extransition economies. In the first phase of the empirical part of the research, the authors tested the stationarity of the real … exchange rate in a logarithm, while in the second phase, the cointegration of nominal exchange rate, domestic and foreign price … authors' knowledge, and taking into account Liu (1992), who states that it is more important to check the presence of co-integration …

mainly employed traditional unit-root tests, our research stands out for its use of novel panel stationarity tests that …

and relationships with previously proposed specifications are discussed and stationarity conditions are derived. An …