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Competitiveness in Transition Economies: What Scope for Real Appreciation?

Kornélia Krajnyák and Jeromin Zettelmeyer ()
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Kornélia Krajnyák: International Monetary Fund

IMF Staff Papers, 1998, vol. 45, issue 2, 309-362

Abstract: We estimate equilibrium dollar wages for 15 transition economies of Central and Eastern Europe (CEE) and the former Soviet Union. Equilibrium dollar wages are interpreted as full employment wages consistent with a country's physical and human capital endowment, and estimated by regressing actual dollar wages on productivity and human capital proxies in a short (1990-95) panel of 85 countries. The main results are: (1) equilibrium dollar wages have appreciated steadily in the Baltic countries and fast-reforming CEE transition economies, but have been flat in most CIS countries; and (2) 1996 actual dollar wages remain below estimated equilibrium dollar wages for most but not all transition countries covered.

JEL-codes: F14 F21 F41 P20 P50 (search for similar items in EconPapers)
Date: 1998
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