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This paper aims to reassess the contribution of the Balassa-Samuelson effect  to the inflation and real exchange rate appreciation using panel data for  nine CEECs covering the period ranging from the mid-1990s to the third  quarter of 2010. The main idea of this analysis is to answer the question of  whether the Global Economic Crisis had a significant impact on the efforts of  CEECs to stay on the path of real convergence. The Balassa-Samuelson effect  explains less than 1.5 percentage points on average of inflation differential  relative to the euro area and around 1 percentage point of the total domestic  inflation. The results are robust across the model specification and  estimation method. Most of the results point out that the Balassa-Samuelson  effect has not changed considerably during the crisis even though it is lower  compared to that in the earlier stage of transition (for the period up to  2004)

Estimating the impact of the Balassa-Samuelson effect in central and eastern European countries: A revised analysis of panel data cointegration tests