The Baltics
Subtitle: competitiveness on the eve of EU accession
By: Robert Burgess, Stefania Fabrizio, Yuan Xiao.
Contributors: Fabrizio, Stefania.; Xiao, Yuan.; International Monetary Fund.
Publisher: International Monetary Fund
Published: 2004
Place of publication: Washington, D.C
Language: eng
Number of pages: 69
Subjects: European Union -- Baltic States.; Foreign exchange rates -- Baltic States.; Competition -- Baltic States.; Baltic States -- Economic conditions.
Description: Large current account deficits in Estonia and Latvia, and the continued real appreciation of the exchange rate in Lithuania, have prompted concerns about the competitiveness of the Baltic economies, and called into question the sustainability of their current fixed exchange rate arrangements. Recent external performance, however, appears to be explained more by temporary or cyclical developments than by a deterioration in the underlying competitive position of the Baltic economies. This book assesses the competitive position of the Baltic countries and focuses, in particular, on the viability of the countries' strategy of maintaining their fixed exchange rates upon joining the EU, participating in its exchange rate mechanism, and then adopting the euro at the earliest possible date.--Publisher's description.
Notes: Includes bibliographical references (p. 64-69).
"Special issues paper ... based on a staff background paper for the 2003 Article IV consultations between the International Monetary Fund and the Republic of Estonia, the Republic of Latvia, and the Republic of Lithuania"--Pref.
Table of contents: title: Overview; title: Introduction; title: Assessing competitiveness; title: Productivity developments in the Baltics; title: Equilibrium real exchange rates; title: Conclusions and policy implications; title: Appendix 1. Estimating equilibrium real exchange rates in the Baltics in a cointegration framework.