Series: IMF Working Papers
Author(s): Lionel Halpern , and Charles Wyplosz
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 November 1996
Keywords: exchange rate, wage, real exchange rate, wages, exchange rates
A stylized fact of the transition process is an early profound exchange rate depreciation followed by continuing real appreciation. Absent historical reference points, it is difficult to judge whether the real appr...