Financial Innovations Involving the Greek Drachma

49 Pages Posted: 15 Feb 2006  

Michael G. Papaioannou

International Monetary Fund (IMF)

E.K. Gatzonas

affiliation not provided to SSRN

Date Written: January 1997


During the last decade, a number of new financial instruments and derivative products related to the Greek drachma have emerged in local as well as international capital markets. The paper analyzes the characteristics of these financial instruments which are traded in organized exchanges and over-the-counter (OTC) markets, and evaluates the conditions under which they have evolved. Drawing from legislative and industry developments in the European Union (EU) and the United States, the paper also examines the effects and implications of such developments for local markets and for the conduct of monetary and foreign exchange policies and argues for the need for sound macroeconomic policies.

JEL Classification: F31, F36, G15, G28

Suggested Citation

Papaioannou, Michael G. and Gatzonas, E.K., Financial Innovations Involving the Greek Drachma (January 1997). IMF Working Paper, Vol. , pp. 1-49, 1997. Available at SSRN:

Michael G. Papaioannou (Contact Author)

International Monetary Fund (IMF) ( email )

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E.K. Gatzonas

affiliation not provided to SSRN

No Address Available

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