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Based on the temporal and interview redundancy of stereoscopic video coding, a fast motion and disparity estimation algorithm is proposed in this paper. Firstly, a credible start point is designed taking use of the view-temporal correlation of neighboring motion and disparity vectors. Secondly, an improved searching strategy is proposed to reduce the computational complexity, in which only 2-pixel refinement is needed around the start point. The proposed algorithm can get both motion vector and disparity vector during one estimation process. The experimental results demonstrate that the proposed algorithm can reduce up to 96% coding time compared with inter-view full search with a negligible quality drop.