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http://hdl.handle.net/10419/29778
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| Title: | | Real convergence, capital flows, and competitiveness in central and Eastern Europe  |
| Authors: | | Belke, Ansgar Schnabl, Gunther Zemanek, Holger |
| Issue Date: | | 2009 |
| Series/Report no.: | | Discussion papers // German Institute for Economic Research 937 |
| Abstract: | | The paper scrutinizes the role of wages and capital flows for competitiveness in the new EU member states in the context of real convergence. For this purpose it extends the seminal Balassa-Samuelson model by international capital markets. The augmented Balassa-Samuelson model is linked to the monetary overinvestment theories of Wicksell and Hayek in order to trace cyclical deviations of real exchange rates from the productivity-driven equilibrium path. Panel estimations for the period from 1993 to 2008 reveal mixed evidence for the role of capital markets for both the economic catch-up process and international competitiveness of the Central and Eastern European countries. |
| Subjects: | | Exchange rate regime wages Central and Eastern Europe EMU accession panel model |
| JEL: | | E24 F16 F31 F32 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des DIW DIW-Diskussionspapiere
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