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The Greek Hyperinflation Revisited

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  • Constantinos Alexiou

    (Department of Urban-Regional Planning and Development Engineering, Polytechnic School, Aristotle University, Thessaloniki, Greece)

  • Persefoni Tsaliki

    (Department of Economics, Aristotle University, Thessaloniki, Greece)

  • Lefteris Tsoulfidis

    (Department of Economics, University of Macedonia, Thessaloniki, Greece)

Abstract

The objective of this paper is to gain an insight into the Greek hyperinflation that occured during the period 1941-1946. In doing so, a relatively novel data-set in conjuction with the bound testing approach to cointegration and error correction models developed within the autoregressive distributed lag (ARDL) framework, shed additional light on the underlying long-run relationship between money supply and inflation. Granger causality tests between money supply and prices are also conducted in the effort to ascertain the direction of causality between money supply and the (hyper) inflation rate.

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Bibliographic Info

Article provided by Cyprus Economic Society and University of Cyprus in its journal Ekonomia.

Volume (Year): 11 (2008)
Issue (Month): 1 (Summer)
Pages: 19-34

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Handle: RePEc:ekn:ekonom:v:11:y:2008:i:1:p:19-34

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Web page: http://www.ekonomia.ucy.ac.cy/
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  1. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
  2. Craig S. Hakkio & Mark Rush, 1990. "Cointegration: how short is the long run?," Research Working Paper 90-08, Federal Reserve Bank of Kansas City.
  3. Makinen, Gail E., 1986. "The Greek Hyperinflation and Stabilization of 1943–1946," The Journal of Economic History, Cambridge University Press, vol. 46(03), pages 795-805, September.
  4. Sargent, Thomas J & Wallace, Neil, 1973. "Rational Expectations and the Dynamics of Hyperinflation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(2), pages 328-50, June.
  5. M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
  6. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-72, June.
  7. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
  8. Makinen, Gail E., 1988. "The Greek Hyperinflation and Stabilization of 1943–1946: A Reply," The Journal of Economic History, Cambridge University Press, vol. 48(01), pages 140-142, March.
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