This paper investigates the direct and indirect effects of budget deficit on inflation in Greece for the period 1957-93. The empirical analysis employs tests of cointegration, as suggested by Johansen and Juselius, as pretests for Granger tests of causality. The empirical evidence suggests that...

This article analyzes the effects of demographic changes (low fertility rates and a high old-age dependency ratio) on fiscal developments (debt, expenditure, tax revenues, social security expenditure, and social welfare revenues to GDP ratios) in Greece over the period 1960 to 1995. The...

This paper considers the relationship between cointegration and causality and uses tests of cointegration as pre-test for Granger tests of causality. The analysis is employed in analysing the government budget-inflation relationship in Greece. Empirical evidence suggest that there is a long-run...

This paper provides an empirical analysis of cigarette consumption in Greece using the recent Johansen cointegration procedure for the period 1960-1990. Income and price elasticities for the long-run and short-run period are estimated. In addition the findings suggest that health warnings in...