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Title:Real convergence, capital flows, and competitiveness in Central and Eastern Europe PDF Logo
Authors:Belke, Ansgar
Schnabl, Gunther
Zemanek, Holger
Issue Date:2009
Series/Report no.:Ruhr economic papers 147
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
F32
ISBN:978-3-86788-166-1
Document Type:Working Paper
Appears in Collections:Ruhr Economic Papers, RWI
Publikationen von Forscherinnen und Forschern des RWI

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