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Price Dynamics in Central and Eastern European EU Accession Countries

  • PETER BACKÉ
  • JARKO FIDRMUC
  • THOMAS REININGER
  • FRANZ SCHARDAX

This paper reviews price dynamics in the Central and Eastern European accession countries between 1990 and 2001. The paper starts with an analysis of the short-term and long-term (dis)inflation developments. This is complemented by an appraisal of price level convergence. The major driving forces of price formation in the accession countries are found to be related to price liberalization during the transition to a market economy, to the prospective EU accession, and to the catching-up process (Balassa-Samuelson effect). Finally, the paper draws conclusions about future monetary and exchange rate policy options in the run-up to EU accession and beyond.

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Article provided by M.E. Sharpe, Inc. in its journal Emerging Markets Finance and Trade.

Volume (Year): 39 (2003)
Issue (Month): 3 (May)
Pages: 42-78

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Handle: RePEc:mes:emfitr:v:39:y:2003:i:3:p:42-78
Contact details of provider: Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=111024

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  1. Wilhelm Kohler & Christian Keuschnigg, 2000. "An incumbent country view on eastern enlargement of the EU Part II: The Austrian case," Economics working papers 2000-26, Department of Economics, Johannes Kepler University Linz, Austria.
  2. Barnabás Ferenczi & Sándor Valkovszky & János Vincze, 2000. "What are Consumer Price Statistics Good for?," MNB Working Papers 2000/5, Magyar Nemzeti Bank (Central Bank of Hungary).
  3. International Monetary Fund, 2001. "Interpreting Real Exchange Rate Movements in Transition Countries," IMF Working Papers 01/56, International Monetary Fund.
  4. Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 407-443.
  5. De Broeck, Mark & Sloek, Torsten, 2001. "Interpreting real exchange rate movements in transition countries," BOFIT Discussion Papers 7/2001, Bank of Finland, Institute for Economies in Transition.
  6. Gottschalk, Jan & Moore, David, 2001. "Implementing Inflation Targeting Regimes: The Case of Poland," Journal of Comparative Economics, Elsevier, vol. 29(1), pages 24-39, March.
  7. Michael F. Bryan & Stephen G. Cecchetti, 1993. "Measuring Core Inflation," NBER Working Papers 4303, National Bureau of Economic Research, Inc.
  8. Fritz Breuss, 2001. "Macroeconomic Effects of EU Enlargement on Old and New Members," WIFO Monatsberichte (monthly reports), WIFO, vol. 74(11), pages 655-666, November.
  9. Cincibuch, Martin & Vávra, David, 2000. "Towards the EMU: A Need For Exchange Rate Flexibility?," Transition Economics Series 17, Institute for Advanced Studies.
  10. Canzoneri, Matthew B & Diba, Behzad & Fudey, Gwen, 1996. "Trends in European Productivity and Real Exchange Rates: Implications for the Maastricht Convergence Criteria and for Inflation Targets after EMU," CEPR Discussion Papers 1417, C.E.P.R. Discussion Papers.
  11. Laszlo Halpern & Charles Wyplosz, 2001. "Economic Transformation and Real Exchange Rates in the 2000s: The Balassa-Samuelson Connection," ECE Discussion Papers Series 2001_1, UNECE.
  12. Harvey, A C & Jaeger, A, 1993. "Detrending, Stylized Facts and the Business Cycle," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 8(3), pages 231-47, July-Sept.
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