Frensch, Richard; Schmillen, Achim - In: Economic Systems 35 (2011) 1, pp. 98-108
The Balassa-Samuelson hypothesis - i.e. that real exchange rates between each pair of countries increase with the tradables sector productivities ratio between these countries, and decrease with their non-tradables sector productivities ratio - has been one of the most prominent frameworks in...