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Real Convergence, Capital Flows, and Competitiveness in Central and Eastern Europe

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Author Info
Ansgar Belke
Gunther Schnabl
Holger Zemanek

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Abstract

The paper scrutinizes the role of wages and capital flows for competitiveness in the new EU member states in the context of real convergence. For this purpose it extends the seminal Balassa-Samuelson model by international capital markets. The augmented Balassa-Samuelson model is linked to the monetary overinvestment theories of Wicksell and Hayek in order to trace cyclical deviations of real exchange rates from the productivity-driven equilibrium path. Panel estimations for the period from 1993 to 2008 reveal mixed evidence for the role of capital markets for both the economic catch-up process and international competitiveness of the Central and Eastern European countries.

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File URL: http://www.diw.de/documents/publikationen/73/diw_01.c.342345.de/dp937.pdf
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Publisher Info
Paper provided by DIW Berlin, German Institute for Economic Research in its series Discussion Papers of DIW Berlin with number 937.

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Length: 29 p.
Date of creation: 2009
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Handle: RePEc:diw:diwwpp:dp937

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Related research
Keywords: Exchange rate regime; wages; Central and Eastern Europe; EMU accession; panel model;

Find related papers by JEL classification:
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
F31 - International Economics - - International Finance - - - Foreign Exchange
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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This page was last updated on 2009-12-1.

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