Real exchange rate dynamics in transition economies

Coricelli, Fabrizio; Jazbec, Boštjan

doi:10.1016/s0954-349x(03)00005-5

Cited by 70 publications

(60 citation statements)

References 17 publications

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“…In Appendix A, we exemplify a simple extension to the static BS-based approach to the Penn effect, focussing on real factors and reforms (like Coricelli andJazbec, 2004 andGarcía-Solanes et al, 2008). According to this extended approach, real exchange rate developments react to productivity developments, reform-driven quality improvements and sectoral reallocation, and the competition effect of trade liberalisation.…”

Section: Working Paper Nr295mentioning

confidence: 99%

The Penn Effect and Transition: The New EU Member States in International Perspective

Frensch

Schmillen

2012

Comp Econ Stud

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The Penn Effect and transition: The new EU member states in international perspective Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte.

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Section: Working Paper Nr295mentioning

confidence: 99%

The Penn Effect and Transition: The New EU Member States in International Perspective

Frensch

Schmillen

2012

Comp Econ Stud

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“…3) 3) In transition countries a large part of real appreciation accounts for the real appreciation that reflects productivity gains in the tradable sector (due to the Balassa-Samuelson (B-S) effect) This trend is commonly the case in fast growing economies like transition countries where the catch-up process is mainly driven by an increasingly productive tradable sector. For example, Coricelli and Jazbec (2001) estimated that B-S effects in (19 selected) transition countries were between 0.7-1.2 per cent p.a. over the 1990-1998 period.…”

Section: Current Account Developments In Transition Countriesmentioning

confidence: 99%

How Excessive are External Imbalances in Selected Transition Countries?

Aristovnik¹,

Setnikar-Cankar²

2006

Prague Economic Papers

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Abstract:This article examines the main current account balance determinants in order to assess the potential excessiveness of current account deficits in selected transition countries. For this purpose, dynamic panel-regression techniques are used to characterise the properties of current account variations across the transition regions. The results are chiefly consistent with the theoretical and previous empirical analysis, indicating a moderate level of current account deficits persistency and negative effects of economic growth, real appreciation and worsening of terms of trade on the external balances. Furthermore, the validity of the stages of development hypothesis and twin deficit hypothesis, as well as the significance of demographic factors is confirmed in the regions. Finally, the results suggest that most transition countries are justified in running relatively high current account deficits.

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“…Similarly, Hungarian real exchange rate movements can well be explained by Balassa-Samuelson effects, according to Jakab/Kovács (1999). Filipozzi (2000) investigates the real exchange - According to Coricelli/Jazbec (2001), demand factors are significant determinants as well, especially for the Baltics.…”

Section: Ljxuh And3edvhg Uhdo Hiihfwlyh H[fkdqjh Udwhv Ri Fhqwudo Dqg mentioning

confidence: 99%

“…However, there is ample evidence that demand does, in fact, influence real exchange rates; see, for example, Coricelli/Jazbec (2001) for transition countries and De Gregorio HW DO (1994) generally. While the latter refer to non-perfect competition and non-perfect capital mobility to explain their results, the theory of international trade suggests that an extension of the Balassa-Samuelson model to consider additional non-tradeable factors could re-establish a link between demand and real exchange rates.…”

Section: Kh K\srwkhvlv Ri %Dodvvd Dqg 6dpxhovrqmentioning

confidence: 99%

Real currency appreciation in accession countries: Balassa-Samuelson and investment demand

Fischer

2004

Rev. World Econ.

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The Balassa-Samuelson effect is usually seen as the prime explanation of the continuous real appreciation of central and east European (CEE) transition countries' currencies against their western counterparts. The response of a small country's real exchange rate to various shocks is derived in a simple model. It is shown that productivity shocks work not only through a Balassa-type supply channel but also through an investment demand channel.

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Real exchange rate dynamics in transition economies

Cited by 70 publications

References 17 publications

The Penn Effect and Transition: The New EU Member States in International Perspective

The Penn Effect and Transition: The New EU Member States in International Perspective

How Excessive are External Imbalances in Selected Transition Countries?

Real currency appreciation in accession countries: Balassa-Samuelson and investment demand

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