The paper examines the existence and the stability of the long-run demand for narrow money balances (M1) in Greece over the deregulated period 1986:Q1-1995:Q4 using time series techniques. Cointegration tests have revealed the existence of a systematic long-run relationship between real money...

Ozmen (Applied Economics Letters, 10, 971-4, 2003) re-examines money exogeneity in Greece using data from Karfakis (Applied Economics, 34, 583-7, 2002) and claims, contrary to Karfakis, that money exogeneity is rejected. This reply demonstrates that money exogeneity is sensitive to lag length...

This paper examines the lifecycle model of the current account determination in Greece. Bivariate vector autoregressive (VAR) analysis indicates that the past history of the current account has information content for future changes in national cash flow. The formal strong restrictions implied...

Structural vector autoregressive (SVAR) techniques are used to identify the sources of fluctuations in nominal and real exchange rates of the Greek drachma. The results indicate that, in most cases, supply shocks are the dominant sources of exchange rate volatility.