Effects of adjustment of the green drachma to its current exchange rate
研究了1981-1988年间希腊德拉克马贬值后，绿色汇率调整对生产者、消费者及欧盟农业基金预算的福利影响，发现除牛肉外，生产者收益和汇率流动收益超过消费者损失。
ABSTRACT Between 1981 and 1988, the drachma has devalued by 62.5% against the ECU. Until mid‐1985 any devaluation of the drachma was followed by a corresponding devaluation of the ‘green drachma‘. After that period, the green rate either remained unchanged or changed by a substantially smaller percentage, resulting in farmers' income loss and consumers' gain. The aim of this paper is to investigate the welfare effects on production/producer, consumption/consumer and budgetary flows from and to FEOGA assuming that an adjustment of the green drachma to its current exchange rate was realized. For this purpose partial analysis methodology is employed. The main findings are that, following a simultaneous adjustment of both rates, the gains to producers and in exchange flows more than make up for the corresponding consumers' losses for all products except beef.