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Competitiveness in Transition Economies

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  • Kornélia Krajnyák
  • Jeromin Zettelmeyer

Abstract

This paper estimates equilibrium dollar wages for 15 transition economies. 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: (i) equilibrium dollar wages have appreciated steadily in the Baltic countries and fast-reforming Central and Eastern European (CEE) transition economies, but have been flat in most CIS countries; and (ii) 1996 actual dollar wages remain below estimated equilibrium dollar wages for most but not all transition countries covered.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 97/149.

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Length: 55
Date of creation: 01 Nov 1997
Date of revision:
Handle: RePEc:imf:imfwpa:97/149

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  1. Nouriel Roubini & Paul Wachtel, 1998. "Current Account Sustainability in Transition Economies," NBER Working Papers 6468, National Bureau of Economic Research, Inc.
  2. Clague, Christopher, 1986. "Determinants of the National Price Level: Some Empirical Results," The Review of Economics and Statistics, MIT Press, vol. 68(2), pages 320-23, May.
  3. Officer, Lawrence H., 1989. "The national price level: Theory and estimation," Journal of Macroeconomics, Elsevier, vol. 11(3), pages 351-373.
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