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An Investigation on the Effectiveness of the Devaluation Policy in the Case of the Greek Economy: 1975 I - 1991 I

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The chief target of this work is to examine whether the devaluation of the Greek currency affected favorably the domestic product under the regime of managed fluctuating exchange rates during the period 1975 I - 1991 I. For this purpose we applied the integration-cointegration approaches using the Augmented Dickey-Fuller (ADF) test. The main finding of this paper is that the gradual devaluation of the drachma against the U.S. dollar did not succeed to influence positively the real economy (i.e. real domestic product). This failure of the gradual depreciation has been due on one hand to the expansive monetary and fiscal policies and elastic incomes policy, and on the other hand to the intense structural problems of the Greek economy (e.g. high dependence of economic activity on imported raw materials and semi-finished goods) as well as to the unfavorable external factors (e.g. oil crises).

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  • Paleologos, John M., 1993. "An Investigation on the Effectiveness of the Devaluation Policy in the Case of the Greek Economy: 1975 I - 1991 I," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 46(2-3), pages 247-258.
    • Handle: RePEc:ris:ecoint:0441
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    Cited by:

    1. Bitros, George C. & Batavia, Bala & Nandakumar, Parameswar, 2016. "Economic crisis in the European periphery: An assessment of EMU membership and home policy effects based on the Greek experience," The North American Journal of Economics and Finance, Elsevier, vol. 36(C), pages 312-327.

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