Market Reform, Infrastructure and Exchange Rate Passthrough in Central and Eastern Europe

Robert Feinberg and Mieke Meurs

Post-Communist Economies, 2005, vol. 17, issue 1, 21-32

Abstract: The economic liberalisation which has occurred in Central and Eastern Europe (CEE) over the past 15 years has aimed at integrating markets into the global economy and realising the benefits of competition. This article examines a three-way pooled sample of annual data for 13 industry sectors in five CEE countries to explore the determinants of real exchange rate effects on domestic prices. Changes in the sensitivity of domestic markets to international shocks, as reflected in these exchange rate effects, may be viewed as a proxy for competitive pressures in these markets. We find that market reforms have played an important role in integrating a country's markets into the global economy, with a lesser impact of infrastructure development.

Date: 2005
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DOI: 10.1080/14631370500052456

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