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548 BARRY EICHENGREEN AND HEATHER D. GIBSONThese measures notwithstanding, the Greek financial system is stillunderdeveloped by most measures. Loans to nonbanks by credit institutionsas a share of GDP are the lowest of any EU country, while bank claims onthe government sector as a share of their assets are higher than in any countryexcept Belgium. 6 The contrast is as evident for financial markets as forfinancial institutions. The value of bonds outstanding as a share of GDP islow by EU standards and there is no commercial paper market.Catch-Up and Convergence. Financial development goes hand in handwith economic development. That is to say, the low level of financial intermediationis a corollary, at least in part, of the country’s economic underdevelopmentrelative to the rest of the EU. As per capita incomes rise, so willintermediation. The question is by how much. Figure 11-1 provides a pictureof the level of financial intermediation in 1995, just after the completion ofmost liberalisation measures. It juxtaposes three measures of financial intermediationagainst per capita GDP for each EU country. 7 Greece stands outin the top panel, which shows the assets of credit institutions as a share ofGDP. While its low per capita income helps to explain the low level of bankassets as a share of GDP, Greece is still an outlier. 8 The same is true forinvestment in mutual funds as a share of GDP (middle panel), althoughthere the divergence is less pronounced. 9The implication is that two distinct catch-up dynamics will be at work inthe future. The supply of financial intermediation services will approach thelevels of the rest of the European Union, if experience elsewhere is a guide,as Greece’s per capita incomes converge with those of the rest of the EU.But, assuming that convergence more broadly is the rule, we should expectGreek financial markets to converge even faster than per capita incomes,since the country’s financial sector started out further behind than predictedby the differential in living standards. Once Greece overcomes the legacy of6. Whose unusually high public debt explains the exception.7. And superimposes the corresponding regression line. The per capita GDP figures and themeasures of the level of financial intermediation are in ECUs, from Resource Centre for Accessto Data on Europe (http://www-rcade.dur.ac.uk). We exclude Luxembourg, since it is an outlier(for obvious reasons) in terms of assets of both credit institutions and investment funds.8. In other words, it is below the regression line. The difference is not statistically significantat standard confidence levels (it just misses significance at the ten per cent level). This isnot surprising given the small number of observations. The other country that is noticeablybelow the regression line is Finland, which in 1995 was still recovering from its banking crisis.9. And Greece has plenty of company; the GDP share of mutual funds in 1995 was evenlower in both Finland and Denmark. In contrast, while the assets under management of insurancecompanies and pension funds are the lower in Greece than in any other EU country (bottompanel), this differential is explained entirely by the country’s relatively low per capitaincome. In any case, it is the assets of credit institutions that matter in the aggregate, since theyaccount for more than 80 per cent of the assets of financial intermediaries in Greece.
Greek Banking at the Dawn of the New Millennium 549
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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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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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Page 535 and 536: 10Product Market Reform inGreece: P
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Greek Banking at the Dawn of the Ne
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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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