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Price Dynamics in Central and Eastern European EU Accession Countries

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Author Info

  • PETER BACK�
  • JARKO FIDRMUC
  • THOMAS REININGER
  • FRANZ SCHARDAX

Abstract

This paper reviews price dynamics in the Central and Eastern European accession countries between 1990 and 2001. The paper starts with an analysis of the short-term and long-term (dis)inflation developments. This is complemented by an appraisal of price level convergence. The major driving forces of price formation in the accession countries are found to be related to price liberalization during the transition to a market economy, to the prospective EU accession, and to the catching-up process (Balassa-Samuelson effect). Finally, the paper draws conclusions about future monetary and exchange rate policy options in the run-up to EU accession and beyond.

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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Emerging Markets Finance and Trade.

Volume (Year): 39 (2003)
Issue (Month): 3 (May)
Pages: 42-78

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Handle: RePEc:mes:emfitr:v:39:y:2003:i:3:p:42-78

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=111024

Related research

Keywords: Balassa-Samuelson effect; core inflation; EU enlargement; price liberalization;

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Citations

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Cited by:
  1. Lein-Rupprecht, Sarah M. & León-Ledesma, Miguel A. & Nerlich, Carolin, 2007. "How is real convergence driving nominal convergence in the new EU Member States?," Working Paper Series 0827, European Central Bank.
  2. Dibooglu, Sel & Kutan, Ali M., 2005. "Sources of inflation and output movements in Poland and Hungary: Policy implications for accession to the economic and monetary union," Journal of Macroeconomics, Elsevier, vol. 27(1), pages 107-131, March.
  3. Kirsten Lommatzsch & Balazs Egert & Amina Lahreche-Revil, 2005. "The Stock-Flow Approach to the Real Exchange Rate of CEE Transition Economies:," Money Macro and Finance (MMF) Research Group Conference 2005 14, Money Macro and Finance Research Group.
  4. Balázs Égert, & László Halpern & Ronald MacDonald, 2005. "Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues," William Davidson Institute Working Papers Series wp793, William Davidson Institute at the University of Michigan.
  5. Jarko Fidrmuc & Iikka Korhonen, 2006. "Meta-Analysis of the Business Cycle Correlation between the Euro Area and the CEECs," CESifo Working Paper Series 1693, CESifo Group Munich.
  6. Kocenda, Evzen & Kutan, Ali M. & Yigit, Taner M., 2006. "Pilgrims to the Eurozone: How far, how fast?," Economic Systems, Elsevier, vol. 30(4), pages 311-327, December.
  7. Fidrmuc, Jarko & Korhonen, Iikka, 2004. "A meta-analysis of business cycle correlation between the euro area and CEECs: What do we know – and who cares?," BOFIT Discussion Papers 20/2004, Bank of Finland, Institute for Economies in Transition.
  8. Evzen Kocenda & Ali M. Kutan & M. Taner Yigit, 2005. "Pilgrims to Eurozone: How Far, How Fast," Departmental Working Papers 0501, Bilkent University, Department of Economics.
  9. Kutan, Ali M. & Yigit, Taner M., 2005. "Real and nominal stochastic convergence: Are the new EU members ready to join the Euro zone?," Journal of Comparative Economics, Elsevier, vol. 33(2), pages 387-400, June.
  10. Just, Christian, 2004. "The International Financial Architecture: Official Proposals on Crisis Resolution," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 73–89.

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