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172 BARRY BOSWORTH AND TRYPHON KOLLINTZASnew national accounts are in fairly close agreement on the magnitude of thetrade balance. As discussed below, the deficit of goods and services is considerablysmaller than the trade deficits in goods, reflecting Greece’s comparativeadvantage in services.Overall, evidence of a large trade shock from EU accession is mixed.The revised national accounts data do imply a large erosion of exports ofgoods and services after accession, but that comes on the heels of a verylarge expansion in the 1979-81 period. Furthermore, the impact onimports, which was more the focus of the Giannitsis study, seems quitemodest in the revised data. Imports rise as a share of GDP throughout the1970s and 1980s, in both the revised national accounts and in the BOP statistics.But there is little evidence of a significant change in the early 1980s.On the other hand, there is a substantial reorientation of Greek trade towardsthe EC after 1981: the EU share of exports rose quickly from about 50 percent in 1980 to 70 per cent by 1987 and the import share increased moregradually from about 52 per cent in the 1980-85 period to 68 per cent by1990. 21Finally, the inflow of foreign direct investment (FDI) into Greece mightbe viewed as an indicator of the impact of accession on external perceptionsof economic opportunities in Greece. We compared the pre- and post-accessionexperience of Greece with that of Ireland, Spain and Portugal. Asshown in Figure 3-8, Greece stands out both for the consistently small roleof FDI and for the fact that there was no boost to FDI after accession. FDIaveraged only about 1.5 per cent of GDP in the 1970s and actually declinedin subsequent years. In contrast, accession brought forth a doubling of FDIin the other three countries. In Greece, FDI remained in the range of aboutone per cent of GDP throughout the 1990s.We conclude that EC accession did not have a large negative impact onthe competitiveness and thus the growth potential of the Greek economy;but the review of the external economic relationships does expand on amore general notion that the industrial sector of the Greek economy isvery weak, and the country has not defined and exploited its areas of competitiveadvantage. For Spain and Ireland, the existence of a large EC marketsupported a growth strategy that emphasised the expansion of theexport-oriented industries. 22 No such strategy is evident for Greece and its21. Since 1990 the orientation of exports appears to have shifted away from the EUtowards an expanded relationship with the transitional economies of Central and EasternEurope.22. See Appendix 3 for more details on the comparison between Greece and Ireland.
Economic Growth in Greece: Past Performance and Future Prospects 173competitive position appears to have been significantly eroded until 1996,as reflected by the share of exports of goods and services in GDP.Labour Market StructuresThroughout the 1990s, labour market reforms were at the centre of muchof the European discussion of policy changes that are needed to enhanceadaptation to economic change. The OECD, in particular, has initiated alarge volume of research on labour markets and the need to promote greaterflexibility in work relationships. Much has been done to document thedimensions of employment protection legislation (EPL) and to assess theextent to which it influences labour market performance. Such legislationalso has an obvious link to economic growth if it inhibits adjustment to newtechnologies or discourages achievement of scale economies.A recent study by the OECD surveyed a large number of member countriesand developed comprehensive summary measures of the relative extentof EPL. 23 The measures were built up from an underlying set of indicatorsthat reflect the strictness of regulations governing dismissal of workers (prior23. The most thorough recent analysis is that of OECD (1999, chapter 2).
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GREECE’SECONOMICPERFORMANCEand PR
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ABOUT THE COIN ILLUSTRATED ON THE C
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Copyright © Bank of Greece and The
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viPREFACEnomic developments and pol
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viiiCONTENTSThe Determination of Wa
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xCONTENTS2-5. Primary Budget Surplu
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xiiCONTENTS8B-3. Benefits and Costs
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xivCONTENTS2-2. General Government
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xviiiCONTENTS11-9. Interbank Deposi
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xxTHE CONTRIBUTORSas Research Assoc
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xxiiTHE CONTRIBUTORSfor two spells
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xxivTHE CONTRIBUTORSJohn F. Helliwe
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xxviTHE CONTRIBUTORS2000. Prior to
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xxviiiTHE CONTRIBUTORSPlutarchos Sa
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The ContributorsxxxiUniversal Servi
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xxxivLUCAS D. PAPADEMOSMoreover, ec
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xxxviLUCAS D. PAPADEMOSwhich gave i
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xxxviiiLUCAS D. PAPADEMOSSecond, th
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IntroductionRalph C. Bryant, Nichol
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Introduction 3still experiencing a
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Introduction 5(general government)
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Introduction 7did generate employme
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Introduction 9Table π-2. Greece: S
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Introduction 11Table I-3. Potential
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Introduction 13
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Introduction 15
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Introduction 17sector borrowing req
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Introduction 19The electoral cycle
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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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Page 211: Economic Growth in Greece: Past Per
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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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EU Transfers and Greece’s Real Ex
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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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Product Market Reform in Greece: Po
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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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