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The Greek Economy: Performance and Policy Challengesxxxixexperience and analytic expertise of “foreign” researchers. And, of course,as we know from basic trade theory, we are all better off as a result of thefree exchange of experiences and views, as well as of cooperation and specialisationaccording to our comparative advantage. I am sure that we willhave a productive conference and that our friends from abroad will have theopportunity to learn much more about the Greek economy, while we willacquire some new ideas which will help shape our policies in the future.
IntroductionRalph C. Bryant, Nicholas C. Garganasand George S. TavlasTHE papers in this book look backward at the performanceof the Greek economy in the last decades of the 20th century and forward tothe challenges that the economy will face in the first decades of the 21st century.The historical analysis focuses in particular on the years leading up toGreece’s entry into the euro area in January 2001.The book is the result of a collaboration among Greek and non-Greekeconomists, sponsored by the Bank of Greece and the Brookings Institution.Details of the collaboration are summarised in the Preface. An underlyingpremise of the project has been that cooperation between Greek and non-Greek analysts would prove helpful in assessing the performance and prospectsof the Greek economy.Careful analysis of an individual country’s economy is difficult even forinsiders who have a firm grasp of key features of their economy. Good analysisis even more difficult for outside economists, who typically lack detailedknowledge of the economy. Yet outsiders can bring a fresh perspective thatraises interesting questions and contributes new insights. When insiders andoutsiders cooperate, the resulting analysis may be a significant improvementover what each group could achieve by itself.By combining the expertise of Greek and non-Greek economists, the projecthas sought to achieve two broad goals. The first is to facilitate understandingof Greek observers of their economy and to stimulate a constructivepolicy debate within the country. The second, complementary goal is to providean analysis of the economy useful to observers of other countries whoseeconomic situations and problems have similarities with those of Greece.Greece’s efforts to attain economic convergence with the rest of the euro area,for example, are of interest to countries in Central and Eastern Europe whichhave applied, or intend to apply, for accession to the European Union (EU).In this introductory chapter, we provide an overview of Greece’s economicdevelopments and policies and review broad features of the historical background.The historical review discusses the 1974-79 period, the mounting1
Page 1: GREECE’SECONOMICPERFORMANCEand PR
Page 4 and 5: ABOUT THE COIN ILLUSTRATED ON THE C
Page 6 and 7: Copyright © Bank of Greece and The
Page 8 and 9: viPREFACEnomic developments and pol
Page 10 and 11: viiiCONTENTSThe Determination of Wa
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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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Page 81 and 82: Introduction 41The final paper in t
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Monetary Regimes and Inflation Perf
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2GreekFiscal and BudgetPolicy and E
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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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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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