denoted by and . A conversion to USD that considers purchasing power parity (PPP) is: ∙ ⁄ ∙ . For most conversions, a PPP index of the form ∙ ⁄ was employed. However, for some countries it was necessary to approximate an index for year , based on a given PPP index for year , with the following formula: ∙1, /1 , ∙1, , where , denotes the percent inflation of currencies ,, accumulated between years and , and , denotes the accumulated (nominal) depreciation of the currency with respect to the USD during the same period. 2.3 Deflation of Series Let be a quantity expressed in year USD. Then, the conversion to year USD is: , ∗1, . This conversion was applied both to variables transformed to USD by exchange rate and by PPP. 3 Exchange Rates and PPP Indices 3.1 Sources of Information Table 1 presents the sources of the exchange rate and PPP indices that were used for the conversions. Table 1. Sources of Information Currency Country Exchange Rate PPP Index 1 ALGERIAN DINAR 3 Algeria PWT 7.0 PWT 7.0 2 ARGENTINE PESO 9 Argentina PWT 7.0* PWT 7.0* 3 AUSTRALIAN DOLLAR 12 Australia PWT 7.0 PWT 7.0 3 AUSTRALIAN DOLLAR 110 Kiribati PWT 7.0 PWT 7.0 4 AUSTRIAN SCHILLING 13 Austria PWT 6.2 PWT 6.2 6 BAHARAIN DINAR 16 Bahrain PWT 7.0 PWT 7.0 7 BOLIVIA BOLIVIANO 25 Bolivia PWT 7.0* PWT 7.0* 8 BRAZILIAN REAL 29 Brazil PWT 7.0* PWT 7.0* 9 BRITISH STERLING POUND 217 United Kingdom PWT 7.0 PWT 7.0 10 BOTSWANA PULA 28 Botswana PWT 7.0* PWT 7.0* 11 CANADIAN DOLLAR 38 Canada PWT 7.0 PWT 7.0 12 CHILEAN PESO 43 Chile PWT 7.0* PWT 7.0* 13 CHINESE YUAN 44 China, People's Republic PWT 7.0* PWT 7.0* 14 COLOMBIAN PESO 47 Colombia PWT 7.0 PWT 7.0 New Immigrant Survey Conversion of Currencies, Round 2 Table 1. Sources of Information Currency Country Exchange Rate PPP Index 15 CYPRUS POUND 56 Cyprus PWT 6.2 PWT 6.2 16 CZECH KORUNA 57 Czech Republic PWT 7.0 PWT 7.0 17 DANISH KRONE 59 Denmark PWT 7.0 PWT 7.0 18 DUTCH GUILDER 146 Netherlands PWT 6.2 PWT 6.2 19 ECUADOR SUCRE 63 Ecuador IFS * + 20 EURO 13 Austria PWT 7.0 PWT 7.0 20 EURO 20 Belgium PWT 7.0 PWT 7.0 20 EURO 56 Cyprus PWT 7.0 PWT 7.0 20 EURO 72 Finland PWT 7.0 PWT 7.0 20 EURO 73 France PWT 7.0 PWT 7.0 20 EURO 80 Germany PWT 7.0 PWT 7.0 20 EURO 83 Greece PWT 7.0 PWT 7.0 20 EURO 102 Ireland PWT 7.0 PWT 7.0 20 EURO 104 Italy PWT 7.0 PWT 7.0 20 EURO 122 Luxemburg PWT 7.0 PWT 7.0 20 EURO 130 Malta PWT 7.0 PWT 7.0 20 EURO 291 Montenegro PWT 7.0 PWT 7.0 20 EURO 146 Netherlands PWT 7.0 PWT 7.0 20 EURO 167 Portugal PWT 7.0 PWT 7.0 20 EURO 182 Slovak Republic PWT 7.0 PWT 7.0 20 EURO 183 Slovenia (Slavonia) PWT 7.0 PWT 7.0 20 EURO 188 Spain PWT 7.0 PWT 7.0 21 FINNISH MARKKA 72 Finland PWT 6.2 PWT 6.2 22 FRENCH FRANC 73 France PWT 6.2* PWT 6.2* 23 GERMAN MARK 80 Germany PWT 6.2 PWT 6.2 24 GHANA CEDI 81 Ghana PWT 7.0* PWT 7.0* 26 GUATEMALAN QUETZAL 88 Guatemala PWT 7.0 PWT 7.0 27 HONG KONG DOLLAR 95 Hong Kong PWT 7.0 PWT 7.0 28 HUNGARIAN FORINT 96 Hungary PWT 7.0 PWT 7.0 29 ISRAELI NEW SHEKEL 103 Israel PWT 7.0* PWT 7.0* 30 INDIAN RUPEE 98 India PWT 7.0 PWT 7.0 31 INDONESIAN RUPIAH 99 Indonesia PWT 7.0 PWT 7.0 32 IRISH PUNT 102 Ireland PWT 6.2 PWT 6.2 33 ITALIAN LIRA 104 Italy PWT 6.2 PWT 6.2 34 JAPANESE YEN 106 Japan PWT 7.0 PWT 7.0 35 JORDANIAN DINAR 107 Jordan PWT 7.0 PWT 7.0 36 KENYAN SHILLING 109 Kenya PWT 7.0 PWT 7.0 37 KOREAN WON 111 Korea PWT 7.0 PWT 7.0 38 KUWAITI DINAR 112 Kuwait PWT 7.0 PWT 7.0 40 MOROCCAN DIRHAM 141 Morocco PWT 7.0* PWT 7.0* 41 MALAYSIAN RINGGIT 127 Malaysia PWT 7.0 PWT 7.0 42 MEXICAN PESO 135 Mexico PWT 7.0* PWT 7.0* 43 NEW ZEALAND DOLLAR 149 New Zealand PWT 7.0* PWT 7.0* 44 NORWEGIAN KRONE 156 Norway PWT 7.0 PWT 7.0 45 OMAN RIYAL 157 Oman PWT 7.0 PWT 7.0 46 PERUVIAN NUEVO SOL 163 Peru PWT 7.0* PWT 7.0* 47 PAKISTAN RUPEE 158 Pakistan PWT 7.0 PWT 7.0 48 PORTUGUESE ESCUDO 167 Portugal PWT 6.2 PWT 6.2 49 QATARI RIYALI 169 Qatar PWT 7.0 PWT 7.0 50 RUSSIAN FEDERATION RUBLE 172 Russia PWT 7.0 / PWT 5.6* PWT 7.0 / PWT 5.6*+ 51 SAUDI ARABIAN RIYAL 177 Saudi Arabia PWT 7.0 PWT 7.0 52 SINGAPORE DOLLAR 181 Singapore PWT 7.0 PWT 7.0 53 SOUTH AFRICAN RAND 186 South Africa PWT 7.0* PWT 7.0* 54 SPANISH PESETA 188 Spain PWT 6.2 PWT 6.2 55 SWEDISH KRONA 198 Sweden PWT 7.0 PWT 7.0 56 SWISS FRANC 199 Switzerland PWT 7.0 PWT 7.0 57 TAIWAN DOLLAR 201 Taiwan PWT 7.0* PWT 7.0 58 TANZANIAN SCHILLING 203 Tanzania PWT 7.0 PWT 7.0 59 THAI BAHT 204 Thailand PWT 7.0 PWT 7.0 60 TUNISIAN DINAR 208 Tunisia PWT 7.0 PWT 7.0 61 UAE DIRHAM 216 United Arab Emirates PWT 7.0 PWT 7.0 62 VENEZUELAN BOLIVAR 223 Venezuela PWT 7.0* PWT 7.0* 63 VIETNAMESE DONG 224 Vietnam PWT 7.0 PWT 7.0 New Immigrant Survey Conversion of Currencies, Round 2 Table 1. Sources of Information Currency Country Exchange Rate PPP Index 65 US DOLLAR 63 Ecuador PWT 7.0 PWT 7.0 65 US DOLLAR 65 El Salvador PWT 7.0 PWT 7.0 65 US DOLLAR 118 Liberia PWT 7.0 PWT 7.0 65 US DOLLAR 131 Marshall Islands PWT 7.0 PWT 7.0 65 US DOLLAR 136 Micronesia, Fed.States PWT 7.0 PWT 7.0 65 US DOLLAR 159 Palau PWT 7.0 PWT 7.0 65 US DOLLAR 168 Puerto Rico PWT 7.0 PWT 7.0 65 US DOLLAR 245 East Timor PWT 7.0 PWT 7.0 65 US DOLLAR 218 United States PWT 7.0 PWT 7.0 66 ALBANIAN LEK 2 Albania PWT 7.0 PWT 7.0 67 ARMENIAN DRAM 10 Armenia PWT 7.0 PWT 7.0 69 BANGLADESH TAKA 17 Bangladesh PWT 7.0 PWT 7.0 70 BARBADIAN DOLLAR 18 Barbados PWT 7.0 PWT 7.0 71 BELARUS RUBLE 19 Belarus PWT 7.0 / IFS* PWT 7.0 / PWT 6.1* 72 BELIZE DOLLAR 21 Belize PWT 7.0 PWT 7.0 73 BRAZILIAN CRUZADO 29 Brazil PWT 7.0* PWT 7.0* 74 BRAZILIAN CRUZEIRO 29 Brazil PWT 7.0* PWT 7.0* 75 BULGARIAN LEV 32 Bulgaria PWT 7.0* PWT 7.0* 76 BURMA KYAT 34 Burma IFS N.A. 77 CAMBODIAN RIEL 36 Cambodia PWT 7.0 PWT 7.0 78 CONGOLESE FRANC 49 Congo, Dem.Republic PWT 7.0* PWT 7.0* 79 CFA FRANC 22 Benin PWT 7.0* PWT 7.0* 79 CFA FRANC 33 Burkina Faso PWT 7.0* PWT 7.0* 79 CFA FRANC 53 Cote D'ivoire PWT 7.0* PWT 7.0* 79 CFA FRANC 90 Guinea Bissau PWT 7.0* PWT 7.0* 79 CFA FRANC 129 Mali PWT 7.0* PWT 7.0* 79 CFA FRANC 151 Niger PWT 7.0* PWT 7.0* 79 CFA FRANC 178 Senegal PWT 7.0* PWT 7.0* 79 CFA FRANC 205 Togo PWT 7.0* PWT 7.0* 79 CFA FRANC 37 Cameroon PWT 7.0* PWT 7.0* 79 CFA FRANC 41 Central African Republic PWT 7.0* PWT 7.0* 79 CFA FRANC 42 Chad PWT 7.0* PWT 7.0* 79 CFA FRANC 50 Congo, Republic PWT 7.0* PWT 7.0* 79 CFA FRANC 66 Equatorial Guinea PWT 7.0* PWT 7.0* 79 CFA FRANC 77 Gabon PWT 7.0* PWT 7.0* 80 CROATIAN KUNA 54 Croatia PWT 7.0* PWT 7.0* 81 CUBAN PESO 55 Cuba PWT 7.0 PWT 7.0 83 DOMINICAN PESO 62 Dominican Republic PWT 7.0 PWT 7.0 84 EAST CARIBBEAN DOLLAR 8 Antigua-Barbuda PWT 7.0 PWT 7.0 84 EAST CARIBBEAN DOLLAR 61 Dominica PWT 7.0 PWT 7.0 84 EAST CARIBBEAN DOLLAR 85 Grenada PWT 7.0 PWT 7.0 84 EAST CARIBBEAN DOLLAR 191 St.
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