This paper explores the relationship between innovations in payment systems and financial intermediation. By focusing on excess reserves and the currency demand, we provide evidence on the extant transmission mechanism. In this direction, we applied the generalized method of moments (GMM) and...

Purpose: This paper examines the impact of using the reserve requirements, combined with foreign exchange (FX) intervention, as key instruments in an inflation-targeting framework. Design/methodology/approach: In the context of a dynamic stochastic general equilibrium (DSGE) framework and using...

This study explores the impact of government expenditure multipliers on economic growth utilising an Autoregressive Distributed Lag (ARDL) approach. We provide evidence on the short‐term dynamics as well as the long‐run expenditure multiplier effects on economic growth for the Greek economy...

This paper provides a critical assessment of the austerity measures that are being implemented in the crisis-stricken countries of the Eurozone, and in particular, the implications of internal devaluation for the Greek economy. The theoretical underpinnings and phases of internal devaluation are...