haku: @author Fischer, C. / yhteensä: 9
viite: 6 / 9
| Tekijä: | Fischer, C. |
| Otsikko: | Real currency appreciation in accession countries: Balassa-Samuelson and investment demand |
| Lehti: | Review of World Economics
2004 : VOL. 140:2, p. 179-210 |
| Asiasana: | Transition economies Investment Exchange rates Currency Models Central Europe Eastern Europe European Union |
| Kieli: | eng |
| Tiivistelmä: | The Balassa-Samuelson effect (hereafter as: B-S. eff./effs.) 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. A simple model shows 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 B-S. effs. may require a re-interpretation. The model is estimated for a panel of CEE countries. The results are consistent with the model, plausibly explain the observed real appreciation and support the existence of the proposed investment demand channel. |
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