Financial Liberalisation, the EMS and the Consequences for Greek Macroeconomic Policy

  • George D. Demopoulos
Part of the International Economic Association Series book series (IEA)


This paper studies the entry of Greece into the European Monetary System (EMS) under two alternative methodologies. The first, dealing with the necessary conditions of a possible entry of a country into the EMS, provides a series of processes in obtaining estimates of economic variables that would have been consistent with exchange-rate stability as discussed by Korteweg (1980). However this approach does not differentiate the economies which participate in a monetary union according to their structural characteristics.


Exchange Rate Monetary Policy Real Exchange Rate Public Debt Monetary Union 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.


  1. Alexander, V. and Demopoulos, G. D. (1989) Stabilization Policies in Greece in the Context of Modern Macroeconomic Theory (Berlin: Duncker and Humblot GmbH).Google Scholar
  2. Begg, David (1989) ‘1992 and the European Financial Area: Consequences for Macroeconomic Policy’, inaugural lecture given at Birkbeck College, London, 9 February.Google Scholar
  3. Delors, J. (1989) Report on Economic and Monetary Union in the European Community. Committee for the Study of Economic and Monetary Union, 12 April.Google Scholar
  4. Demopoulos, G. D. (1983) ‘Financial Markets and Institutions in Greece’, European Economy, no. 15, March, pp. 145–55.Google Scholar
  5. Demopoulos, G. D. (1989) ‘Stabilisation Policies in Greece in the Context of the Economic and Monetary Union in the European Community’, a lecture delivered at The Chamber of Commerce and Industry, Thessaloniki, 24 November (in Greek).Google Scholar
  6. Dornbusch, R. (1988) ‘The EMS, the Dollar and the Yen’, in Giavazzi, F., Micossi, S. and Miller, M. (eds), The European Monetary System (Cambridge: Cambridge University Press).Google Scholar
  7. Drakos, G. E. (1984) ‘Economic Policy in Theory and the Greek Practice’, Eleftheri Kinonia, Sept.–Oct. (in Greek).Google Scholar
  8. Fratianni, M. (1988) ‘The European Monetary System: How Well has it Worked?’, discussion paper, no. 384, Indiana University.Google Scholar
  9. Giavazzi, F. (1989) ‘The Exchange Rate Question in Europe’, Economic Papers, no. 74. Commission of the European Communities, Directorate-General for Economic and Financial Affairs, Brussels.Google Scholar
  10. Giavazzi, F. and Pagano, M. (1988) ‘The Advantage of Tying One’s Hands: EMS Discipline through Central Bank Credibility’, European Economic Review, vol. 32, no. 5, June, pp. 1055–82.CrossRefGoogle Scholar
  11. Gros, D. (1989) ‘Seigniorage and EMS Discipline’, prepared for the joint CEPS/ Bank of Greece Conference on the EMS, Athens, 31 August–2 September.Google Scholar
  12. International Monetary Fund, International Financial Statistics (Washington DC) various issues.Google Scholar
  13. Korliras, P. (1985) ‘The Balance of Payments in Greece’, Archive of Studies and Speeches, no. 50, (Athens: Bank of Greece) in Greek.Google Scholar
  14. Korteweg, P. (1979) ‘The European Monetary System: Will it Really Bring more Monetary Stability for Europe?’, Working Paper, Institute for Economic Research, Erasmus University, Rotterdam, May.Google Scholar
  15. Korteweg, P. (1980) ‘Exchange-Rate Policy, Monetary Policy and Real Exchange Rate Variability’, Essays in International Finance, no. 40, International Finance Section, Princeton University.Google Scholar
  16. Torres, F. (1989) ‘Portugal, the EMS and 1992: Stabilization and Liberalization’, prepared for the joint CEPS/Bank of Greece Conference on the EMS, Athens, 31 August–2 September.Google Scholar

Copyright information

© International Economic Association 1992

Authors and Affiliations

  • George D. Demopoulos
    • 1
  1. 1.Athens University af Economics and BusinessGreece

Personalised recommendations