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The Balassa-Samuelson Effect: Empirical evidence for Portugal
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Resumo(s)
This work investigates the hypothesis that the episode of real appreciation in Portugal has its roots on the real convergence process. We test the existence, from 1995 to 2008, of three economic relationships considered to support this hypothesis. No evidence of the presence of these relations is found in the data. Nevertheless, the failure to find the predicted mechanism in the data does not invalidate the hypothesis. Instead, it highlights the necessity of finding a new explanation for the observed relationship between the country’s living cost and the per capita income.
Descrição
A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the Faculdade de Economia da Universidade Nova de Lisboa
Palavras-chave
Balassa-Samuelson effect real convergence purchasing power parity cointegrated VAR