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An Eclectic Causality Model for Income Growth: Evidence from Greece

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  • Athanasios L. Athanasenas
  • Constantinos Katrakilidis

Abstract

We present time series evidence theoretically consistent with the New Keynesian view for income growth, using Greek annual data over the period 1970- 2004. The empirical analysis employs a hybrid model for income growth using the ARDL approach to co integration. Evidently, growth financing, under changing fiscal and monetary regimes and interest rates’ management are inextricably linked. These links still remain challenging and further research needs.

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File URL: http://www.ersj.eu/repec/ers/papers/08_12_p3.pdf
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Bibliographic Info

Article provided by European Research Studies Journal in its journal European Research Studies Journal.

Volume (Year): XI (2008)
Issue (Month): 1-2 ()
Pages: 31-46

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Handle: RePEc:ers:journl:v:xi:y:2008:i:1-2:p:31-46

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Web page: http://www.ersj.eu/

Related research

Keywords: Interest Rates and Income; Export-Led Growth; Co integration; ARDL;

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References

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  1. Ross Levine & Norman Loayza & Thorsten Beck, 2002. "Financial Intermediation and Growth: Causality and Causes," Central Banking, Analysis, and Economic Policies Book Series, in: Leonardo Hernández & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (S (ed.), Banking, Financial Integration, and International Crises, edition 1, volume 3, chapter 2, pages 031-084 Central Bank of Chile.
  2. Costas Karfakis, 2002. "Testing the quantity theory of money in Greece," Applied Economics, Taylor & Francis Journals, vol. 34(5), pages 583-587.
  3. Costas Karfakis, 2004. "Testing the quantity theory of money in Greece: reply to Ozmen," Applied Economics Letters, Taylor & Francis Journals, vol. 11(9), pages 541-543.
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  7. King, Robert G. & Levine, Ross, 1993. "Finance, entrepreneurship and growth: Theory and evidence," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 513-542, December.
  8. Eleftherios Thalassinos & Diana-Mihaela Pociovalisteanu, 2007. "A Time Series Model for the Romanian Stock Market," European Research Studies Journal, European Research Studies Journal, vol. 0(3-4), pages 57-72.
  9. Sebastian Edwards, 1997. "Openness, Productivity and Growth: What Do We Really Know?," NBER Working Papers 5978, National Bureau of Economic Research, Inc.
  10. Ben S. Bernanke & Alan S. Blinder, 1989. "The federal funds rate and the channels of monetary transmission," Working Papers 89-10, Federal Reserve Bank of Philadelphia.
  11. Angeloni, Ignazio & Ehrmann, Michael, 2003. "Monetary policy transmission in the euro area: any changes after EMU?," Working Paper Series 0240, European Central Bank.
  12. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
  13. Erdan Ozmen, 2003. "Testing The Quantity Theory of Money in Greece: A Note," ERC Working Papers 0310, ERC - Economic Research Center, Middle East Technical University, revised Oct 2003.
  14. Friedman, Benjamin M & Kuttner, Kenneth N, 1992. "Money, Income, Prices, and Interest Rates," American Economic Review, American Economic Association, vol. 82(3), pages 472-92, June.
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