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The Distributional Effects of Fiscal Consolidation

Ball, L.,  Furceri, D., Leigh, D., & Loungani, Pr., (2013), “The Distributional Effects of Fiscal Consolidation”, IMF Working Paper, N.,13/151. This paper examines the distributional effects of fiscal consolidation. Using episodes of fiscal consolidation for a sample of 17 OECD countries over the period 1978–2009, we find that fiscal consolidation has typically had significant distributional effects by raising inequality, decreasing wage income shares and increasing long-term unemployment. The evidence also suggests …Read More

From Grexit to Growth: On Fiscal Multipliers and How to End Recession in Greece

Nicos, Christodoulakis, (2013), “From Grexit to Growth: On Fiscal Multipliers and How to End Recession in Greece”, National Institute Economic Review, No. 224, pp.66-76.    Three years after the implementation of the Adjustment Programme for Greece, public debt remains at unsustainable levels. Despite recent improvements in meeting deficit targets and the fact that the risk of exit from the Euro Area has subsided, growth is still missing and unemployment has …Read More

Does fairness matter for the success of fiscal consolidation?”

Kaplanoglou, G., Rapanos, V. & Bardakas, I., (2013), “Does fairness matter for the success of fiscal consolidation?” , University of Athens-Department of Economics, Economic Discussion Reports, N. 2013/6. Does it matter for fiscal consolidation programs to be fair in order to be successful? This question has never been empirically addressed despite its profound importance especially since many developed countries have embarked on fiscal consolidation programs, which in many cases have …Read More

The never-ending greek crisis: A tragedy without a catharsis

Katsikas, Dimitrios, (2012), “The never-ending greek crisis: A tragedy without a catharsis”, Revista de Estudios Europeos, no 60 Jul-Dec, pp.33-52. This article presents an overview and analysis of the crisis in Greece. It is argued that the origins of the crisis lie with deep structural problems of the Greek economy and state, which had been left unresolved for too long. The global financial crisis exposed these problems and led Greece …Read More

Sovereign Debt Restructurings 1950-2010; Literature Survey, Data, and Stylized Facts,

IMF, (2012), Sovereign Debt Restructurings 1950-2010; Literature Survey, Data, and Stylized Facts, IMF Working Papers, Monetary and Capital Markets Department, Washington. This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt …Read More

The Return of the Greek Patient: Greece and the 2008 Global Financial Crisis

Pagoulatos, George, Triantopoulos, Christos, (2009),‘The Return of the Greek Patient: Greece and the 2008 Global Financial Crisis’, South European Society and Politics, Vol. 14, Issue 1, p.p.35-54. The 2008 financial crisis found the Greek economy in a position of fiscal vulnerability, given the large public debt, and structural weaknesses, demonstrated in a huge current account deficit. The banking system was relatively robust, but exposed to imported risks from the emerging …Read More