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Places emphasis on policy decision-making in Greece in the 1940s
which resulted in an extraordinary long fifty months
hyperinflation. Throughout the entire period, the government of
Greece was financed mainly from seigniorage, and barely at all from
fiscal taxation. The author asks how this was contrived over so
long a period without destroying the tax-base afforded by the
transactions demanded for flat money. The book is, however, far
more than an extended analysis of monetary economics. Rather it
explores the history and structural basis for the policies pursued
by the occupation and liberation governments of Greece, and their
interactions with the policies of the Axis and later, British
authorities. For sources, the work draws heavily not only on the
existing literature, but also on the Bank of England and British
Treasury papers of the period. Dr Michael Palairet is a lecturer at
Department of Economic and Social History, University of Edinburgh.
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