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Fiscal policy relaxation in a depressed economy-Can there be a “Free Lunch” for Greece?

Monokroussos, Platon, (2017), “Fiscal policy relaxation in a depressed economy-Can there be a “Free Lunch” for Greece?”, Eurobank Greece Macro Monitor, 12 July This study leans on the literature on regime-dependent fiscal multipliers and the existence of hysteresis effects to demonstrate that, under certain conditions, a further relaxation of the agreed fiscal targets for Greece could not only benefit the country’s growth outlook, but might also lead to improved (rather …Read More

Exporting and performance: evidence from Greek firms

Gibson,  Heather D., Pavlou, Georgia, (2017), “Exporting and performance: evidence from Greek firms”, Bank of Greece, June This paper explores differences in performance between firms that export and those that do not. With only a few exceptions, exporters have characteristic which suggest “better” performance than non-exporters, controlling for observed and unobserved heterogeneity. This paper aims to provide evidence on the differences between exporters and non-exporters in terms of labour productivity and …Read More

The effect of card payments on vat revenue in Greece

Hondroyiannis, George, Papaoikonomou, Dimitrios, (2017), “The effect of card payments on vat revenue in Greece”, Bank of Greece Working Paper 225, May The effect of card payments on VAT revenue performance in Greece is investigated using quarterly observations on card transactions during 2002q1-2016q2. Timevarying-coefficient methods are employed, in order to study the role of increasing card payments after the imposition of cash restrictions in July 2015. We find that (i) …Read More

New Pact for Europe National Report GREECE

ELIAMEP, (2017), “New Pact for Europe National Report GREECE”, ELIAMEP, June This report is inspired by the discussions of the Greek National Reflection Group enriched by exchanges with National Reflection Groups from France and Estonia. It reflects on the ‘state of the Union’ from a national perspective and discusses the main challenges the EU and its members are facing, taking into account both the European and national perspective. Finally, it proposes …Read More

Infrastructure in Greece-Funding the future

PwC, (2017), “Infrastructure in Greece-Funding the future”, March In Greece, the infrastructure investments were affected by the deep economic recession. The infrastructure investment gap is between 0.8 pp of GDP (against the European average) or 1.4 pp of GDP (against historical performance) translating into 1.1% or € 2bln new spending per year. Infrastructure investments have an economic multiplier of 1.8x** which can boost demand of other sectors. The construction sector will …Read More

From recession to anemic recovery-Investments in Greece

PWC, (2017), “From recession to anemic recovery-Investments in Greece”, 1 June Investments in Greece are historically connected to GDP and from 2009 onwards they collapsed. Historically, Greece has not attracted systematically significant foreign funds and was dependent on domestic capital, leading to an investment gap with negative impact on competitiveness and growth. The systematic inability of Greece to attract significant foreign investments is crucial, since Greece will have to bridge …Read More

The emigration of Greeks and diaspora engagement policies for economic development

Cavounidis , Jennifer, (2017), “The emigration of Greeks and diaspora engagement policies for economic development”, ΚΕPE The Global Economic and Financial Crisis has taken a heavy toll on the Greek economy. One of the direst aspects of the crisis has been the brain drain and the brain waste of the most talented of the young generation. The economy has to cope with the emigration of important segments of the labour force, …Read More

How much relief is actually needed to restore public debt sustainability

Monokroussos, Platon, (2017), “How much relief is actually needed to restore public debt sustainability”, Eurobank, 4 May The material presented herein is based on a number of published official documents that include, inter alia, the European Commission’s compliance report on the first review of Greece’s Third Economic Adjustment Programme (June 2016) and the IMF’s Article IV consultation report (February 2017). The study attempts a replication of the debt sustainability analyses (DSA) …Read More

Is there a case for intergenerational transmission of female labour force participation and educational attainment? Evidence from Greece during the crisis

Papapetrou, Evangelia, Tsalaporta, Pinelopi, (2017), “Is there a case for intergenerational transmission of female labour force participation and educational attainment? Evidence from Greece during the crisis”, Bank of Greece, April Using logit regressions techniques for binary response models, fit by maximum likelihood with robust standard errors, the analysis investigates the intergenerational transmission of female labour force participation and the intergenerational transmission of educational outcomes in Greece. To conduct this study, we …Read More

Macro Dynamics Remain Weak Reflecting Lingering Uncertainty

Alpha Bank Economic Research Division, (2017), “Macro Dynamics Remain Weak Reflecting Lingering Uncertainty”, Greece Economic & Financial Outlook No 91, April Economic activity stalled in 2016 for a second consecutive year. Private consumption growth was a solid 1.4% in 2016 and contributed positively to GDP by one percentage point notwithstanding the tax-driven austerity. Investment remained unchanged, while net exports and public consumption subtracted by 0.5 pps each from GDP growth. …Read More

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