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Greek Monetary Economics in Retrospect: The Adventures of the Drachma

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  • Sophia Lazaretou

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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  1. Alogoskoufis, George & Christodoulakis, Nikos, 1990. "Fiscal Deficits, Seigniorage and External Debt: The Case of Greece," CEPR Discussion Papers, C.E.P.R. Discussion Papers 468, C.E.P.R. Discussion Papers.
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  7. 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, Elsevier, vol. 11(1), pages 157-170, March.
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  10. Lazaretou Sophia, 1995. "Government Spending, Monetary Policies, and Exchange Rate Regime Switches: The Drachma in the Gold Standard Period," Explorations in Economic History, Elsevier, Elsevier, vol. 32(1), pages 28-50, January.
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  14. Fotios Siokis & Panayotis Kapopoulos, 2003. "Electoral management, political risk and exchange rate dynamics: the Greek experience," Applied Financial Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 13(4), pages 279-285.
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Cited by:
  1. 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.
  2. George A. Christodoulakis & Stephen E Satchell, 2006. "Exact Elliptical Distributions for Models of Conditionally Random Financial Volatility," Working Papers, Bank of Greece 32, Bank of Greece.
  3. Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "A Decade of Debt," NBER Working Papers 16827, National Bureau of Economic Research, Inc.
  4. 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.
  5. 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, Elsevier, vol. 16(2), pages 143-154, April.
  6. George Chouliarakis & Sophia Lazaretou, 2014. "Deja vu? The Greek crisis experience, the 2010s versus the 1930s. Lessons from history," Working Papers, Bank of Greece 176, Bank of Greece.
  7. Wolf, Marvin, 2013. "Währungsunionen und Allmendeproblem," Hannover Economic Papers (HEP), Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät dp-521, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  8. Nicholas G. Zonzilos, 2004. "Econometric Modelling at the Bank of Greece," Working Papers, Bank of Greece 14, Bank of Greece.
  9. George Hondroyiannis & Sophia Lazaretou, 2007. "Inflation persistence during periods of structural change: an assessment using Greek data," Empirica, Springer, Springer, vol. 34(5), pages 453-475, December.
  10. Eleni Angelopoulou, 2005. "The Comparative Performance of Q-type and Dynamic Models of Firm Investment: Empirical Evidence from the UK," Working Papers, Bank of Greece 27, Bank of Greece.
  11. Ashoka Mody & Franziska Ohnsorge, 2007. "Can Domestic Policies Influence Inflation?," IMF Working Papers 07/257, International Monetary Fund.
  12. Christos Karpetis & Erotokritos Varelas & Spyros Zikos, 2006. "Unit Root Investigation of Greek Real Money Supply and GDP," International Advances in Economic Research, Springer, Springer, vol. 12(4), pages 449-460, November.

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