An Assessment of Real Exchange Rate Movements in the Transition Economies of Central and Eastern Europe

Panagiotis Liargovas

Post-Communist Economies, 1999, vol. 11, issue 3, 299-318

Abstract: One common development in the transition economies of Central and Eastern Europe is the real appreciation of their exchange rates at the beginning of the 1990s. This article makes an assessment of the real exchange rate movements in transition economies at the beginning of the 1990s. After reviewing the main theories which explain real exchange rate patterns, it investigates the importance and the sources of these movements. Are these movements an equilibrium change resulting from an initial policy measure (e.g. devaluation), or they are due to divergent cost and price developments, or to different productivity trends or to increased capital inflows?

Date: 1999
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DOI: 10.1080/14631379995904

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