Greek Monetary Economics in Retrospect: The Adventures of the Drachma
AbstractThis paper enumerates the adventures of the drachma step by step, dividing its story into seven parts. Specifically, its main purpose is to present some historical perspective on the behaviour of the monetary and fiscal policies pursued in Greece during the period from the early 1830s until the introduction of the euro. For Greece, the lessons of historical experience are very important. Since the formation of the modern Greek state, government officials have striven - sometimes making hard efforts - to keep abreast of international monetary developments. This was because they understood that the participation of a peripheral, poor and inflation-prone country with a weak currency and an underdeveloped money market, like Greece of the time, in a monetary club of powerful economies could improve her international credit standing and imply important benefits in terms of exchange rate and monetary stability, and long-term foreign borrowing. Copyright Banca Monte dei Paschi di Siena SpA, 2005
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Banca Monte dei Paschi di Siena SpA in its journal Economic Notes.
Volume (Year): 34 (2005)
Issue (Month): 3 (November)
Contact details of provider:
Web page: http://www.blackwellpublishing.com/journal.asp?ref=0391-5026
Other versions of this item:
- Sophia, 2003. "Greek Monetary Economics in Retrospect: The Adventures of the Drachma," Working Papers 02, Bank of Greece.
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Alberto Giovannini, 1993. "Bretton Woods and Its Precursors: Rules versus Discretion in the History of International Monetary Regimes," NBER Chapters, in: A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, pages 109-154 National Bureau of Economic Research, Inc.
- Alogoskoufis, George S. & Philippopoulos, Apostolis, 1992. "Inflationary expectations, political parties and the exchange rate regime: Greece 1958-1989," European Journal of Political Economy, Elsevier, vol. 8(3), pages 375-399, October.
- Bordo Michael D. & Kydland Finn E., 1995. "The Gold Standard As a Rule: An Essay in Exploration," Explorations in Economic History, Elsevier, vol. 32(4), pages 423-464, October.
- Michael D. Bordo & Eugene N. White, 1991. "British and French Finance During the Napoleonic Wars," NBER Working Papers 3517, National Bureau of Economic Research, Inc.
- Grilli, Vittorio, 1989. "Exchange rates and seigniorage," European Economic Review, Elsevier, vol. 33(2-3), pages 580-587, March.
- Barro, Robert J., 1987.
"Government spending, interest rates, prices, and budget deficits in the United Kingdom, 1701-1918,"
Journal of Monetary Economics,
Elsevier, vol. 20(2), pages 221-247, September.
- Robert J. Barro, 1986. "Government Spending, Interest Rates, Prices, and Budget Deficits in the United Kingdom, 1701-1918," NBER Working Papers 2005, National Bureau of Economic Research, Inc.
- Michael D. Bordo, 1996.
"The Gold Standard as a `Good Housekeeping Seal of Approval',"
NBER Working Papers
5340, National Bureau of Economic Research, Inc.
- Bordo, Michael D. & Rockoff, Hugh, 1996. "The Gold Standard as a “Good Housekeeping Seal of Approval”," The Journal of Economic History, Cambridge University Press, vol. 56(02), pages 389-428, June.
- Hugh Rockoff & Michael D. Bordo, 1996. "The Gold Standard as a "Good Housekeeping Seal of Approval"," Departmental Working Papers 199528, Rutgers University, Department of Economics.
- Lazaretou Sophia, 1995. "Government Spending, Monetary Policies, and Exchange Rate Regime Switches: The Drachma in the Gold Standard Period," Explorations in Economic History, Elsevier, vol. 32(1), pages 28-50, January.
- Brissimis, Sophocles N. & Leventakis, John A., 1989. "The effectiveness of devaluation: A general equilibrium assessment with reference to Greece," Journal of Policy Modeling, Elsevier, vol. 11(2), pages 247-271.
- Alogoskoufis, George, 1991.
"Monetary Accommodation, Exchange Rate Regimes and Inflation Persistence,"
CEPR Discussion Papers
503, C.E.P.R. Discussion Papers.
- Alogoskoufis, George S, 1992. "Monetary Accommodation, Exchange Rate Regimes and Inflation Persistence," Economic Journal, Royal Economic Society, vol. 102(412), pages 461-80, May.
- Alogoskoufis, George & Christodoulakis, Nikos, 1990. "Fiscal Deficits, Seigniorage and External Debt: The Case of Greece," CEPR Discussion Papers 468, C.E.P.R. Discussion Papers.
- George Hondroyiannis & Evangelia Papapetrou, 1997. "Are budget deficits inflationary? A cointegration approach," Applied Economics Letters, Taylor and Francis Journals, vol. 4(8), pages 493-496.
- Gibson, Heather D. & Lazaretou, Sophia, 2001. "Leading inflation indicators for Greece," Economic Modelling, Elsevier, vol. 18(3), pages 325-348, August.
- Kapopoulos, Panayotis, 1995. "Disinflation and credibility in small open European economies in the 1980s: Parties, elections and the ERM," European Journal of Political Economy, Elsevier, vol. 11(1), pages 157-170, March.
- Fotios Siokis & Panayotis Kapopoulos, 2003. "Electoral management, political risk and exchange rate dynamics: the Greek experience," Applied Financial Economics, Taylor and Francis Journals, vol. 13(4), pages 279-285.
- Alogoskoufis, George S & Smith, Ron, 1991. "The Phillips Curve, the Persistence of Inflation, and the Lucas Critique: Evidence from Exchange-Rate Regimes," American Economic Review, American Economic Association, vol. 81(5), pages 1254-75, December.
- Sideris, Dimitrios, 2006.
"Testing for long-run PPP in a system context: Evidence for the US, Germany and Japan,"
Journal of International Financial Markets, Institutions and Money,
Elsevier, vol. 16(2), pages 143-154, April.
- Dimitrios Sideris, 2004. "Testing for Long-Run PPP in a System Context: Evidence for the US, Germany and Japan," Working Papers 19, Bank of Greece.
- Reinhart, Carmen & Rogoff, Kenneth, 2011.
"A Decade of Debt,"
CEPR Discussion Papers
8310, C.E.P.R. Discussion Papers.
- Nicholas G. Zonzilos, 2004. "Econometric Modelling at the Bank of Greece," Working Papers 14, Bank of Greece.
- Eleni Angelopoulou, 2005. "The Comparative Performance of Q-type and Dynamic Models of Firm Investment: Empirical Evidence from the UK," Working Papers 27, Bank of Greece.
- George Hondroyiannis & Sophia Lazaretou, 2007.
"Inflation persistence during periods of structural change: an assessment using Greek data,"
Springer, vol. 34(5), pages 453-475, December.
- Hondroyiannis, George & Lazaretou, Sophia, 2004. "Inflation persistence during periods of structural change: an assessment using Greek data," Working Paper Series 0370, European Central Bank.
- George Hondroyiannis & Sophia Lazaretou, 2004. "Inflation Persistence during Periods of Structural Change: An Assessment Using Greek Data," Working Papers 13, Bank of Greece.
- Kalina Dimitrova & Luca Fantacci, 2009.
"Financial stability, monetary autonomy and fiscal interference: Bulgaria in search of its way, 1879-1913,"
3, National Bank of Serbia.
- Kalina Dimitrova & Luca Fantacci, 2010. "Financial stability, monetary autonomy and fiscal interference: Bulgaria in search of its way, 1879-1913," William Davidson Institute Working Papers Series wp979, William Davidson Institute at the University of Michigan.
- Christos Karpetis & Erotokritos Varelas & Spyros Zikos, 2006. "Unit Root Investigation of Greek Real Money Supply and GDP," International Advances in Economic Research, Springer, vol. 12(4), pages 449-460, November.
- Wolf, Marvin, 2013. "Währungsunionen und Allmendeproblem," Diskussionspapiere der Wirtschaftswissenschaftlichen FakultÃ¤t der Leibniz UniversitÃ¤t Hannover dp-521, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
- George A. Christodoulakis & Stephen E Satchell, 2006. "Exact Elliptical Distributions for Models of Conditionally Random Financial Volatility," Working Papers 32, Bank of Greece.
- Carmen M. Reinhart, 2010. "This Time is Different Chartbook: Country Histories on Debt, Default, and Financial Crises," NBER Working Papers 15815, National Bureau of Economic Research, Inc.
- Ashoka Mody & Franziska Ohnsorge, 2007. "Can Domestic Policies Influence Inflation?," IMF Working Papers 07/257, International Monetary Fund.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.