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Prices and Price Convergence in Emerging Europe: an Overview

Author

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  • Balázs Égert

    (University of Paris X-Nanterre and William Davidson Institute, balazs.egert@oecd.org or begert@u-paris10.fr)

Abstract

This paper seeks to provide a comprehensive overview of the long-term factors that explain divergent price levels across developed and emerging European countries. We provide stylised facts about the structural factors that influence market and non-market-based service, house and goods prices. The stylised facts show that there is much more behind differences in price levels among European countries than the much heralded Balassa-Samuelson effect and that prices other than those of market services are potential determinants of price levels and inflation rates in emerging Europe. Finally, we sketch out the possible mismatches between price level convergence and inflation rates.

Suggested Citation

  • Balázs Égert, 2008. "Prices and Price Convergence in Emerging Europe: an Overview," National Institute Economic Review, National Institute of Economic and Social Research, vol. 204(1), pages 66-84, April.
  • Handle: RePEc:sae:niesru:v:204:y:2008:i:1:p:66-84
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    References listed on IDEAS

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    1. Ray Barrell & Ian Hurst, 2008. "Financial Crises and the Prospects for Recession1," National Institute Economic Review, National Institute of Economic and Social Research, vol. 204(1), pages 33-38, April.
    2. Kroszner, Randall S. & Laeven, Luc & Klingebiel, Daniela, 2007. "Banking crises, financial dependence, and growth," Journal of Financial Economics, Elsevier, vol. 84(1), pages 187-228, April.
    3. Ray J Barrell & Simon Kirby, 2007. "Interest Rates and the UK economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 202(1), pages 61-64, October.
    4. Barrell, Ray & Sefton, James, 1997. "Fiscal Policy and the Masstricht Solvency Criteria," The Manchester School of Economic & Social Studies, University of Manchester, vol. 65(3), pages 259-279, June.
    5. Barrell, Ray & Davis, E. Philip & Pomerantz, Olga, 2006. "Costs of financial instability, household-sector balance sheets and consumption," Journal of Financial Stability, Elsevier, vol. 2(2), pages 194-216, June.
    6. Martin Weale, 2008. "Commentary: the Banking Crisis and the Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 204(1), pages 4-8, April.
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    Citations

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    Cited by:

    1. Roman Horváth & Kamila Koprnická, 2008. "Inflation Differentials in EU New Member States: An Empirical Evidence," Working Papers IES 2008/24, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Oct 2008.
    2. Karsten Staehr, 2010. "Income convergence and inflation in Central and Eastern Europe : does the sun always rise in the East," Bank of Estonia Working Papers wp2010-04, Bank of Estonia, revised 22 Mar 2010.

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