Real Exchange Rates in Small Open OECD and Transition Economies: Comparing Apples with Oranges?
Balázs Egert, Kirsten Lommatzsch, Amina Lahrèche-Révil
We find that productivity gains in tradables cause an appreciation of the real exchange rate via both tradable and nontradable prices in the CEE-5 and have no affect in the Baltic countries, while...
Dutch Disease Scare in Kazakhstan: Is it real?
Balázs Egert, Carol S. Leonard
In this paper we explore the evidence that would establish that Dutch disease is at work in, or poses a threat to, the Kazakh economy. Assessing the mechanism by which fluctuations in the price of...
Real Convergence, Price Level Convergence and Inflation Differentials in Europe
This paper provides a comprehensive review of the factors that can cause price levels to diverge and which are at the root of different inflation rates in Europe including the EU-27. Among others, we...
This paper analyses the Balassa-Samuelson (B-S) framework for the case of Estonia using a unique dataset that consists of a 15-sectoral breakdown of GDP and a five-digit level CPI disaggregation with...
Determinants of House Prices in Central and Eastern Europe
Balázs Egert, Dubravko Mihaljek
This paper studies the determinants of house prices in eight transition economies of central and eastern Europe (CEE) and 19 OECD countries. The main question addressed is whether the conventional...