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...

Two approaches to the theory of OCA are distinguished in this paper. The first attempts to define the OCA from the point of view of a single country, and the second examines the optimality of a currency area of a given size anf membership. The present paper after reviewing the drawbacks of the...

Social justice has become a main objective of economic policy and so often dominates efficiency considerations. In the history of economic thoughts the trade off between efficiency and justice has often been discussed but remained an unsolved problem. In using a simple approach of standard...

Relations between Greece and United States, particularly when viewed from the perspective of Athens, still remain, helf a century after the Truman Doctrine, relations of Greek dependence on the U.S. when it comes to matters of security.

Household budget survey data and public budget consolideted data for 1987/88 are combined to yoeld a non-estimation based measure of benefit of government education outlays in Greece. As expected for a country where education services are provided free of charge and the role of private education...

This paper considers the efficiency and distributional effects of partial shifts away from the destination principle where, as in the case of the European VAT, only trade by some traders is charged at the origin country's tax rate, while trade by others bears the destination country's tax rate.

This paper provides a unifying framework in which identified offset and sterilisation equations can be derived and estimated. The theoretical model suggests that, in the case where the central bank cares about bouth external and internal goals and capital is less than perfectly mobile, there...

Structural weaknesses of the real Cyprus economy, according to recent data of her five year development plans place her in the objective one EU members i.e. island and peripheral region. In this respect Cyprus could benefit primarily from the EU Structural Funds and Community initiatives at a...

The purpose of this paper is to invetigate the demand and its composition between home-produced and imported for alcoholic beverages in Cyprus.

The purpose of this paper is threfold: first, to empirically investigate the cost-structure of railway systems in the ten European Countries of the European Union. second to provide measures of economies (diseconomies) of scale and fully investigate the manner by which economies of scale have...