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The monetary model of exchange rate determination: the case of Greece (1974–1994)

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  • Aristidis Bitzenis
  • John Marangos

Abstract

The flexible-price monetary model is examined for the Greek drachma-US dollar exchange rate. The Johansen multivariate technique of co-integration is applied to an unrestricted form of the monetary model. Using quarterly data covering the period 1974–1994, strong evidence is found in favour of the existence of co-integration between the nominal exchange rate, relative money supply, relative income and relative interest rates. The monetary model is validated as a long-run equilibrium condition.

Suggested Citation

  • Aristidis Bitzenis & John Marangos, 2007. "The monetary model of exchange rate determination: the case of Greece (1974–1994)," International Journal of Monetary Economics and Finance, Inderscience Enterprises Ltd, vol. 1(1), pages 57-88.
    • Handle: RePEc:ids:ijmefi:v:1:y:2007:i:1:p:57-88
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    Cited by:

    1. nnamdi, Kelechi & ifionu, Ebele, 2013. "Exchange rate volatility and exchange rate uncertainty in Nigeria: a financial econometric analysis (1970- 2012)," MPRA Paper 48316, University Library of Munich, Germany, revised 2013.

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