Price Dynamics in Central and Eastern European EU Accession

Peter Backé (peter.backe@gmail.com), Jarko Fidrmuc, Thomas Reininger (thomas.reininger@oenb.at) and Franz Schardax (franz.schardax@oenb.at)
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Thomas Reininger: Oesterreichische Nationalbank, Foreign Research Division, http://www.oenb.at
Franz Schardax: Oesterreichische Nationalbank, Foreign Research Division, Otto-Wagner-Platz 3, POB 61, A-1011 Vienna, Austria, http://www.oenb.at

Working Papers from Oesterreichische Nationalbank (Austrian Central Bank)

Abstract: In this paper we review the developments of prices in the Central and Eastern European EU accession countries between 1990 and 2001. The paper starts with an analysis of the short-term and long-term (dis)inflation dynamics. This is complemented by an appraisal of price level convergence. The major driving forces of price formation in the accession countries are found to be related to price liberalization during the transition to a market economy, to the prospective EU accession, and to the catching-up process (Balassa-Samuelson effect). Finally, the paper draws conclusions about future monetary and exchange rate policy options in the run-up to EU accession and beyond.

Keywords: Price liberalization; core inflation; Balassa-Samuelson effect; EU enlargement. (search for similar items in EconPapers)
JEL-codes: E31 E42 F41 (search for similar items in EconPapers)
Pages: 47
Date: 2002-02-28
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Citations: View citations in EconPapers (34)

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