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During the last decade, a number of new financial instruments and derivative products related to the Greek drachma have emerged in local as well as international capital markets. The paper analyzes the characteristics of these financial instruments which are traded in organized exchanges and...
Persistent link: https://www.econbiz.de/10014403258
observed in developing countries, although some resemblance to this pattern could be found in Italy in 1987–92 and Greece in …
Persistent link: https://www.econbiz.de/10014403352
effective counter-cyclical instrument. Empirical tests for Greece confirm that the expansion of the public sector in the 1980s …
Persistent link: https://www.econbiz.de/10014403794
Germany, Greece, Ireland, Italy, Spain and Portugal. The stability of Germany is a close proxy for the resilience of the euro … due to their relative importance in the region. Changes in Greece’s sovereign CDS had no significant effect on Germany …
Persistent link: https://www.econbiz.de/10014411217
We construct a Financial Conditions Index (FCI) for Greece as a surveillance tool to quantify the degree of the stress … (EA) as a whole and show that although the developments in the EA were qualitatively in line with those in Greece, they … were quantitatively much milder. Our results confirm that monetary transmission was less effective in Greece compared to …
Persistent link: https://www.econbiz.de/10014390615
The Greek unemployment rate rose from 2 percent in the 1960s to 9-10 percent in the 1990s. This reflected the increase in female participation rates, the slowdown in growth, the restructuring of production, and the increased mismatch between jobs and job seekers. But the most crucial factor was...
Persistent link: https://www.econbiz.de/10014396135
This paper looks at some technical issues when using CDS data, and if these are incorporated, the analysis or regression results are likely to benefit. The paper endorses the use of stochastic recovery in CDS models when estimating probability of default (PD) and suggests that stochastic...
Persistent link: https://www.econbiz.de/10014396907
This paper develops a constant, data-coherent, error correction model for broad money demand (M3) in Greece. The model … contributes to a better understanding of the effects of monetary policy in Greece, and of the portfolio consequences of financial …
Persistent link: https://www.econbiz.de/10014397846