The Transition Economies: A NATREX Evaluation of Research

Jerome Stein

No 1449, CESifo Working Paper Series from CESifo

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?

Keywords: transition economies; NATREX model; equilibrium real exchange rates; current account deficits; euro area (search for similar items in EconPapers)
Date: 2005
New Economics Papers: this item is included in nep-ifn
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Citations: View citations in EconPapers (3)

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