Bahmani-Oskooee, Mohsen; Tsangyao Chang* - In: Journal of Developing Areas 49 (2015) 1, pp. 177-186
of long-run purchasing power parity (PPP) in 14 transition countries, using monthly real effective exchange rates over … the period January 1994- June 2012. The empirical results indicate that PPP holds only in five countries (i.e., Cyprus …, Lithuania, Latvia, Poland, and Slovenia). Furthermore, we found that the adjustment toward PPP is nonlinear. …