Estimating the Impact of the Balassa-Samuelson Effect in Central and Eastern European Countries: A Revised Analysis of Panel Data Cointegration Tests
| Autor: | Mirjana Miletić |
|---|---|
| Rok vydání: | 2012 |
| Předmět: |
Inflation
media_common.quotation_subject Balassa–Samuelson effect jel:C23 jel:E01 jel:O40 Exchange rate Econometrics Economics Balassa-Samuelson effect inflation real appreciation media_common Cointegration jel:C52 lcsh:Economic theory. Demography jel:F31 Convergence (economics) Percentage point jel:E31 jel:F36 lcsh:HB1-3840 Eastern european jel:O52 jel:O11 Baumol-Bowen effect Baumol-Bowen effect Balassa-Samuelson effect Real appreciation Inflation General Economics Econometrics and Finance Panel data |
| Zdroj: | Panoeconomicus, Vol 59, Iss 4, Pp 475-499 (2012) |
| Popis: | This paper aims to reassess the contribution of the Balassa-Samuelson effect to the inflation and real exchange rate appreciation using panel data for nine CEECs covering the period ranging from the mid-1990s to the third quarter of 2010. The main idea of this analysis is to answer the question of whether the Global Economic Crisis had a significant impact on the efforts of CEECs to stay on the path of real convergence. The Balassa-Samuelson effect explains less than 1.5 percentage points on average of inflation differential relative to the euro area and around 1 percentage point of the total domestic inflation. The results are robust across the model specification and estimation method. Most of the results point out that the Balassa-Samuelson effect has not changed considerably during the crisis even though it is lower compared to that in the earlier stage of transition (for the period up to 2004). |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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