Prices and Price Convergence in Emerging Europe: an Overview
AbstractThis paper seeks to provide a comprehensive overview of the long-term factors that explain divergent price levels across developed and emerging European countries. We provide stylised facts about the structural factors that influence market and non-market-based service, house and goods prices. The stylised facts show that there is much more behind differences in price levels among European countries than the much heralded Balassa-Samuelson effect and that prices other than those of market services are potential determinants of price levels and inflation rates in emerging Europe. Finally, we sketch out the possible mismatches between price level convergence and inflation rates.
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Bibliographic InfoArticle provided by National Institute of Economic and Social Research in its journal National Institute Economic Review.
Volume (Year): 204 (2008)
Issue (Month): 1 (April)
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Price level; inflation; Balassa-Samuelson; tradables; house prices; regulated prices; Europe; transition; real convergence; catching-up;
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- Roman HorvÃ¡th & Kamila KoprnickÃ¡, 2008.
"Inflation Differentials in EU New Member States: An Empirical Evidence,"
Working Papers IES, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies
2008/24, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Oct 2008.
- Roman Horvath & Kamila Koprnicka, 2008. "Inflation Differentials in EU New Member States: An Empirical Evidence," William Davidson Institute Working Papers Series wp937, William Davidson Institute at the University of Michigan.
- Karsten Staehr, 2010. "Income convergence and inflation in Central and Eastern Europe : does the sun always rise in the East," Bank of Estonia Working Papers wp2010-04, Bank of Estonia, revised 22 Mar 2010.
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