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State financing needs and sources in 2017 and beyond; evaluation of the agreed short-term debt relief measures & updated DSA

Monokroussos, Platon, (2017), “State financing needs and sources in 2017 and beyond; evaluation of the agreed short-term debt relief measures & updated DSA”, Eurobank Research, January This study constitutes an update of a Eurobank Research piece titled “Greece Evaluation of the agreed short-term relief measures & updated sustainability analysis of Greek public debt” that was published in December 2016. It provides a detailed analysis of Greece’s projected public borrowing needs …Read More

A pension system for younger workers in Greece: A proposal for growth

Nektarios, Milton, Tinios, Platon, Simeonidis, George, (2017), “A pension system for younger workers in Greece: A proposal for growth”,  LSE Hellenic Observatory, 13 January Recent pension reforms help to trap Greece in deep crisis, but only increase the insecurity of pensioners. To break out of that vicious circle, a fresh start is needed. Such can result from the immediate introduction of a new type of pre-funded pensions. Such a new …Read More

Economic growth for Greece’s trade partners and Greek export growth

Panagiotidis, Theodore, Chisiridis, Konstantinos, (2017), “Economic growth for Greece’s trade partners and Greek export growth”, LSE Hellenic Observatory, 6 January This note investigates two issues: First, to identify the most important trade partners of Greece over the last twenty years and how their relative significance has evolved. Second, to examine how sensitive is the Greek export growth relative to the economic growth of Greece’s trade partners?The Greek economy is in recession …Read More

Insights on the Greek economy from the 3D macro model

Balfoussia, Hiona, Papageorgiou, Dimitris, (2016), “Insights on the Greek economy from the 3D macro model”, Bank of Greece Working Paper 218, 29 December This paper examines the macroeconomic and welfare implications of banking capital requirement policies and their interactions with real and financial shocks for the Greek economy. The model employed is that of Clerc et al. (2015), a DSGE model featuring a detailed financial sector, banking capital regulations and bank …Read More

Technical Note on Greece’ s adjustment programme

Obstfeld, Maurice, Thomsen, M. Poul, (2016), “ Technical Note on Greece’s adjustment programme”, IMF Direct, 12 December We recently published a blog aimed at correcting some misinformation and clarifying the IMF’s views on Greece. Some readers have had questions about the data underlying our analysis, and we thought it would be helpful, once again, to set the facts straight. Relevant Posts Obstfeld, Maurice, M. Thomsen, Poul, (2016), “The IMF is not …Read More

The domestic productivity effects of FDI in Greece: loca(lisa)tion matters!

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

ECB interventions in distressed sovereign debt markets: The case of Greek bonds

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

Where did the Greek Bailout Money go?

Rocholl, Jörg, Stahmer, Axel, (2016), “Where did the Greek Bailout Money go?”, European School of Management and Technology, December This paper analyzes the flow of money for the different Greek bailout funds and concentrates on two key questions. First, where did the money come from? Second, where did the money go to? Finally, the paper discusses the findings in a broader context and derives policy implications. Figure 1 presents the …Read More

The Case for Making the Greek Budget More Growth Friendly

M. Thomsen, Poul, (2016), “The Case for Making the Greek Budget More Growth Friendly”, IMF, 12 December The overriding objective of the IMF’s engagement with Greece is to help the country put itself back on a path of sustainable growth that benefits the Greek people. In this regard, we think that the current structure of the Greek budget is a serious constraint on growth. Below we provide a more detailed explanation …Read More

Gender and the Greek crisis: towards a risk assessment

Lyberaki, Antigone, Tinios, Platon, (2016), “Gender and the Greek crisis: towards a risk assessment”, LSE Hellenic Observatory, 9 December The Greek crisis is uniquely long and deep; while it is unfolding, secular trends in ageing, technology and globalization are changing the ways people work and how economics shapes attitudes. Add to this that Greece has been following the EU precepts for equality legislation for more than a generation, and the gender …Read More