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Purchasing Power Parity In Less‐Developed And Transition Economies: A Review Paper

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  • Mohsen Bahmani‐Oskooee
  • Scott W. Hegerty

Abstract

The concept of purchasing power parity (PPP) has been the subject of numerous studies, many of which have been unable to prove conclusively this core principle of international finance. Although industrialized countries have received most of the attention, studies that focus on less‐developed and transition economies have also attained mixed results. This study surveys trends in this branch of the literature, highlighting the econometric advances that have sought to solve this puzzle, while pointing out that more needs to be done to address the reasons that might cause PPP not to hold.

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  • Mohsen Bahmani‐Oskooee & Scott W. Hegerty, 2009. "Purchasing Power Parity In Less‐Developed And Transition Economies: A Review Paper," Journal of Economic Surveys, Wiley Blackwell, vol. 23(4), pages 617-658, September.
    • Handle: RePEc:bla:jecsur:v:23:y:2009:i:4:p:617-658
    DOI: 10.1111/j.1467-6419.2009.00574.x
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