Structural vector autoregressive (SVAR) techniques are used to identify the sources of fluctuations in nominal and real exchange rates of the Greek drachma. The results indicate that, in most cases, supply shocks are the dominant sources of exchange rate volatility.

This article analyses the dynamic effects of specific macroeconomic variables, for example housing loan rates, inflation, employment and money supply, on the price of new houses sold in Greece. An error correction vector autoregressive (ECVAR) model is used in modelling the impact of the above...

This study analyses the dynamic effects of specific macroeconomic variables, i.e. housing loan rates, inflation, employment, and money supply, on the price of new houses sold in Greece. An error correction vector autoregressive (ECVAR) model is used in modelling the impact of the above...

In this paper cointegration techniques have been applied to identify the role of opportunity cost in the demand for real balances in the Greek case and covering the period 1978-93. The results reveal that it is the simultaneous presence of nominal interest rates, the expected inflation and the...

The buffer-stock hypothesis is examined through a structural vector autoregression (SVAR) model across European Union (EU) countries. Variance decompositions do not provide uniform evidence in favour of the buffer-stock hypothesis in all case studies. The results are very important for the...

The relationship between employment news and exchange rates in five European Union (EU) countries is investigated over the period 1980 to 1996. The empirical evidence reveals that employment news has a negative impact on bilateral exchange rates with respect to the Deutschmark (DM) in all cases...

This paper investigates empirically the impact of monetary deregulation that occurred in 1988 on the relationship betwen consumption and money supply in Greece. The results provide evidence that the deregulation has significantly affected the behaviour of consumption.

We study the convergence of sovereign debt accumulation in five European Monetary Union (EMU) countries using quarterly data from June 2009 to June 2013, with a focus on debt ratio convergence following the 2009 sovereign debt crisis and the adoption of fiscal consolidation programmes. We test...

This study examines whether the Purchasing Power Parity hypothesis holds in the foreign exchange market of Armenia, following the initiation of an independent foreign exchange market, after the country seceded from the Soviet Union and the rouble zone in 1993. OLS and highly efficient unit root...

The objective of this paper is to investigate the sustainability of the current account deficit in Greece over the 1960-1994 period. The empirical analysis makes use of various unit root and cointegration tests which allow for structural breaks. The results provide evidence in favour of the...