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A New Look at the Relationship of Real Balances to Income, Interest Rates, and Inflation in Greece — A Note
Credit and Capital Markets – Kredit und Kapital, Vol. 23 (1990), Iss. 2 : pp. 196–203
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Hercules Voridis, Athen
References
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Beckerman, P.: "The Consequences of Upward Financial Repression", International Review of Applied Economics, 2, June 1988, 233 – 249.
Google Scholar -
Bernanke, B. S. and A. S. Blinder: " Credit, Money and Aggregate Demand", American Economic Review, 78, May 1988, 435 – 439.
Google Scholar -
Blinder, A. S.: "Credit Rationing and Effective Supply Failures", Economic Journal, 97, June 1987, 327 – 352.
Google Scholar -
Blinder, A. S. and J. E. Stiglitz: "Money, Credit Constraints and Economic Activity", American Economic Review, 73, May 1983, 297 – 302.
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Breusch, T. S. and L. Godfrey: "A Review of Recent Work on Testing for Autocorrelation in Dynamic Simultaneous Models", in D. Currie, R. Nobay and D. Peel, Macroeconomic Analysis: Essays in Macroeconomics and Econometrics, London, Croom Helm, 1981, 63 – 105.
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Abstract
A New Look at the Relationship of Real Balances to Income, Interest Rates, and Inflation in Greece — A Note
A positive relationship is detected, (Greece 1961 – 1985), between the volume of broad monetary aggregates and the real deposit rate. Thus, an important link can be traced in the Greek macroeconomy: Deflation and/or increases in administered interest rates augment the resources of banks, hence enable an expansion of credit constrained investment expenditures.