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Inflation, Agricultural Prices and Economic Convergence in Greece

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  • Zanias, George P

Abstract

The relationship between agricultural prices and the general price level in Greece is estimated using econometric methods for non-stationary variables, preceded by cointegration and unit root tests which deal with the complications arising from the impact of the 1973 oil shock on the price series. It is found that agricultural prices overshoot in the short-run, while the adjustment speed to the long-run inflation neutrality is slow. The results contradict previous findings for Greece while the methods used by various researchers in the past are criticised. The existence of overshooting partly explains the evolution of agricultural prices in Greece during the past two decades, while the lower inflation rates envisaged by the economic convergence programme to meet the Maastricht criteria, will cause a 15 per cent decline in real agricultural prices during the period 1994 to 1998. Copyright 1998 by Oxford University Press.

Suggested Citation

  • Zanias, George P, 1998. "Inflation, Agricultural Prices and Economic Convergence in Greece," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 25(1), pages 19-29.
    • Handle: RePEc:oup:erevae:v:25:y:1998:i:1:p:19-29
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    1. repec:kap:iaecre:v:11:y:2005:i:1:p:111-119 is not listed on IDEAS
    2. Nicholas Apergis & Anthony Rezitis, 2003. "Mean spillover effects in agricultural prices: The case of Greece," Agribusiness, John Wiley & Sons, Ltd., vol. 19(4), pages 425-437.
    3. Bulent Guloglu & Saban Nazlioglu, 2013. "Impacts of Inflation on Agricultural Prices: Panel Smooth Transition Regression Analysis," Research Journal of Politics, Economics and Management, Sakarya University, Faculty of Economics and Administrative Sciences, vol. 1(1), pages 1-20, January.
    4. Nicholas Apergis & Anthony Rezitis, 2003. "Mean spillover effects in agricultural prices: Evidence from changes in policy regimes," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 9(1), pages 69-78, February.
    5. Ioanna Reziti, 2005. "The Relationship Between Macroeconomic Variables and Relative Price Variability in Greek Agriculture," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 11(1), pages 111-119, February.
    6. Bakucs, Lajos Zoltan & Ferto, Imre, 2005. "The Influence of Macroeconomic Variables on the Hungarian Agriculture," 2005 Annual meeting, July 24-27, Providence, RI 19232, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    7. Bakucs, Lajos Zoltan & Ferto, Imre, 2005. "Monetary Impacts and Overshooting of Agricultural Prices in a Transition Economy," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24711, European Association of Agricultural Economists.
    8. Bakucs, Lajos Zoltan & Ferto, Imre, 2009. "Monetary Impacts and Overshooting of Agricultural Prices in a Transition Economy: The Case of Hungary," 2009 Conference, August 16-22, 2009, Beijing, China 51798, International Association of Agricultural Economists.

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