Competitiveness in Transition Economies: What Scope for Real Appreciation?

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Competitiveness in Transition Economies: What Scope for Real Appreciation?

Author Info

Kornelia Krajnyak (International Monetary Fund)
Jeromin Zettelmeyer (International Monetary Fund)

Abstract

We estimate equilibrium dollar wages for 15 transition economies of Central and Eastern Europe (CEE) and the former Soviet Union. Equilibrium dollar wages are interpreted as full employment wages consistent with a country's physical and human capital endowment, and estimated by regressing actual dollar wages on productivity and human capital proxies in a short (1990-95) panel of 85 countries. The main results are: (1) equlibrium dollar wages have appreciated steadily in the Baltic countries and fast-reforming CEE transition economies, but have been flat in most CIS countries; and (2) 1996 actual dollar wages remain below estmated equilibrium dollar wages for most, but not all, transition economies covered. Copyright 1998, International Monetary Fund

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Article provided by Palgrave Macmillan Journals in its journal IMF Staff Papers.

Volume (Year): 45 (1998)
Issue (Month): 2 ()
Pages: 4
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Handle: RePEc:pal:imfstp:v:45:y:1998:i:2:p:4

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Find related papers by JEL classification:
F14 - International Economics - - Trade - - - Country and Industry Studies of Trade
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General
P50 - Economic Systems - - Comparative Economic Systems - - - General

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Nancy L. Wagner, 1995. "A Review of PPP-Adjusted GDP Estimation and its Potential Use for the Fund's Operational Purposes," IMF Working Papers 95/18, International Monetary Fund.

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