By Panagiotis E. Petrakis
On June three, 2015, the Greek Parliamentary funds workplace, the nationwide and Kapodistrian collage of Athens, the Democritus college of Thrace, and the college of Peloponnese backed a world convention to handle medium- and long term progress in Greece. This assortment provides the most powerful papers at the stipulations required to restore and preserve fiscal progress. top specialists conceal nearly each significant factor pointed out within the most up-to-date literature, from demographic matters and suggestions for export technique to the necessity for innovation and structural reform. the mix of qualitative and quantitative ways to assessing current stipulations make this ground-breaking assortment a worthwhile source for numerous lecturers, expert economists, and fiscal coverage practitioners planting the seeds of Greece's future.
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Additional resources for A New Growth Model for the Greek Economy: Requirements for Long-Term Sustainability
Their findings show that the Greek business cycle exhibits two structural breaks, one in 2004 (Q3) and one in 2011 (Q4). During 1995–2004, analysis of the 10-year bond-yields and the elections revealed them to have a procyclical impact on the Greek business cycle, while a countercyclical effect existed for the formation of European Monetary Union. During 2005–2012, Greek credit and imports were found to have a strong procyclical impact on the Greek economy, while the overall EU-17 Business Cycle and the Troika had a countercyclical impact.
The fact is that ratings (both sovereign and bank) are relatively stable in times of growth and stability and fluctuate during periods of crisis and rapid economic expansion. The connection of bank ratings with financial performance and sovereign debt ratings is researched. Some countries, such as Greece, have been struck more severely by the crisis because of macroeconomic and fiscal environmental problems and the banking sector’s close connection to the sovereign debt. This chapter seeks to present the differences in the impact on these countries (such as Greece, Spain, Portugal, and Ireland).
At this point, a sharp reform gap (in absolute terms) developed between Greece and Portugal. In terms of conditionality implementation, Greece differed little from Portugal. E. PETRAKIS cusing of conditionality from fiscal austerity to growth between the first and second programs. This initial design failure was then compounded by a limited administrative capacity, government instability, and admittedly (at times) poor ownership of the reform agenda by national authorities. All these elements are associated in the literature with faltering implementation of conditionality during adjustment programs and limited the amount of reform that could credibly be asked from Greece.
A New Growth Model for the Greek Economy: Requirements for Long-Term Sustainability by Panagiotis E. Petrakis