期刊名称：South-Eastern Europe Journal of Economics (SEEJE)
印刷版ISSN：1109-8597
电子版ISSN：1792-3115
出版年度：2014
卷号：12
期号：2
页码：145-166
出版社：Association of Economic Universities of South and Eastern Europe and the Black Sea Region
摘要：This study attempts to quantify the effects of the implicit restrictive monetary policy, exercised by the European Central Bank (ECB) in Greece, during the world financial crisis. An autoregressive distributed lags (ARDL) testing ap- proach is used to verify the existence of a long-run relationship between GDP, total money supply and government expenditure in the Greek economy from 2002 to 2013. The main findings suggest that the institutional settings of the ECB should allow the use of monetary policy during periods of monetary crisis. Money supply in the Greek economy is in a positive relationship to the GDP. If the institutional settings of the ECB were different, allowing money supply to remain stable during the crises, a significant portion of the GDP decline would have been averted
