September 2005
Deutsche Bank Research
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Dear reader,
We have just issued the following publication "Current Issues":
Are the CEE-4 currencies fundamentally undervalued?
In the race towards the euro, the four large new EU members
- the CzechRepublic, Hungary, Poland and Slovakia
will soon reach the home straight.
Our paper presents an exchange-rate model that examines the competitiveness of these economies in the EU's single market by comparing euro wage levels in the manufacturing sector.
The results suggest that the currencies will
continue to be undervalued for some time, which
puts the CEEC-4 in an excellent competitive position.
New Layout:
DB Research is now issuing its publications in a fresh,
new design. The goal is to communicate our messages
more directly and in a more user-friendly way.
The improvements include a more clearly structured
front page and charts with more compelling headings.
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DB Research –
Are the CEE-4 currencies fundamentally undervalued?
Attachment:
Are_the_CEE_4_currencies_fundamentally_undervalued_.pdf
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Wednesday, September 7, 2005