This paper reviews the recent real exchange rate appreciation observed in the three Baltic countries. Until now, this phenomenon may be viewed primarily as a consequence of the undervalued real exchange rates of the new currencies. Looking ahead, a tendency for continued real appreciation is to...

Gegenstand der Untersuchung ist die starke reale Aufwertung der baltischen Währung im Zuge der makroökonomischen Stabilisierung. Der Grund für diese Entwicklung liegt in der Unterbewertung der baltischen Währungen zu Beginn des Transformationsprozesses, die ihren Ausdruck in einem im...

This paper reviews the recent real exchange rate appreciation observed in the three Baltic countries. Until now, this phenomenon may be viewed primarily as a consequence of the undervalued real exchange rates of the new currencies. Looking ahead, a tendency for continued real appreciation is to...