Currency Devaluation, External Finance and Economic Growth: A Note on the Greek Case

This paper combines dynamic input-output price models with Thirlwall’s extended model of balance of payments constrained growth to estimate the effect of a switch to drachma on domestic income. The findings suggest that a return to national currency would not necessarily deepen the recession, although a rather large nominal devaluation, i.e. in excess of 57%-60%, is necessary for the recovery.

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Year of publication:	2013-03
Authors:	Mariolis, Theodore
Institutions:	Volkswirtschaftliche Fakultät, Ludwig-Maximilians-Universität München
Subject:	Drachma Devaluation \| Greek Economy \| Dynamic Input-Output Price Models \| Thirlwall’s Model

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Extent:	application/pdf
Series:	MPRA Paper.
Type of publication:	Book / Working Paper
Classification:	C67 - Input-Output Models ; D57 - Input-Output Analysis ; E11 - Marxian; Sraffian; Institutional; Evolutionary ; E12 - Keynes; Keynesian; Post-Keynesian ; F41 - Open Economy Macroeconomics
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011259368