Abstract
<p>This paper combines dynamic input-output<br />price models with Thirlwall’s extended model<br />of balance of payments constrained growth to<br />estimate the effect of a switch to drachma on<br />domestic income. The findings suggest that a<br />return to national currency would not necessarily<br />deepen the recession, although a rather<br />large nominal devaluation, i.e. in excess of<br />57%-60%, is necessary for the recovery</p>
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