Abstract

http://ssrn.com/abstract=708986
 


 



The Transition Economies: A NATREX Evaluation of Research


Jerome L. Stein


Brown University - Division of Applied Mathematics; CESifo (Center for Economic Studies and Ifo Institute)

April 2005

CESifo Working Paper Series No. 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?

Number of Pages in PDF File: 50

Keywords: transition economies, NATREX model, equilibrium real exchange rates, current account deficits, euro area

JEL Classification: F31, F32, P2

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Date posted: April 25, 2005  

Suggested Citation

Stein, Jerome L., The Transition Economies: A NATREX Evaluation of Research (April 2005). CESifo Working Paper Series No. 1449. Available at SSRN: http://ssrn.com/abstract=708986

Contact Information

Jerome L. Stein (Contact Author)
Brown University - Division of Applied Mathematics ( email )
Providence, RI 02912
United States
401-863-2143 (Phone)
401-863-1355 (Fax)
CESifo (Center for Economic Studies and Ifo Institute)
Poschinger Str. 5
Munich, DE-81679
Germany
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