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542 PAUL MYLONAS AND GEORGE PAPACONSTANTINOUTable 10A-5. Major Areas of PTO ExpenditurePer centDepreciationWagesTaxesGreece 18 35 14.5OECD 26 28 6UK 20 28 8Germany 23 22 6SOURCE: OECD.Table 10A-6. Investment/CapitaUSD/capitaGreece 90OECD 150UK 180Japan 260SOURCE: OECD.Table 10A-7. OECD Price Basket (PPP)US dollarsResidentialBusinessSOURCE: OECD.Greece 530 1,116OECD 427 971Germany 419 983UK 367 826US 340 1,036Similarly, the telecom regulator, EETT, also has new powers. Given the role ofthe EU and its directives, these agencies will become a significant force. Whatis needed now is to ensure that the structure of the regulated sectors is not setin stone before the day when regulators are truly informed and powerful.For example the authors discuss the state-owned electricity company’sattempt to bid for a wireless local loop license. Such attempts must be controlled.Telecoms is relatively well handled compared with other regulated sectors.In electricity, the authors detail the cross-sector financial ownership,profit sharing arrangements and other constraints on competition. In elec-
Product Market Reform in Greece: Policy Priorities and Prospects 543Table 10A-8. International Traffic/Access LineGreece 110(65 per cent to UK, Italy, Germany)OECD 115UK 170US 129Germany 106Portugal 98SOURCE: OECD.tricity, the EU cannot be relied upon to do for Greece what Greece is generallyunable to do for itself. There is little workable EU deregulation inelectricity. Witness France. Here the Greek Competition Committee muststep in. In the end, the best source of competition in Greece is the nationalcompetition champion – the Competition Committee.
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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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3EconomicGrowth in Greece:Past Perf
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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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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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Page 535 and 536: 10Product Market Reform inGreece: P
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Page 581 and 582: 11Greek Banking at the Dawnof the N
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Greek Banking at the Dawn of the Ne
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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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