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In the neighbourhood: the trade effects of the euro in a spatial framework

Kelejian, Harry; Tavlas, George S.; Petroulas, Pavlos - Bank of Greece - 2011

Trade is spatial in nature. However, when specifying trade regressions, spatial issues are typically not accounted for in a satisfactory way. We specify a trade model which relates to the effects that the introduction of the euro had on exports for the euro countries. Our model contains country...

Persistent link: https://www.econbiz.de/10009364236

Testing Long-Run Purchasing Power Parity under Exchange Rate Targeting

Brissimis, Sophocles N.; Sideris, Dimitris A.; … - Bank of Greece - 2004

The present paper exploits the idea that empirical estimates of the long-run PPP relationship may compound two distinct influences coming from the behavior of market participants and policy makers when the latter are targeting the exchange rate. This tends to bias tests of long-run PPP against...

Persistent link: https://www.econbiz.de/10005523523

Putting the EMU integration into a new perspective: the case of capital market holdings

Palaiodimos, George T. - Bank of Greece - 2013

This article investigates by means of an augmented gravity model, the impact of EMU on financial market integration … investigating this effect from a global perspective and also investigate the case of a pre-EMU effect on both equity and bond …. Our estimates indicate that intra-EMU integration effect improved in both equity and bond markets during the period close …

Persistent link: https://www.econbiz.de/10010855038

The Effect of the Euro on Foreign Direct Investment

Petroulas, Pavlos - Bank of Greece - 2006

In this paper the recent effect of the European Monetary Union on inward FDI-flows is examined. We use a difference-in-differences approach for both a gravity based- as well as a general equilibrium approach. The estimated results show that the introduction of the euro raises inward FDI by 14 to...

Persistent link: https://www.econbiz.de/10005321930

The road to Ithaca: the Gold Standard, the Euro and the origins of the Greek sovereign debt crisis

Dellas, Harris; Tavlas, Goerge - Bank of Greece - 2012

The origins of the Greek-sovereign debt crisis were the country’s large fiscal and external imbalances. The key factor that abetted those imbalances was the absence of a short-to-medium term adjustment mechanism -- due to perceptions of sovereign bailouts -- in the euro-area that would have...

Persistent link: https://www.econbiz.de/10010855045

What About a World Currency? Proposal for a Common Currency among Rich Democracies. One World Money, Then and Now

Cooper, Richard N.; Bordo, Michael; James, Harold - Bank of Greece - 2006

Persistent link: https://www.econbiz.de/10005321933

Greek Monetary Economics in Retrospect: The Adventures of the Drachma

Sophia - Bank of Greece - 2003

This paper enumerates the adventures of the drachma step by step, dividing its story into seven parts. Specifically, its main purpose is to present some historical perspective on the behaviour of the monetary and fiscal policies pursued in Greece during the period from the early 1830s until the...

Persistent link: https://www.econbiz.de/10005321936

The Drachma, Foreign Creditors and the International Monetary System: Tales of a Currency during the 19th and the Early 20th Century

Lazaretou, Sophia - Bank of Greece - 2004

Fixed exchange rate regimes can be regarded as a “rule with escape clauses”, allowing the monetary authorities to temporarily suspend convertibility and enact a discretionary policy only under well-understood contingencies, such as wartime emergencies and financial panics. Seen from this...

Persistent link: https://www.econbiz.de/10005321937

Deja vu? The Greek crisis experience, the 2010s versus the 1930s. Lessons from history

Chouliarakis, George; Lazaretou, Sophia - Bank of Greece - 2014

The past Greek crisis experience is more or less terra incognita. In all historical empirical studies Greece is systematically neglected or included only sporadically in their cross-country samples. In the national literature too there is little on this topic. In this paper we focus on the Greek...

Persistent link: https://www.econbiz.de/10010755515

An Optimum-Currency-Area Odyssey

Dellas, Harris; Tavlas, George S. - Bank of Greece - 2009

The theory of optimum-currency-areas was conceived and developed in three highly influential papers, written by Mundell (1961), McKinnon (1963) and Kenen (1969). Those authors identified characteristics that potential members of a monetary union should ideally possess in order to make it...

Persistent link: https://www.econbiz.de/10008509355