Current-Account Surplus and Falling Competitiveness in Slovenia

  • Velimir Bole


High real appreciation of the exchange rate is quite common in the later phases of stabilizing and restructuring economies in transition. A current-account surplus at the beginning also turns into a deficit almost systematically in transitional economies. Among these economies a great variety of exchange-rate regimes were enacted, monetary policy targets used, and fiscal stances achieved. Nevertheless, there was almost no exception in the described time path of current accounts and real exchange rates.


Real Exchange Rate Relative Prex Trade Deficit Unit Labor Cost Tradable Sector 
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© Kluwer Academic Publishers 1999

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  • Velimir Bole

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