Monokroussos, Platon, (2017), “A quantitative assessment of the agreement on Greece reached at the Eurogroup of 15 June 2017”, Eurobank, June We stress that most of the analysis presented in this document utilizes a number of simplifying, yet necessary assumptions made by the Author to account for some crucial information pieces that are missing from the published official documents. This effectively implies that the estimates and projections provided herein may …Read More

Darvas, Zsolt, (2017), “Is Greece’s labour market bouncing back?”, Bruegel, 14 June After rapid increases in unemployment and large wage reductions, Greece’s labour market is showing signs of recovery. Certain sectors of the economy are showing strong employment growth, which could hint at a broader economic recovery. Relevant Posts Eurostat/Unemployment rates in the EU regions ranged from 2.1% to 31.3%/27 April 2017 Monokroussos , Platon, (2017), «Greece: 2017 Economic Outlook», …Read More

Hyppolite, Paul-Adrien , (2017), “An investigation of the root causes of the Greek crisis”,  VoxEU, 27 May The Greek crisis is typically seen as a sovereign debt crisis. Using a new dataset, this column explores the dynamics of national wealth accumulation in Greece over the past two decades. It argues that, despite certain idiosyncrasies, the Greek crisis can be better characterised as a balance of payments crisis. This implies that Greece shouldn’t be …Read More

Salzano, Giovanni, (2017), “Greece Leads Euro Area in Share Spent on Old-Age Pensions: Chart”, Bloomberg Markets, 15 March Greece spends 13.3 percent of its gross domestic product on old-age pensions, the highest proportion in the euro area. The issue of pension cuts has become a major point of contention between Athens and its international bailout auditors. Relevant Posts Nektarios, Milton, Tinios, Platon, Simeonidis, George, (2017), “A pension system for younger …Read More

A. Jordaan, Jacob, Monastiriotis, Vassilis, (2016), “The domestic productivity effects of FDI in Greece: loca(lisa)tion matters!”, LSE Hellenic Observatory, December Despite an extensive empirical literature on the factors conditioning the size and prevalence of FDI productivity spillovers, the geographical dimension of these externalities remains relatively under-explored. In this paper we use firm level data from the Greek manufacturing sector to identify how three features of economic geography – spatial heterogeneity …Read More

Trebesch, Christoph, Zettelmeyer, Jeromin, (2016), “ECB interventions in distressed sovereign debt markets: The case of Greek bonds”, IMF, November We study central bank interventions in times of severe distress (mid-2010), using a unique bond-level dataset of ECB purchases of Greek sovereign debt. ECB bond buying had a large impact on the price of short and medium maturity bonds, resulting in a remarkable “twist” of the Greek yield curve. However, the …Read More

Monokroussos, Platon, D. Thomakos, Dimitrios, A. Alexopoulos, Thomas, (2016), “The Determinants of Loan Loss Provisions: An Analysis of the Greek Banking System in Light of the Sovereign Debt Crisis”, LSE Hellenic Observatory GreeSE Paper No.104, November We utilize a new set of macroeconomic and regulatory data to analyze the evolution of loan loss provisioning practices in the Greek banking system over the period 2005-2015. We explore the determinants of the aggregate …Read More

Papapetrou, Evangelia, Tsalaporta, Pinelopi, (2016), “Inter-industry wage differentials in Greece: rent-sharing and unobserved heterogeneity hypotheses”, Bank of Greece, 10 November This paper examines the structure and determinants of inter-industry wage differentials in Greece, along with the role of the rent-sharing and unobserved heterogeneity hypotheses, employing restricted least squares and quantile regression techniques with cluster robust standard errors at the firm level. To this end, a unique dataset, the European Union Structure …Read More

de la Maisonneuve, Christine, (2016), “How to boost export performance in Greece”, OECD Publishing, 13 May This paper analyses the structure of Greek exports and presents policy recommendations to boost export performance. Despite recent improvements, export performance deteriorated in the last decade particularly in the service sector. The decline in unit labour costs since the beginning of the crisis has restored cost competitiveness, but the response of exports has been …Read More