Measured against PPP, the drachma effective exchange rate was overvalued by a significant amount, implying that the devaluation on March 1998 was an adjustment of the exchange rate towards the long-run price differentials. The paper also analyses the links between fiscal policy, interest rates and the real exchange rate in Greece and attempts to empirically measure the forces that push the exchange rate toward real appreciation.
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Paper provided by Athens University of Economics and Business, Department of International and European Economic Studies in its series Athens University of Economics and Business with number
95.
Length: 19 pages Date of creation: 1998 Date of revision: Handle: RePEc:fth:athebu:95
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Find related papers by JEL classification: F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy