PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2010 | 2 | nr 2 | 117--150
Tytuł artykułu

Estimating the Baumol-Bowen and Balassa-Samuelson Effects in the Polish Economy - a Disaggregated Approach

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
This paper estimates the magnitude of the Baumol-Bowen and Balassa-Samuleson effects in the Polish economy. The purpose of the analysis is to establish to what extent the differential price dynamics in Poland and in the euro area and the real appreciation of PLN against EUR are explained by the differential in respective productivity dynamics. The historical contribution of the Baumol-Bowen effect to Polish inflation rate is estimated at 0:9 - 1:0 percentage points in the short run. According to estimation results, the Balassa-Samuelson effect contributed around 0:9 to 1:0 percentage point per annum to the rate of relative price growth between Poland and the euro area and 1:0 to 1:2 p.p. to real exchange rate appreciation. The long-run effects are of an approximately twice larger magnitude. Sub-sample calculations and productivity trends over the last decade suggest that this impact should be declining. However, its size is still non-negligible for policymakers in the context of euro adoption in Poland. (original abstract)
Rocznik
Tom
2
Numer
Strony
117--150
Opis fizyczny
Twórcy
  • Polish Ministry of Finance; Institute for Market, Consumption and Business Cycles Research
  • Polish Ministry of Finance
Bibliografia
  • [1] Balassa B. (1964): The Purchasing-Power Parity Doctrine: A Reappraisal, "Journal of Political Economy", 72(6), 584-596.
  • [2] Banerjee A. (1999): Panel Data Unit Roots and Cointegration: An Overview, "Oxford Bulletin of Economics and Statistics", 61, 607-629.
  • [3] Banerjee A., Marcellino M., Osbat C. (2005): Testing for PPP: Should We Use Panel Methods?, "Empirical Economics", 30, 77-91.
  • [4] Baumol W.J., Bowen W.G. (1966): Performing arts: The economic dilemma, Twentieth Century Fund, New York. 27
  • [5] Bergstrand J.H. (1991): Structural Determinants of Real Exchange Rate and National Price Levels: Some Empirical Evidence, "American Economic Review", 81(1), 325-334.
  • [6] Breuss F. (2003): Balassa-Samuelson Effects in the CEEC: Are they Obstacles for Joining the EMU?, Wirtschaftsuniversit at Wien IEF Working Paper, 52.
  • [7] Chmielewski T. (2003): Znaczenie efektu Balassy-Samuelsona dla polskiej polityki pieniężnej, Materiały i Studia NBP, 163.
  • [8] Cipriani M. (2001): The Balassa-Samuelson Eect in Transition Economies, IMF Working Paper.
  • [9] Égert B. (2002a): Estimating the impact of the Balassa-Samuelson effect on inflation and the real exchange rate during the transition, "Economic Systems", 26(1), 1-16.
  • [10] Égert B. (2002b): Investigating the Balassa-Samuelson hypothesis in transition: Do we understand what we see?, "Economics of Transition", 10(2), 273-309.
  • [11] Fisher R. (1932): Statistical Methods for Research Workers, Oliver & Boyd.
  • [12] García-Solanes J., Sancho-Porteroa F.I., Torrejón-Floresa F. (2008): Beyond the Balassa-Samuelson effect in some new member states of the European Union, "Economic Systems", 32(1), 17-32.
  • [13] Halpern L., Wyplosz C. (2001): Economic Transformation and Real Exchange Rates in the 2000s: The Balassa-Samuelson Connection, Economic Survey Of Europe, Chapter 6, United Nations Economic Commission for Europe.
  • [14] Im K., Pesaran M., Shin Y. (2003): Testing for Unit Roots in Heterogenous Panels, "Journal of Econometrics", 115, 5374.
  • [15] Jones R. (1956): Factor proportions and the Heckscher-Ohlin theorem, "Review of Economic Studies", 24, 1-10.
  • [16] Kao C., Chiang M. (2000): On the estimation and inference of a cointegrated regression in panel data, "Advanced in Economics", 15, 179-222.
  • [17] Linder S. (1961): An Essay on Trade and Transformation, Wiley, New York.
  • [18] Lojschová A. (2003): Estimating the Impact of the Balassa-Samuelson Effect in Transition Economies, Institute for Advanced Studies Vienna Economic Series, 140.
  • [19] Maddala G., Wu S. (1999): A Comparative Study of Unit Root Tests with Panel Data a New Simple Test, "Oxford Bulletin of Economics and Statistics", 61, 631-652.
  • [20] Mihaljek D., Klau M. (2003): The Balassa-Samuelson effect in central Europe: a disaggregated analysis, BIS Working Papers.
  • [21] Pedroni P. (1999): Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors, "Oxford Bulletin of Economics and Statistics", 61, 653-670.
  • [22] Pedroni P. (2004): Panel cointegration: asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis, "Econometric Theory", 20, 597-625.
  • [23] Persyn D., Westerlund J. (2008): Error Correction Based cointegration Tests for Panel Data, "Stata Journal", 8(2), 232-241.
  • [24] Pesaran M. (2003): A Simple Panel Unit Root Test in the Presence of Cross Section Dependence, Cambridge Working Papers in Economics, 346.
  • [25] Phillips P., Hansen B. (1990): Statistical Inference in Instrumental Variables Regression with I(1) Processes, "Review of Economic Studies", 57, 99-125.
  • [26] Phillips P., Moon H. (1999): Linear Regression Limit Theory for Nonstationary Panel Data, "Econometrica", 67, 1057-1111.
  • [27] Rawdanowicz Ł. (2002): Badanie wpływu efektu Harroda-Balassy-Samuelsona na ceny relatywne w Polsce, Fundacja CASE.
  • [28] Saikkonen P. (1991): Asymptotically efficient estimation of cointegration regressions, "Econometric Theory", 7, 121.
  • [29] Samuelson P. (1964): Theoretical Notes on Trade Problems, "Review of Economics and Statistics", 46(2), 145-154.
  • [30] Wagner M. (2005): The Balassa-Samuelson Effect in 'East & West'. Differences and Similarities, Institute for Advanced Studies Vienna Economic Series.
  • [31] Wagner M., Hlouskova J. (2004): What's Really the Story with this Balassa-Samuelson Effect in the CEEC?, Universiteat Bern Volkswirtschaftliches Institut Diskussionsschriften, 04-16.
  • [32] Wagner M., Hlouskova J. (2010): The Performance of Panel Cointegration Methods: Results from a Large Scale Simulation Study, "Econometric Reviews", 29(2), 182-223.
  • [33] Westerlund J. (2007): Testing for Error Correction in Panel Data, "Oxford Bulletin of Economics and Statistics", 69(6), 709-748.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171226065

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.