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Price Convergence in EU-Accession Countries: Evidence from the International Comparison

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Author Info
Martin Cihak
Tomas Holub

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Abstract

The authors analyse price convergence in new EU countries. They estimate the price level elasticity with respect to the GDP in PPP to be 0.7–0.9 percent. They also analyse additional sources of price level convergence, such as terms-of-trade changes or price deregulation. The average speed of real exchange rate appreciation is estimated at about 3 percent a year, and its implications for fulfilling the Maastricht criteria are discussed. Focusing on adjustments in the structures of relative prices, the authors find that it may take about 10–25 years for new EU countries to converge to that of the least developed EU countries.

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File URL: http://www.cepii.fr/anglaisgraph/publications/economieinter/rev102/rev102c.htm
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Publisher Info
Article provided by CEPII research center in its journal Economie Internationale.

Volume (Year): (2005)
Issue (Month): 2Q ()
Pages: 59-82
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Handle: RePEc:cii:cepiei:2005-2tc

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Related research
Keywords: Inflation; prices; exchange rate; convergence; international comparison; Balassa-Samuelson model;

Find related papers by JEL classification:
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
F15 - International Economics - - Trade - - - Economic Integration
P22 - Economic Systems - - Socialist Systems and Transition Economies - - - Prices

Cited by:
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  1. Jan Babecky & Oxana Babetskaia-Kukharchuk & Kamil Galuscak & Dana Hajkova & Jaroslav Hermanek & Tomas Holub & Roman Horvath & Petr Jakubik & Lubos Komarek & Zlatuse Komarkova & Petr Kral & Filip Novot, 2008. "Analyses of the Czech Republic's Current Economic Alignment with the Euro Area 2008," Occasional Publications - Edited Volumes, Czech National Bank, Research Department, number as08 edited by Dana Hajkova. [Downloadable!]
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