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Publications \ Research Papers

Paul-Adrien Hyppolite:Towards a Theory on the Causes of the Greek Depression: An Investigation of National Balance Sheet Data (1997-2014)

Drawing on a new dataset, I explore the dynamics of national wealth accumulation in Greece since 1997, and suggest a thought-provoking narrative on the causes of the Greek depression. I show that about two-thirds of the increase in external public debt during the pre-crisis period inside the euro area can be attributed to factors other than fiscal indiscipline. A positive wealth effect tied to the housing bubble resulted in a …Read More

Charalambos Tsekeris, Maria Pinguli, Elpida Georga: Young People's Perception of Economic Crisis in Contemporary Greece: A Social Psychological Pilot Study

Contemporary Greece is currently in a turbulent process of crisis and recession. Arguably, one segment of the Greek society is experiencing more suffering than most: young people. It is thus of great importance to understand young generation’s needs and attitudes in order to alleviate pain, to build up active inclusion strategies and to enhance civic participation. The present social psychological pilot study aims to show how Greek young adults perceive …Read More

George Tzogopoulos: Assessing the Image of Germany in the Greek Media Visual analysis of Greek Media Reports on the Role of Germany in the Greek Crisis

This study attempts to analyse the representation of Germany in the Greek press during the ongoing economic crisis covering the period 2010-2013. In so doing, it starts with a discussion on the main theoretical aspects explaining the relationship between media and politics in the relevant literature of political communication. It then concentrates on the issue of the European public sphere which is concerned with potential ‘European frames’ in the portrayal of Germany in the Greek …Read More

Thomas Papadopoulos: Privatized companies, golden shares and property ownership in the Euro crisis era: A discussion after Commission v. Greece

In Commission v. Greece, the Court of Justice of the European Union examined Article 345 TFEU (ex Article 295 EC) on property ownership, in the context of golden shares of privatized companies. The neutrality of the EU towards privatizations is questioned. The scope and the outer limits of Article 345 TFEU are also scrutinized and a few distinctions are drawn. The decision whether to privatize and to introduce golden shares …Read More

Manolis Galenianos: The Greek Crisis – Origins and Implications

The conventional wisdom is that the Greek and Eurozone crises are the result of fiscal profligacy, which has justified austerity as the primary policy to exit the crisis. This interpretation of the crisis fits the case of Greece and, to a lesser extent, Portugal, but cannot explain why Ireland and Spain had to request assistance, given that prior to 2008 they had lower deficits and public debt than most Eurozone …Read More

Stratos D. Kamenis: Vulture Funds and the Sovereign Debt Market: Lessons from Argentina and Greece

Vulture funds and rogue creditors put in question the sustainability of the sovereign debt market by creating confusion and uncertainty in the global financial system. On the one hand, they take advantage of indebted countries’ economic hardship to profit at the expense of bondholders who participate in debt restructurings. On the other hand, vulture funds’ predatory behavior and litigation tactics keep the market alive by discouraging moral hazard and forcing …Read More

Athanassios Petralias & Pródromos Prodromídis: Price discovery under crisis: Uncovering the determinant factors of prices using efficient Bayesian model selection methods

We seek to uncover the determinants of consumer prices in Greece by considering a large set of potential factors and accounting for delayed effects. To accomplish this we rely on recently presented Bayesian model selection methods which are efficiently adapted in the present context. Consumer prices drop significantly during the periods of discount sales, especially in the last two years; VAT changes are mostly absorbed (above 50%) by the producers; …Read More

Vassilios G. Papavassiliou: Financial contagion during the European sovereign debt crisis: a selective literature review

Contagion is an elusive concept and several definitions have been used in the literature. According to Forbes and Rigobon (2002) contagion is defined as a significant increase in cross-market linkages after a shock to one country. In this paper we provide a selective literature review on international financial contagion, placing special emphasis on the ongoing European sovereign debt crisis. In summary, empirical research has pointed toward the existence of contagion …Read More

Rebekka Christopoulou & Vassilis Monastiriotis: The public-private duality in wage reforms and adjustment during the Greek crisis

There is a general perception that the crisis in Greece impacted mostly public sector wages, whereas in fact its impact on private sector wages has been equally large, if not larger. In this paper we examine sector-specific wage reforms and dynamics for the duration of the crisis, using micro-data from the Greek Labour Force Survey over 2009-2013 and applying a wage-decomposition analysis on the basis of an endogenous switching regression …Read More

Pavlos Masouros: Corporate Governance and the Great Recession: An Alternative Explanation for Germany’s Success in the Post-2008 World

The ability of a nation to resist a crisis depends on the institutional or spatio-temporal fixes it possesses, which can buffer the effects of the crisis, switch the crisis to other nations or defer its effects to the future. Corporate governance configurations in a given country can function as institutional or spatio-temporal fixes provided they are positioned within an appropriate institutional environment that can give rise to beneficial complementarities. Germany …Read More