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Currency Devaluation, External Finance and Economic Growth: A Note on the Greek Case

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  • Mariolis, Theodore

Abstract

This paper combines dynamic input-output price models with Thirlwall’s extended model of balance of payments constrained growth to estimate the effect of a switch to drachma on domestic income. The findings suggest that a return to national currency would not necessarily deepen the recession, although a rather large nominal devaluation, i.e. in excess of 57%-60%, is necessary for the recovery.

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File URL: http://mpra.ub.uni-muenchen.de/45257/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 45257.

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Date of creation: Mar 2013
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Handle: RePEc:pra:mprapa:45257

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Keywords: Drachma Devaluation; Greek Economy; Dynamic Input-Output Price Models; Thirlwall’s Model;

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  1. Anthony P. Thirlwall, 2011. "Balance of payments constrained growth models: history and overview," PSL Quarterly Review, Economia civile, vol. 64(259), pages 307-351.
  2. Anthony P. Thirlwall, 2011. "The Balance of Payments Constraint as an Explanation of International Growth Rate Differences," PSL Quarterly Review, Economia civile, vol. 64(259), pages 429-438.
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