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The purpose of the paper is to evaluate the validity of purchasing power  parity (PPP) for eight countries from the Emerging Europe: Hungary, Czech  Republic, Poland, Romania, Lithuania, Latvia, Serbia and Turkey. Monthly data  for euro and U.S. dollar based real exchange rate time series are considered  covering the period: January, 2000 - August, 2011. Given significant changes  in these economies in this sample it seems plausible to assume that real  exchange time series are characterized by more than one time structural  break. In order to endogenously determine the number and type of breaks while  testing for the presence of unit roots we applied the Lee-Strazicich  approach. For two euro based real exchange rate time series (in Hungary and  Turkey) the unit root hypothesis has been rejected. For the U.S. dollar based  real exchange rate time series in Poland, Romania and Turkey the presence of  unit root has been rejected. To assess the adjustment dynamics of those real  exchange rates that were detected to be stationary with two breaks, the  impulse response function is calculated and half-life is estimated. Our  overall conclusion is that the persistence of real exchange rate in Emerging  Europe is still substantially high. The lack of strong empirical support for  PPP suggests that careful policy actions are needed in this region to prevent  serious exchange rate misalignment

The purchasing power parity in emerging Europe: Empirical results based on two-break analysis