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A New Look at the Relationship of Real Balances to Income, Interest Rates, and Inflation in Greece — A Note

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Voridis, H. 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, 23(2), 196-203. https://doi.org/10.3790/ccm.23.2.196
Voridis, Hercules "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 23.2, 1990, 196-203. https://doi.org/10.3790/ccm.23.2.196
Voridis, Hercules (1990): A New Look at the Relationship of Real Balances to Income, Interest Rates, and Inflation in Greece — A Note, in: Credit and Capital Markets – Kredit und Kapital, vol. 23, iss. 2, 196-203, [online] https://doi.org/10.3790/ccm.23.2.196

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A New Look at the Relationship of Real Balances to Income, Interest Rates, and Inflation in Greece — A Note

Voridis, Hercules

Credit and Capital Markets – Kredit und Kapital, Vol. 23 (1990), Iss. 2 : pp. 196–203

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Hercules Voridis, Athen

References

  1. Beckerman, P.: "The Consequences of Upward Financial Repression", International Review of Applied Economics, 2, June 1988, 233 - 249.  Google Scholar
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  6. Beckerman, P.: "The Consequences of Upward Financial Repression", International Review of Applied Economics, 2, June 1988, 233 – 249.  Google Scholar
  7. Bernanke, B. S. and A. S. Blinder: " Credit, Money and Aggregate Demand", American Economic Review, 78, May 1988, 435 – 439.  Google Scholar
  8. Blinder, A. S.: "Credit Rationing and Effective Supply Failures", Economic Journal, 97, June 1987, 327 – 352.  Google Scholar
  9. Blinder, A. S. and J. E. Stiglitz: "Money, Credit Constraints and Economic Activity", American Economic Review, 73, May 1983, 297 – 302.  Google Scholar
  10. 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.  Google Scholar

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.