Abstract
Is the real price of commodities among the Central Asian countries similar? Prior research suggests that for Central Asian countries the Purchasing Power Parity (PPP) doctrine does not hold. This article employs alternative cross-section correlations of panel unit root tests to examine the validity of the PPP hypothesis for three Central Asian countries vis-à-vis the Russian Federation. The empirical results show significant support for the PPP doctrine in these Central Asian countries when the testing takes into account the cross-sectional dependence on panel unit root tests.
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