AMBIENTUM BIOETHICA BIOLOGIA CHEMIA DIGITALIA DRAMATICA EDUCATIO ARTIS GYMNAST. ENGINEERING EPHEMERIDES EUROPAEA GEOGRAPHIA GEOLOGIA HISTORIA HISTORIA ARTIUM INFORMATICA IURISPRUDENTIA MATHEMATICA MUSICA NEGOTIA OECONOMICA PHILOLOGIA PHILOSOPHIA PHYSICA POLITICA PSYCHOLOGIA-PAEDAGOGIA SOCIOLOGIA THEOLOGIA CATHOLICA THEOLOGIA CATHOLICA LATIN THEOLOGIA GR.-CATH. VARAD THEOLOGIA ORTHODOXA THEOLOGIA REF. TRANSYLVAN
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STUDIA OECONOMICA - Ediţia nr.2 din 2013 | |||||||
Articol: |
REAL EXCHANGE RATE AND CATCHING-UP PROCESS IN ROMANIA: THE BALASSA-SAMUELSON EFFECT . Autori: DIANA SADOVEANU. |
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Rezumat: In this paper we examined the implications of the Balassa-Samuelson effect for Romanian currency (leu). Because the traditional form of the approach was only partially validated for Romania, we investigated the extended version of this model by adding the relative administered prices and net foreign assets variables. We showed that productivity in the tradable sector determined the appreciation of the real exchange rate of the leu deflated with producer prices. Also, an increase in the relative productivity from non-tradable and tradable sectors in Romania and euro zone, influenced positively the real exchange rate of the leu, deflated with consumer prices, contrary to the Balassa-Samuelson model assumptions. We explained this weak evidence of the HBS effect in Romanian case by the convergence of the administered prices and the influence of the net foreign assets, which appreciated significantly the nominal exchange rate and busted demand. JEL classification: F31, C22 Keywords: real exchange rate, Balassa-Samuelson, relative productivity, price convergence |
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