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The Greek Hyperinflation Revisited

Author

Listed:
  • Constantinos Alexiou

    (Department of Urban-Regional Planning and Development Engineering, Polytechnic School, Aristotle University, Thessaloniki, Greece)

  • Persefoni Tsaliki

    (Department of Economics, Aristotle University, Thessaloniki, Greece)

  • Lefteris Tsoulfidis

    (Department of Economics, University of Macedonia, Thessaloniki, Greece)

Abstract

The objective of this paper is to gain an insight into the Greek hyperinflation that occured during the period 1941-1946. In doing so, a relatively novel data-set in conjuction 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.

Suggested Citation

  • Constantinos Alexiou & Persefoni Tsaliki & Lefteris Tsoulfidis, 2008. "The Greek Hyperinflation Revisited," Ekonomia, Cyprus Economic Society and University of Cyprus, vol. 11(1), pages 19-34, Summer.
    • Handle: RePEc:ekn:ekonom:v:11:y:2008:i:1:p:19-34
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    References listed on IDEAS

    as
    1. Hakkio, Craig S. & Rush, Mark, 1991. "Cointegration: how short is the long run?," Journal of International Money and Finance, Elsevier, vol. 10(4), pages 571-581, December.
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    4. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
    5. 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.
    6. Sargent, Thomas J & Wallace, Neil, 1973. "Rational Expectations and the Dynamics of Hyperinflation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(2), pages 328-350, June.
    7. Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 39(3), pages 106-135.
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    More about this item

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

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