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Fiscal Imbalances and Exchange Rate Management: Greece on the Track of EMU

Author

Listed:
  • Demopoulos, G.D.
  • Kapopoulos, P.T.
  • Fratzeskos, E.K.

Abstract

Measured against PPP, the drachma effective exchange rate was overvalued by a significant amount, implying that the devaluation on March 1998 was an adjustment of the exchange rate towards the long-run price differentials. The paper also analyses the links between fiscal policy, interest rates and the real exchange rate in Greece and attempts to empirically measure the forces that push the exchange rate toward real appreciation.

Suggested Citation

  • Demopoulos, G.D. & Kapopoulos, P.T. & Fratzeskos, E.K., 1998. "Fiscal Imbalances and Exchange Rate Management: Greece on the Track of EMU," Athens University of Economics and Business 95, Athens University of Economics and Business, Department of International and European Economic Studies.
    • Handle: RePEc:fth:athebu:95
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    Keywords

    FINANCIAL POLICY ; FISCAL POLICY;

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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