Greek Monetary Economics in Retrospect: The Adventures of the Drachma
AbstractThis paper enumerates the adventures of the drachma step by step, dividing its story into seven parts. Specifically, its main purpose is to present some historical perspective on the behaviour of the monetary and fiscal policies pursued in Greece during the period from the early 1830s until the introduction of the euro. For Greece and for the drachma, the lessons from the past are very important. Since the formation of the modern Greek State, government officials have striven – sometimes making hard efforts – to keep abreast of international monetary developments. This was because they understood that the participation of a peripheral, poor and inflation-prone country with a weak currency and an underdeveloped money market, like Greece of the time, in a monetary club of powerful economies could dramatically improve her international credit standing and imply important benefits in terms of exchange rate and monetary stability, and long-term foreign borrowing.
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Bibliographic InfoPaper provided by Bank of Greece in its series Working Papers with number 02.
Length: 42 pages
Date of creation: Mar 2003
Date of revision:
Publication status: Published in Economic Notes, Review of Banking, Finance and Monetary Economics, 2005, 34(3), pp. 331-370
fiscal disturbances; metallic monetary standards; fiat money;
Other versions of this item:
- Sophia Lazaretou, 2005. "Greek Monetary Economics in Retrospect: The Adventures of the Drachma," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 34(3), pages 331-370, November.
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
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