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The monetary model of exchange rate determination: the case of Greece (1974–1994)

Listed author(s):
  • Aristidis Bitzenis
  • John Marangos

The flexible-price monetary model is examined for the Greek drachma-US dollar exchange rate. The Johansen multivariate technique of co-integration is applied to an unrestricted form of the monetary model. Using quarterly data covering the period 1974–1994, strong evidence is found in favour of the existence of co-integration between the nominal exchange rate, relative money supply, relative income and relative interest rates. The monetary model is validated as a long-run equilibrium condition.

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File URL: http://www.inderscience.com/link.php?id=16026
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Article provided by Inderscience Enterprises Ltd in its journal Int. J. of Monetary Economics and Finance.

Volume (Year): 1 (2007)
Issue (Month): 1 ()
Pages: 57-88

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Handle: RePEc:ids:ijmefi:v:1:y:2007:i:1:p:57-88
Contact details of provider: Web page: http://www.inderscience.com/browse/index.php?journalID=218

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