Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/18813
Authors: 
Stein, Jerome L.
Year of Publication: 
2005
Series/Report no.: 
CESifo Working Paper 1449
Abstract: 
This paper applies the NATREX model of equilibrium exchange rates to evaluate several key studies of the Central and Eastern European Countries (CEEC) in general, with particular emphasis upon the Czech Republic and Hungary and with references to Poland and Bulgaria. On the basis of the NATREX model, we evaluate several key studies to answer the questions: How can the trends in the real exchange rates of the transition economies be explained? What are sustainable trends in their real exchange rates? To what extent were the real exchange rates misaligned? What are sustainable/equilibrium current account deficits and net investment positions in the medium and in the long-run? What are the policy implications for the transition economies of the NATREX analysis?
Subjects: 
transition economies
NATREX model
equilibrium real exchange rates
current account deficits
euro area
JEL: 
P2
F32
F31
Document Type: 
Working Paper

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