The European Journal of Comparative Economics

ISSN: 1824-2979

EJCE Year: 2012, August. Volume: 9 - Issue: 2

Why Did Southeastern European Countries Experience Low Inflation Rates in the Beginning of This Century?

by Hiroyuki Yamada ; Gerwin Bell

Start page: 229 - End page: 246

Keywords: inflation; price convergence; exchange rate regime; Southeastern Europe

Jel code: E31; F3; F15



In the last decade, the inflation rates of Southeastern European (SEE) countries - Albania, Bosnia and Herzegovina, Croatia, Macedonia, Montenegro, and Serbia - have been more comparable to those in the euro area than to those in otherwise similar emerging economies; the only exception is Serbia. These low inflation rates can only partly be explained by initial price levels. In addition, the exchange rate regime is of paramount importance. Our analysis also explores additional differences between SEE and other regions

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