Download A New Growth Model for the Greek Economy: Requirements for by Panagiotis E. Petrakis PDF

By Panagiotis E. Petrakis

On June three, 2015, the Greek Parliamentary price range place of work, the nationwide and Kapodistrian college of Athens, the Democritus college of Thrace, and the college of Peloponnese subsidized a world convention to deal with medium- and long term progress in Greece. This assortment offers the most powerful papers at the stipulations required to restore and continue monetary progress. best specialists hide virtually 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 combo of qualitative and quantitative techniques to assessing current stipulations make this ground-breaking assortment a worthwhile source for a number of lecturers, expert economists, and fiscal coverage practitioners planting the seeds of Greece's future.

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Despite sharing a common currency, the different national economies within the EU have different market functions. The Lehman crisis and subsequent financial meltdown had different influences on the fiscal deficits and debt levels of individual EU member states. It is worth noting that countries such as Greece, Portugal, and Ireland gradually returned to the same high borrowing levels of the pre-euro era, suggesting little fundamental change in the decade following their entry to the euro. Product markets within the Eurozone should have achieved unification, mainly because of the elimination of duties and falling transportation costs.

The European productivity slowdown was attributable to the slower emergence of the knowledge economy in Europe compared with the USA (Van Ark et al. 2008). Additionally, the workforce of many European countries increased during that period, contributing to the decreased growth rate. The crisis of 2008 brought the fundamental growth and enlargement problems of the European economy to the surface. Besides low growth rates relative to its competitors and low competitiveness (as measured by low productivity, different business structures, and low R&D investment), Europe faced a looming demographic challenge.

From what is already known, published studies on this topic do not exist for the Greek economy, except for some relevant assessments of international organizations. Equally important is the evaluation of the impact of the recent fiscal adjustment program for the Greek economy. From the outset of the implementation of the economic adjustment program, a significant portion of economists attributed the downturn in economic activity to fiscal consolidation and particularly to the incorrect assessment of fiscal multipliers, which rose during the crisis.

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