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By Hubert Gabrisch, Rüdiger Pohl (eds.)

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Extra resources for EU Enlargement and its Macroeconomic Effects in Eastern Europe: Currencies, Prices, Investment and Competitiveness

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Indeed, the rate of interest must be higher than the rate of growth of consumer prices if the real rate of interest for private households has to be positive. On the other hand, there is a tendency in the CEECs to keep the rate of depreciation of local currencies below the growth rate of producer prices in order to prevent an inflationary pressure arising from costs of imported materials and components. The resulting real appreciation of local currencies is very often treated also as an external brake on nominal wage pressure not justified by an increase of labour productivity in export-oriented sectors of the economy.

Spain became a member of the EU in 1986. In the years 1986–95 Spain registered an inflow of FDI amounting to about USD 120 billion, that is an average of about USD 10 billion per year (UNCTAD, 1996, p. 239). If we compare, however, the last three decades in Spain, we note that the highest rate of GDP growth per year, 6 per cent, was registered in 1965–75, while in the years 1976–85 it amounted to only 2 per cent and in 1986–95 it reached a 38 Macroeconomic Problems of Trade Liberalisation level of 3 per cent.

II Extending the equality between investment and savings to an open economy with a government budget, we get the general equation, SP = IP + D + E (1) where IP is the private (gross) investment of the business sector; D = G – T is the budget deficit, being the difference between G, 28 Macroeconomic Problems of Trade Liberalisation government expenditure for goods and services, and T, government revenue from all kinds of taxes including social security payments; E = X – M is the trade surplus, being the difference between exports X and imports M of goods and non-factor services (nfs); and SP is private (gross) savings of individual households plus undistributed profits.

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