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Real Estate, Construction and Growth in Central and Eastern Europe: Impact on Competitiveness?

Author

Listed:
  • Balázs Égert

    () (OECD)

  • Reiner Martin

    () (European Central Bank)

Abstract

This paper studies recent developments in the construction sector in Central and Eastern Europe (CEE) against a number of benchmarks including a set of mature OECD countries. In addition to analyzing the recent rapid increase in the importance of the construction sector in CEE countries, the paper also asks whether rapid growth in this sector may have negative implications for the long-term competitiveness of the CEE economies. In order to address this question, we look at negative Dutch disease-style repercussions on the manufacturing sector by the recent strong growth in construction in the CEE countries. We find some tentative evidence for such effects although the strong growth of the construction sector in the CEE countries is a rather recent phenomenon.

Suggested Citation

  • Balázs Égert & Reiner Martin, 2008. "Real Estate, Construction and Growth in Central and Eastern Europe: Impact on Competitiveness?," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 52-72.
  • Handle: RePEc:onb:oenbfi:y:2008:i:2:b:1
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    File URL: https://www.oenb.at/dam/jcr:88533711-97db-476a-9579-6e4a953cf004/feei_2008_2_egert_martin_tcm16-95554.pdf
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    Cited by:

    1. Ponomarenko, Alexey, 2013. "Early warning indicators of asset price boom/bust cycles in emerging markets," Emerging Markets Review, Elsevier, vol. 15(C), pages 92-106.
    2. Antje Hildebrandt & Reiner Martin & Katharina Steiner & Karin Wagner, 2012. "Residential Property Markets in CESEE EU Member States," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 8-30.

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