The Demand For Money In Greece: Further Empirical Results And Policy Implications
This paper investigates the determinants and the stability of the demand for money in Greece for both narrow and broad definitions of money. The demand for M2 has not been previously studied. The findings of the empirical work suggest that the demand for M1 is unstable. For M2 the results presented are not sufficiently unambiguous to provide a basis for a policy prescription in favor of the adoption of a monetary target. In terms of anti-inflation policy efficiency, it is argued that a potentially better policy choice for Greece would be to join the exchange rate mechanism of the European Monetary System. Copyright 1997 by Blackwell Publishers Ltd and The Victoria University of Manchester
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