The Greek Hyperinflation Revisited
AbstractThe objective of this paper is to gain an insight into the Greek hyperinflation that occurred during the period 1941-1946. In doing so, a relatively novel data-set in conjunction with the bound testing approach to cointegration and error correction models developed within the autoregressive distributed lag (ARDL) framework, shed additional light on the underlying long-run relationship between money supply and inflation. Granger causality tests between money supply and prices are also conducted in the effort to ascertain the direction of causality between money supply and the (hyper)inflation rate.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 42428.
Date of creation: Feb 2008
Date of revision: Nov 2012
Publication status: Published in Ekonomia 1.11(2008): pp. 19-34
Hyperinflation; Cointegration; ARDL; Causality; Greece;
Other versions of this item:
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models
- N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
- B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
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- Makinen, Gail E., 1988. "The Greek Hyperinflation and Stabilization of 1943–1946: A Reply," The Journal of Economic History, Cambridge University Press, vol. 48(01), pages 140-142, March.
- M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
- Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-72, June.
- Craig S. Hakkio & Mark Rush, 1990.
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Research Working Paper
90-08, Federal Reserve Bank of Kansas City.
- Makinen, Gail E., 1986. "The Greek Hyperinflation and Stabilization of 1943–1946," The Journal of Economic History, Cambridge University Press, vol. 46(03), pages 795-805, September.
- Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
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