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Testing the Credibility of Stabilization Programmes: Evidence from Greece


  • Karfakis, Costas
  • Sidiropoulos, Moise
  • Trabelsi, Jamel


This paper tests the size and the diffusion effect of the credibility factors of the stabilization programme implemented in Greece in 1985, by means of a two-step procedure which focuses on the analysis of the time-series properties of the parallel market premium and the inflation process. An interesting aspect of the analysis is the evidence that the stabilization plan gained credibility rapidly, and its impact on the inflation dynamics was significant. Copyright @ 2000 by John Wiley & Sons, Ltd. All rights reserved.

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  • Karfakis, Costas & Sidiropoulos, Moise & Trabelsi, Jamel, 2000. "Testing the Credibility of Stabilization Programmes: Evidence from Greece," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 5(2), pages 165-173, April.
  • Handle: RePEc:ijf:ijfiec:v:5:y:2000:i:2:p:165-73

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    1. KARFAKIS Costas & SIDIROPOULOS Moïse & TRABELSI Jamel, "undated". "Testing for the Borrowed Credibility Hypothesis: Theory and Evidence from the French Disinflation Strategy," EcoMod2003 330700078, EcoMod.

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