Category Archives: Macroeconomics

The Greek Crisis: Origins and Implications

This paper argues that the deep causes of the Greek and Eurozone crisis are the large external imbalances (trade deficits) of the countries of the European periphery. Their fiscal imbalances exacerbated but did not cause the crisis and therefore fiscal … Continue reading

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Industrialization: A Special Feature of Greece

Professor John Spraos, a distinguished Greek economist, Professor Emeritus at University College London and former economic adviser to Prime Minister Constantinos Simitis, kindly agreed to contribute to our blog. He writes: I was discussing industrialisation with Michalis Haliassos and he … Continue reading

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Panel discussion on “GREXITING the economic crisis”

On March 6, 2013, a panel discussion on the Greek economic crisis took place at the London School of Economics. This was part of a broader set of events taking place during the week of March 4-8, as part of … Continue reading

Posted in Banking and finance, Economic development, Education, General, Justice, Labour market, Macroeconomics, Political economy, Press, Product market, Public finance, Public sector productivity | Leave a comment

Salary Cuts and Competitiveness

Promotion of competitiveness in the international market for goods and services, especially for fiscally troubled countries, is both an objective of European Union policies and a prerequisite for the longer-run viability and repayment of public debt. Massive horizontal salary cuts … Continue reading

Posted in Economic development, Economic research, Europe, Labour market, Macroeconomics, Public sector productivity | 1 Comment

Debt write-off as a mechanism to incentivize structural reforms

Greece’s public debt is projected to rise to 189% of GDP in 2013. This debt level is unsustainable and a write-off will be needed. Some among Greece’s foreign partners are concerned that a write-off will ease the pressure on Greek … Continue reading

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Restructuring, roll-over, moratorium

In the next few weeks the ECB/EU/IMF Troika will deliver its report on the implementation progress and compliance of Greece. On the basis of this report the EU and the IMF will decide whether to release the jumbo instalment of … Continue reading

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Speech by Chris Pissarides on “Fiscal crisis and economic restructuring: lessons for the labour market”

In a talk in Athens on 5 October 2012, Chris Pissarides analyzed the causes of the global financial crisis, as well as of the crisis in Greece and Cyprus. A large part of his talk focused on the relationship between … Continue reading

Posted in Education, Europe, Labour market, Macroeconomics, Public finance, Uncategorized | 2 Comments

Quo vadis Graecia?

Where goest thou Greece? While the Greek economy is falling off the proverbial cliff, this question stays on the mind of world leaders, keeps Brussels bureaucrats awake at night, and intrudes on the daily lives of  4 million Greek households. … Continue reading

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Germany must lead or pull the plug: Greek Economists for Reform interviewed in Die Welt

German newspaper Die Welt interviewed three founding members of Greek Economists for Reform in its issue of June 28, 2012, coinciding with the important European Summit. The newspaper noted that numerous economists around the world express views on Greece and … Continue reading

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Renegotiation of Memorandum Terms is a Red Flag for International Partners

In a radio interview to the station ‘Athina 9.84’, Michael Haliassos points out the dead end for which Greece is headed when it sets renegotiation of terms as its objective while the international partners stress the need to stick to … Continue reading

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