Alexiou, Constantinos and Tsaliki, Persefoni and Tsoulfidis, Lefteris (2008): The Greek Hyperinflation Revisited. Published in: Ekonomia , Vol. 11, No. 1 (2008): pp. 19-34.
Download (165kB) | Preview
The objective of this paper is to gain an insight into the Greek hyperinflation that occurred during the period 1941-1946. In doing so, a relatively novel data-set in conjunction with the bound testing approach to cointegration and error correction models developed within the autoregressive distributed lag (ARDL) framework, shed additional light on the underlying long-run relationship between money supply and inflation. Granger causality tests between money supply and prices are also conducted in the effort to ascertain the direction of causality between money supply and the (hyper)inflation rate.
|Item Type:||MPRA Paper|
|Original Title:||The Greek Hyperinflation Revisited|
|Keywords:||Hyperinflation, Cointegration, ARDL, Causality, Greece|
|Subjects:||C - Mathematical and Quantitative Methods > C3 - Multiple or Simultaneous Equation Models ; Multiple Variables > C32 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes ; State Space Models
N - Economic History > N1 - Macroeconomics and Monetary Economics ; Industrial Structure ; Growth ; Fluctuations > N10 - General, International, or Comparative
E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles > E31 - Price Level ; Inflation ; Deflation
B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B23 - Econometrics ; Quantitative and Mathematical Studies
B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B50 - General
|Depositing User:||Lefteris Tsoulfidis|
|Date Deposited:||06. Nov 2012 11:15|
|Last Modified:||22. Aug 2015 14:15|
Agapitides, S. (1945) The Inflation of the Cost of Living and Wages in Greece during the German Occupation, International Labour Review, 53, 643-51.
Brown, R.L., Durbin, J. and Evans, J.M. (1975) Techniques for Testing the Constancy of Regression Relationships over Time. Journal of the Royal Statistical Society 37, 149-192
Delivanis, D. and Cleveland, W. (1949) Greek Monetary Developments, 1939 -1948. Indiana University Press.
Dickey, D. A., and Fuller, W.A., (1981) Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root, Econometrica, 49, 1057-72.
Engle, R. and Granger, C. (1987) Cointegration and Error Correction Representation: Estimation and Testing, Econometrica, 55, 251-276.
Hakkio, C. and Rush, M. (1991) Cointegration: How Short is the Long Run? Journal of International Money and Finance, 10, 571–581.
Johansen, S. and Juselius, K. (1990) Maximum Likelihood Estimation and Inference on Cointegration –with Application to the Demand for Money, Oxford Bulletin of Economics and Statistics, 52, 169-210.
Johansen, S., (1988) Statistical Analysis of Cointegrating Vectors, Journal of Economic Dynamics and Control, 12, 231-254.
Karatzas, G. (1988) The Greek Hyperinflation and Stabilization of 1943-1946: A Comment on Makinen, The Journal of Economic History, 48(1), 138-9.
Makinen, G. (1986) The Greek Hyperinflation and Stabilization of 1943-1946, The Journal of Economic History, 46(3), 795-805.
Makinen, G. (1988) The Greek Hyperinflation and Stabilization of 1943-1946: A Reply, The Journal of Economic History, 48(1), 140-2.
Narayan P.K. (2005) The Saving and Investment Nexus for China: Evidence for Cointegration Tests, Applied Economics, 37, 1979-90.
Phillips, P. and Hansen, B. (1990) Statistical Inference in Instrumental Variables Regression with I(1) Process, Review of Economic Studies, 57, 99-125.
Palairet, M. (2000) The Four Ends of the Greek Hyperinflation of 1941-1946, Copenhagen: Museum Tusculanum Press-University of Copenhagen.
Pesaran, M.H. and Pesaran, B. (1997) Working with Microfit 4.0: Interactive Econometric Analysis, Oxford University Press, Oxford.
Peseran, M. H. and Shin, Y., (1999) An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis, in Strom, S. (ed.). Econometrics and Economic Theory in 20th Century: The Ragnar Frisch Centennial Symposium, Cambridge: Cambridge University Press.
Pesaran, M. H., Shin, Y., and Smith, R. J., (2001) Bounds Testing Approaches to the Analysis of Level Relationships, Journal of Applied Econometrics,16, 289-326.
Sargent, T. and Wallace, N. (1973) Rational Expectations and the Dynamics of Hyperinflation, International Economic Review, 14, 328-50.