extransition economies. In the first phase of the empirical part of the research, the authors tested the stationarity of the real … exchange rate in a logarithm, while in the second phase, the cointegration of nominal exchange rate, domestic and foreign price … authors' knowledge, and taking into account Liu (1992), who states that it is more important to check the presence of co-integration …

countries using time series data. The few previous time series studies in this area have not paid any attention to stationarity … and cointegration issues. We find that in most cases, the variables are non-stationary in their levels and not …

cointegration between the nominal exchange rate and the relative prices. In particular, the Argentinean RER appears to be trend …