Price convergence in the European Union and in the New Member States

• Autorzy: Joanna Wolszczak-Derlacz , Rembert de Blander
• Języki publikacji: EN

Abstrakty

EN

This paper examines price dispersion in the European Union (EU15) and in three New Member States (Poland, Hungary and the Czech Republic) between 1995 and 2006. The research is motivated by the fact that the price convergence problem is at the top of the public agenda in many New Member States (NMS). The analysis utilizes both disaggregate and aggregate price data, including the prices of 157 products and two indices constructed using two different weighting procedures. For each category of goods the price dispersion is lower in EU15 than EU15 plus 3 NMS. Sigma convergence measured as a decline in the standard deviation over time is rejected. Unit root tests reject the validity of the Law of One Price (LOOP) for most of the estimations of indices but confirm the LOOP for individual goods. The half-lives are shorter for NMS than for the EU15. (original abstract)

W opracowaniu przeanalizowano zróżnicowanie cen w Unii Europejskiej (EU15) oraz w trzech nowych krajach członkowskich (Polska, Węgry i Czechy) w latach 1995-2006. Motywacją przeprowadzenia tego badania jest fakt, że problem konwergencji cen jest sprawa priorytetową dla społeczeństw wielu nowych krajach członkowskich. Do analizy wykorzystano zarówno niezagregowane jak i zagregowane dane dotyczące cen, włączając ceny 157 produktów i dwa wskaźniki wykonane przy użyciu dwóch różnych procedur ważenia. Dla każdej kategorii towarów dyspersja cen jest niższa dla EU15 niż dla krajów EU 15 rozpatrywanych w połączeniu z trzema nowymi krajami członkowskimi. Odrzucono sigmę konwergencji mierzoną jako pogorszenie się średniego odchylenia w czasie. Testy unit root odrzucają ważność prawa jednej ceny (ang. Law of One Price - LOOP) dla większości z estymowanych wskaźników lecz potwierdzają LOOP dla poszczególnych towarów. Okresy półtrwania są krótsze dla nowych krajów członkowskich niż dla krajów piętnastki.

Słowa kluczowe

EN

Prices; Convergence; Economic integration; Price convergence

PL

Ceny; Konwergencja; Integracja gospodarcza; Konwergencja cenowa

• Czasopismo: Bank i Kredyt
• Rocznik: 2009
• Numer: nr 2
• Strony: 37--59

Twórcy

autor

Joanna Wolszczak-Derlacz

autor

Rembert de Blander

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