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Publications \ Research Papers

Education and wage inequalities in Greece: access to higher education and its effects on income

The educational system in Greece has always been at the center of public discourse, not only for the shortcomings of its design, but also for the quality of the education offered. In this context, during the last decades, the rise in wage inequalities had led the literature to investigate the existence of a possible causal relationship between the level of education and income inequality. The present paper by Pery Bazoti examines the …Read More

The impact of the monetary policy of the ECB on credit provision of European economies through the mortgage credit channel

The monetary authority, which in the case of the European Economic and Monetary Union (EMU) is the European Central Bank (ECB), has among other things, the obligation to determine the monetary policy, aiming to influence basic parameters of the economy like the level of prices. In this paper the author tries to identify the impact of the monetary policy of the ECB on credit provision of European economies through the …Read More

Employment protection legislation (EPL) in Greece (2010-2017)

The present article by Dr. Giannis Dendrinos aims at offering a critical overview of the major institutional initiatives in the field of employment protection legislation (EPL) during the recent economic adjustment programs in Greece (2010-2017). Furthermore, in the context of the European debate about the role and impact of employment protection legislation, the article investigates if these reforms constitute a well defined change of labour protection model in Greece as …Read More

Basel IIΙ: An Agreement to strengthen the financial sector’ stability

The recent finalization of Basel III completes, theoretically, the regulatory framework introduced after the 2007/8 crisis. According to the official declarations, the Agreement aims to strengthen the financial sector’ stability. However, its regulations and the levels of capital requirements it sets are not a radical change compared to the pre-crisis status quo. The previous two Agreements were more imbalanced, placing more emphasis either on the protection of the competitive advantage …Read More

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