The European Journal of Comparative Economics
ISSN: 1824-2979
Year: 2012, August. Volume: 9 - Issue: 2

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

Hiroyuki Yamada ; Gerwin Bell

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Start page: 229 - End page: 246

inflation, price convergence, exchange rate regime, Southeastern Europe
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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