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Index of the Cycle of Money: The Case of Cyprus

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  • Constantinos Challoumis

    (Department of Accounting and Finance, Faculty of Business, Philips University Nicosia, P.O. Box 28008, 2090 Strovolos, Cyprus
    Department of Business Administration, School of Economics and Political Sciences, National and Kapodistrian University of Athens, Sofokleous Str., 10559 Athens, Greece
    Department of Marketing and Communication, Athens University of Economics and Business, 76 Patission Str., 10434 Athens, Greece)

  • Nikolaos Eriotis

    (Department of Business Administration, School of Economics and Political Sciences, National and Kapodistrian University of Athens, Sofokleous Str., 10559 Athens, Greece)

  • Dimitrios Vasiliou

    (Department of Business Administration, School of Economics and Political Sciences, National and Kapodistrian University of Athens, Sofokleous Str., 10559 Athens, Greece)

Abstract

This research aims to evaluate the effectiveness of monetary circulation in Cyprus by applying the Index of the Cycle of Money, derived from the Theory of the Cycle of Money. The analysis focuses exclusively on the Cypriot economy over the period of 2012–2017, a timeframe marked by severe financial stress following a domestic banking crisis. Using national GDP and bank deposits as core inputs, the study computes the country-specific cycle-of-money index and compares it to the global benchmark. The results show that Cyprus consistently exhibits a cycle-of-money index significantly above the global average, indicating a highly efficient internal redistribution and reuse of money. This finding suggests that the Cypriot economic structure possesses strong resilience and recovery capacity, even under adverse monetary and fiscal conditions. The analysis contributes to the comparative literature on monetary circulation by providing a clearly delimited single-country application and by reinforcing the explanatory power of the cycle-of-money framework in crisis contexts.

Suggested Citation

  • Constantinos Challoumis & Nikolaos Eriotis & Dimitrios Vasiliou, 2026. "Index of the Cycle of Money: The Case of Cyprus," IJFS, MDPI, vol. 14(2), pages 1-26, February.
    • Handle: RePEc:gam:jijfss:v:14:y:2026:i:2:p:27-:d:1854350
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