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Currency crisis and collapse in interwar Greece: predicament or policy failure?

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  • Nicos Christodoulakis

Abstract

In 1928 Greece viewed the anchoring to the Gold Exchange Standard as the imperative choice in order to implant financial credibility and attract foreign capital. After the British pound exited the system in 1931, Greece chose a defence that exhausted foreign reserves and finally quitted in 1932. The Drachma devalued and debt payments were repudiated. Instead of a fast recovery, unemployment rose and the country entered a period of instability that ended with the imposition of dictatorship in 1936. The lessons are perhaps relevant for the costs that Greece would likely face by exiting the Eurozone. Copyright , Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal European Review of Economic History.

Volume (Year): 17 (2013)
Issue (Month): 3 (August)
Pages: 272-293

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Handle: RePEc:oup:ereveh:v:17:y:2013:i:3:p:272-293

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  1. Flood, Robert P. & Garber, Peter M., 1984. "Collapsing exchange-rate regimes : Some linear examples," Journal of International Economics, Elsevier, vol. 17(1-2), pages 1-13, August.
  2. Michael D. Bordo, 1995. "The Gold Standard as a `Good Housekeeping Seal of Approval'," NBER Working Papers 5340, National Bureau of Economic Research, Inc.
  3. Olivier J. Blanchard & Lawrence H. Summers, 1986. "Hysteresis And The European Unemployment Problem," NBER Chapters, in: NBER Macroeconomics Annual 1986, Volume 1, pages 15-90 National Bureau of Economic Research, Inc.
  4. Aleh Tsyvinski & Arijit Mukherji & Christian Hellwig, 2006. "Self-Fulfilling Currency Crises: The Role of Interest Rates," American Economic Review, American Economic Association, vol. 96(5), pages 1769-1787, December.
  5. Girton, Lance & Roper, Don, 1977. "A Monetary Model of Exchange Market Pressure Applied to the Postwar Canadian Experience," American Economic Review, American Economic Association, vol. 67(4), pages 537-48, September.
  6. Calvo, Guillermo A, 1987. "Balance of Payments Crises in a Cash-in-Advance Economy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(1), pages 19-32, February.
  7. Dornbusch, Rudiger, 1987. "Collapsing exchange rate regimes," Journal of Development Economics, Elsevier, vol. 27(1-2), pages 71-83, October.
  8. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-25, August.
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Cited by:
  1. Emmanuel Mamatzakis, 2013. "Are there any Animal Spirits behind the Scenes of the Euro area Sovereign Debt Crisis?," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 72, Hellenic Observatory, LSE.
  2. Nick Papandreou, 2014. "Life in the First Person and the Art of Political Storytelling:The Rhetoric of Andreas Papandreou," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 85, Hellenic Observatory, LSE.
  3. Yiannos Katsourides, 2013. "Political Parties and Trade Unions in Cyprus," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 74, Hellenic Observatory, LSE.
  4. Helen Caraveli & Efthymios G. Tsionas, 2012. "Economic restructuring, crises and the regions: the political economy of regional inequalities in Greece," LSE Research Online Documents on Economics 44882, London School of Economics and Political Science, LSE Library.
  5. Nicholas APERGIS & Arusha COORAY, 2013. "New Evidence on the Remedies of the Greek Sovereign Debt Problem," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 79, Hellenic Observatory, LSE.
  6. Kostas Ifantis, 2013. "The US and Turkey in the fog of Regional Uncertainty," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 73, Hellenic Observatory, LSE.
  7. Spyros Kosmidis, 2013. "Government Constraints and Economic Voting in Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 70, Hellenic Observatory, LSE.
  8. Vassilis Monastiriotis & Angelo Martelli, 2013. "Beyond Rising Unemployment: Unemployment Risk, Crisis and Regional Adjustments in Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 80, Hellenic Observatory, LSE.
  9. George Chouliarakis & Sophia Lazaretou, 2014. "Deja vu? The Greek crisis experience, the 2010s versus the 1930s. Lessons from history," Working Papers 176, Bank of Greece.
  10. Nicos Christodoulakis, 2014. "The Conflict Trap in the Greek Civil War 1946-1949: An economic approach," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 83, Hellenic Observatory, LSE.
  11. Manussos Marangudakis & Kostas Rontos & Maria Xenitidou, 2013. "State Crisis and Civil Consciousness in Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 77, Hellenic Observatory, LSE.
  12. George Alogoskoufis, 2013. "Macroeconomics and politics in the accumulation of Greece’s debt: an econometric investigation, 1975-2009," LSE Research Online Documents on Economics 50257, London School of Economics and Political Science, LSE Library.
  13. Spyros Kosmidis, 2013. "Government constraints and economic voting in Greece," LSE Research Online Documents on Economics 50259, London School of Economics and Political Science, LSE Library.
  14. Yannis Valinakis, 2012. "Greece’s European Policy Making," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 63, Hellenic Observatory, LSE.

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