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Greek Monetary Economics in Retrospect: The Adventures of the Drachma

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Sophia Lazaretou

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Abstract

This 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

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Article provided by Banca Monte dei Paschi di Siena SpA in its journal Economic Notes.

Volume (Year): 34 (2005)
Issue (Month): 3 (November)
Pages: 331-370
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Handle: RePEc:bla:ecnote:v:34:y:2005:i:3:p:331-370

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References listed on IDEAS
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.:
  1. Hondroyiannis, George & Papapetrou, Evangelia, 1997. "Are Budget Deficits Inflationary? A Cointegration Approach," Applied Economics Letters, Taylor and Francis Journals, vol. 4(8), pages 493-96, August. [Downloadable!] (restricted)
  2. Alogoskoufis, George S, 1992. "Monetary Accommodation, Exchange Rate Regimes and Inflation Persistence," Economic Journal, Royal Economic Society, vol. 102(412), pages 461-80, May. [Downloadable!] (restricted)
  3. 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. [Downloadable!] (restricted)
  4. Eichengreen, Barry, 1987. "Hegemonic Stability Theories of the International Monetary System," CEPR Discussion Papers 193, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  5. 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. [Downloadable!] (restricted)
  6. 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. [Downloadable!] (restricted)
  7. Grilli, Vittorio, 1989. "Exchange rates and seigniorage," European Economic Review, Elsevier, vol. 33(2-3), pages 580-587, March. [Downloadable!] (restricted)
  8. 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. [Downloadable!]
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  9. 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, January. [Downloadable!] (restricted)
  10. Redish, A., 1991. "The Latin Monetary Union And The Emergence Of The International Gold Standard," UBC Departmental Archives 91-01, UBC Department of Economics.
  11. 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. [Downloadable!] (restricted)
  12. 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. [Downloadable!] (restricted)
  13. Flandreau, Marc, 1993. "On the inflationary bias of common currencies : The Latin Union puzzle," European Economic Review, Elsevier, vol. 37(2-3), pages 501-506, April. [Downloadable!] (restricted)
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Cited by:
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  1. 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. [Downloadable!]
  2. Ashoka Mody & Franziska Ohnsorge, 2007. "Can Domestic Policies Influence Inflation?," IMF Working Papers 07/257, International Monetary Fund. [Downloadable!]
  3. Christos Papazoglou, 2005. "Real Exchange Rate Dynamics and Output Contraction under Transition," Working Papers 29, Bank of Greece. [Downloadable!]
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