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Copyright © Bank of Greece and The Brookings Institution 2001All Rights ReservedFirst Published 2001ISBN 960 - 87147 - 0 - 2Printed in Greeceat the Bank of Greece Printing Works, Athens
PrefaceOn 1 January 2001, Greece became the twelfth Member State of theEuropean Union to adopt the euro. The fulfilment by Greece of the convergencecriteria for entering the euro area, the result of the fiscal andmonetary policies pursued since the mid-1990s, was a significant achievement.These policies led to a high degree of macroeconomic stability andfostered an improved environment for investment and faster output growth.Greece’s adoption of the euro marks the end of a long stabilisation effortand the beginning of a new era of opportunities and challenges.To examine the performance of the Greek economy over the past quarterof a century and to gain a better understanding of the challenges andmain options facing Greece after its accession to the euro area, the Bank ofGreece and the Brookings Institution decided to commission jointly a seriesof studies. The decision to go ahead with this project was made in theautumn of 1998 after a distinguished group of American and Europeaneconomists had agreed to participate.Authors were invited to prepare papers dealing with a specific aspect ofthe Greek economy. Each paper was as a rule to be co-authored by scholarsfrom Greece and other countries. The authors worked on their individualcontributions during 1999 and 2000 while maintaining contact with otherproject participants. All the authors carried out a good part of their researchin Greece and received assistance from several staff members of the Bank ofGreece. Drafts of the individual studies were presented and discussed at ajoint Bank of Greece/Brookings Institution conference held in Athens on7-8 December 2000.The authors were asked to revise and update their papers in view of commentsmade by participants at the conference and this was done in thecourse of 2001. This volume contains the revised versions of the papers andthe comments of invited discussants. It also includes the Governor’s openingaddress and an introductory chapter, in which the editors summarise ecov
Page 1: GREECE’SECONOMICPERFORMANCEand PR
Page 4 and 5: ABOUT THE COIN ILLUSTRATED ON THE C
Page 8 and 9: viPREFACEnomic developments and pol
Page 10 and 11: viiiCONTENTSThe Determination of Wa
Page 12 and 13: xCONTENTS2-5. Primary Budget Surplu
Page 14 and 15: xiiCONTENTS8B-3. Benefits and Costs
Page 16 and 17: xivCONTENTS2-2. General Government
Page 20 and 21: xviiiCONTENTS11-9. Interbank Deposi
Page 22 and 23: xxTHE CONTRIBUTORSas Research Assoc
Page 24 and 25: xxiiTHE CONTRIBUTORSfor two spells
Page 26 and 27: xxivTHE CONTRIBUTORSJohn F. Helliwe
Page 28 and 29: xxviTHE CONTRIBUTORS2000. Prior to
Page 30 and 31: xxviiiTHE CONTRIBUTORSPlutarchos Sa
Page 33 and 34: The ContributorsxxxiUniversal Servi
Page 35 and 36: xxxivLUCAS D. PAPADEMOSMoreover, ec
Page 37 and 38: xxxviLUCAS D. PAPADEMOSwhich gave i
Page 39 and 40: xxxviiiLUCAS D. PAPADEMOSSecond, th
Page 41 and 42: IntroductionRalph C. Bryant, Nichol
Page 43 and 44: Introduction 3still experiencing a
Page 45 and 46: Introduction 5(general government)
Page 47 and 48: Introduction 7did generate employme
Page 49 and 50: Introduction 9Table π-2. Greece: S
Page 51 and 52: Introduction 11Table I-3. Potential
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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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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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