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viiiCONTENTSThe Determination of Wage and Price Inflation in Greece:An Application of Modern Cointegration Techniques 211Stephen G. Hall and Nicholas G. ZonzilosComment by Peter Pauly 233Issues in the Transmission of Monetary Policy 237Sophocles N. Brissimis, Nicholas S. Magginas,George T. Simigiannis and George S. TavlasComment by Frank Smets 271Comment by Lawrence R. Klein 276EU Transfers and Greece’s Real Exchange Rate:A Naked Eye View 281John SpraosComment by Apostolis Philippopoulos 314Greece’s Balance of Payments and Competitiveness 323Nicholas T. TsaveasThe Greek Pension System: Strategic Framework forReform 361Axel Börsch-Supan and Platon TiniosComment by E. Phillip Davis 443The Greek Labour Market 453Gary BurtlessComment by Plutarchos Sakellaris 493Product Market Reform in Greece:Policy Priorities and Prospects 499Paul Mylonas and George PapaconstantinouComment by Leonard Waverman 540Greek Banking at the Dawn of the New Millennium 545Barry Eichengreen and Heather D. GibsonSome Thoughts on Greece Joining EMU:Comment by Max Corden 598
ContentsixConference Participants 603Index 607TablesI-1.Comparative Economic Performance of Greece,Selected Periods, 1974-2001 4I-2. Greece: Structure of Output and of Total Investment 9I-3. Potential Output Growth (Business Sector) 111-1. Weekly Earnings and Unit Labour Costs, 1975-1999 491-2. Monetary Targets and Outcomes, 1975-2000 531-3. Summary of Tests for Weak and StrongExogeneity of Variables Based on VectorError-Correction Models 571-4. Inflation and Fiscal Balances, 1990 and 1994 641-5. Commercial Banks’ Assets and Liabilities inForeign Exchange 741A-1. Tests of Unit Roots Hypothesis 841A-2. Johansen and Juselius Cointegration Test.Money Supply, M3, and Central GovernmentBorrowing Requirements, 1981: 1 – 1990: 4 851B-1. Government Surplus/Deficit in EU Member States 971B-2. Government Debt in EU Member States 971B-3. Long-Term Interest Rates in EU Member States 972-1. General Government Consolidated Expenditureas a per cent of GDP, and Compositionof Expenditure, 1976-2000 1062-2. General Government Consolidated Receiptsas a per cent of GDP, and Compositionof Receipts, 1976-2000 1122-3. Decomposition of Changes in the GovernmentDebt Ratio 1202-4. General Government Deficit as a per centof GDP, 1976-2000 126
Page 1: GREECE’SECONOMICPERFORMANCEand PR
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Page 43 and 44: Introduction 3still experiencing a
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Page 57 and 58: Introduction 17sector borrowing req
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Introduction 21Whereas Greece’s a
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Introduction 23deficits of moderate
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Introduction 25tious inference from
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Introduction 27The legal and regula
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Introduction 29spillover effects fr
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Introduction 31The challenge facing
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Introduction 33ing pensions, public
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Introduction 35rate of increase. Se
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Introduction 37however, that judgme
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Introduction 39from other European
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Introduction 41The final paper in t
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1MonetaryRegimes andInflation Perfo
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Monetary Regimes and Inflation Perf
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2GreekFiscal and BudgetPolicy and E
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Greek Fiscal and Budget Policy and
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Economic Growth in Greece: Past Per
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4TheDetermination of Wageand Price
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The Determination of Wage and Price
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238 S. BRISSIMIS, N. MAGGINAS, G. S
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6EUTransfers and Greece’s RealExc
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7Greece’sBalance of Paymentsand C
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Greece’s Balance of Payments and
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362 AXEL BÖRSCH-SUPAN AND PLATON T
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9TheGreek LabourMarketGary Burtless
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The Greek Labour Market 455and prod
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The Greek Labour Market 457little p
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The Greek Labour Market 459butions
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The Greek Labour Market 461on the r
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The Greek Labour Market 463ation of
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The Greek Labour Market 465It seems
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The Greek Labour Market 467
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The Greek Labour Market 469Although
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The Greek Labour Market 471tled to
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The Greek Labour Market 473incomes
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The Greek Labour Market 475were als
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The Greek Labour Market 481ulation
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The Greek Labour Market 483This is
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The Greek Labour Market 485Table 9-
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The Greek Labour Market 487Nonethel
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The Greek Labour Market 489differen
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The Greek Labour Market 491poverty
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The Greek Labour Market 493Organisa
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The Greek Labour Market 495employme
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The Greek Labour Market 497It would
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10Product Market Reform inGreece: P
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11Greek Banking at the Dawnof the N
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604 CONFERENCE PARTICIPANTSANDREAS
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IndexI. AuthorsAlberola, E., 357-58
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Index 609Hafer, R., 56, 94Hall, S.
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Index 611Rajnes, D. M., 449, 451Ram
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Index 613Barro-Gordon model, 100Bas
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Index 615Golden Rule, 110Government
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Index 617Personal income tax: 113-1
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In recent years, Greece has emerged
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