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Competitiveness in the Baltics in the Run-Up to EU Accession

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  • International Monetary Fund
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    Abstract

    This paper analyzes competitiveness in the Baltics in the run-up to European Union accession. Several factors appear to have driven movements in equilibrium real exchange rates in the Baltics since the start of the transition process. In the earlier years of transition, price liberalization, increased demand for services and other nontradables, and shifts in domestic production and exports toward higher valued-added products contributed to real appreciation through higher measured inflation. The strength of the real appreciation during these years appears to also reflect the correction of an initial undervaluation of exchange rates.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=16509
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Staff Country Reports with number 03/114.

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    Length: 64
    Date of creation: 28 Apr 2003
    Date of revision:
    Handle: RePEc:imf:imfscr:03/114

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    Related research

    Keywords: Baltics; European Union; exchange rates; exchange rate; real exchange rate; real exchange rates; foreign assets; net foreign assets; effective exchange rates; real effective exchange rates; effective exchange rate; real effective exchange rate; equilibrium exchange rate; foreign asset; net foreign asset; nominal exchange rate; exchange rate indicators; fixed exchange rate; exchange rate arrangements; foreign asset position; exchange rate movements; net foreign asset position; exchange rate deviations; exchange rate regimes; direction of trade statistics; capital flows; exchange rate appreciation; international competitiveness; exchange rate policies; current account balance; exchange rate policy; exchange rate determination; market exchange rate; foreign asset positions; exchange rate misalignment; fixed exchange rates; net foreign asset positions; nominal effective exchange rate; exchange rate theory; exchange market developments; international trade; fixed exchange rate peg; foreign investment; foreign asset holdings; international finance; exchange rate regime; exchange rate positions; international competition; real exchange rate dynamics; exchange rate peg; exchange rate dynamics; real exchange rate movements; global production; currency appreciation;

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    Cited by:
    1. Balázs Égert, 2005. "Balassa-Samuelson Meets South Eastern Europe, the CIS and Turkey: A Close Encounter of the Third Kind?," William Davidson Institute Working Papers Series wp796, William Davidson Institute at the University of Michigan.
    2. Égert, Balázs & Halpern, László, 2005. "Equilibrium Exchange Rates in Central and Eastern Europe: A Meta-Regression Analysis," CEPR Discussion Papers 4869, C.E.P.R. Discussion Papers.
    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. Marit Hinnosaar & Hannes Kaadu & Lenno Uusküla, 2005. "Estimating the equilibrium exchange rate of the Estonian kroon," Bank of Estonia Working Papers 2005-2, Bank of Estonia, revised 10 Oct 2005.
    5. Lubos Komarek & Martin Melecky, 2005. "The Behavioural Equilibrium Exchange Rate of the Czech Koruna," Working Papers 2005/05, Czech National Bank, Research Department.
    6. Balázs Égert, 2004. "Equilibrium Exchange Rates in Southeastern Europe, Russia, Ukraine and Turkey: Healthy or (Dutch) Diseased?," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2.
    7. Michael Frenkel & Isabell Koske, 2012. "Are the Real Exchange Rates of the New EU Member Countries in Line with Fundamentals? – Implications of the NATREX Approach," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 232(2), pages 129-145, March.
    8. DeLisle Worrell & Andrea M. Maechler & Srobona Mitra, 2007. "Decomposing Financial Risks and Vulnerabilities in Eastern Europe," IMF Working Papers 07/248, International Monetary Fund.
    9. Raoul Lättemäe & Martti Randveer, 2004. "Monetary policy and EMU enlargement: Issues regarding ERM II and adoption of the euro in Estonia," Atlantic Economic Journal, International Atlantic Economic Society, vol. 32(4), pages 293-301, December.
    10. Ho-don Yan & Cheng-lang Yang, 2012. "Does an Undervalued Currency Merit Economic Growth? – Evidence from Taiwan," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 59(1), pages 37-57, March.
    11. Shuang Ding & Omar Al Shehabi, 2008. "Estimating Equilibrium Exchange Rates for Armenia and Georgia," IMF Working Papers 08/110, International Monetary Fund.
    12. Égert, Balázs, 2004. "Assessing equilibrium exchange rates in CEE acceding countries: Can we have DEER with BEER without FEER? A critical survey of the literature," BOFIT Discussion Papers 1/2004, Bank of Finland, Institute for Economies in Transition.
    13. Boileau Loko & Anita Tuladhar, 2005. "Labor Productivity and Real Exchange Rate," IMF Working Papers 05/113, International Monetary Fund.
    14. Claus-Friedrich Laaser & Klaus Schrader, 2004. "The Baltic States' Integration into the European Division of Labour," Kiel Working Papers 1234, Kiel Institute for the World Economy.

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