The Greek Hyperinflation Revisited
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.
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Volume (Year): 11 (2008)
Issue (Month): 1 (Summer)
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- 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.
- Craig S. Hakkio & Mark Rush, 1990. "Cointegration: how short is the long run?," Research Working Paper 90-08, Federal Reserve Bank of Kansas City.
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- 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.
- 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.
- Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 39(3), pages 106-135.
- Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-276, March.
- 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.
- 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.
- Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254. Full references (including those not matched with items on IDEAS)
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