Fiscal Imbalances and Exchange Rate Management: Greece on the Track of EMU.

Measured against PPP, the drachma effective exchange rate was overvalued by a significant amount, implying that the devaluation on March 1998 was an adjustment of the exchange rate towards the long-run price differentials. The paper also analyses the links between fiscal policy, interest rates and the real exchange rate in Greece and attempts to empirically measure the forces that push the exchange rate toward real appreciation.

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Year of publication:	1998
Authors:	Demopoulos, G.D. ; Kapopoulos, P.T. ; Fratzeskos, E.K.
Institutions:	Department of International and European Economic Studies, Athens University of Economics and Business (AUEB)
Subject:	FINANCIAL POLICY \| FISCAL POLICY

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Series:	DEOS Working Papers.
Type of publication:	Book / Working Paper
Notes:	19 pages
Classification:	F41 - Open Economy Macroeconomics ; H30 - Fiscal Policies and Behavior of Economic Agents. General ; E62 - Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008619398