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| Author: | Fischer, C. |
| Title: | Real currency appreciation in accession countries: Balassa-Samuelson and investment demand |
| Journal: | Review of World Economics
2004 : VOL. 140:2, p. 179-210 |
| Index terms: | European integration European Union Exchange rates Transition economies Eastern Europe |
| Language: | eng |
| Abstract: | The Balassa-Samuelson effect is often seen as the prime explanation of the continuous real appreciation of Central and East European (CEE) transition countries' currencies against their western counterparts. It is shown by a simple model that productivity shocks work not only through a Balassa-type supply channel but also through an investment demand channel. Therefore, empirical evidence apparently in favour of Balassa-Samuelson effect may require a re-interpretation. The model is estimated for a panel of CEE countries. |
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