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596 BARRY EICHENGREEN AND HEATHER D. GIBSONHanweck, G.A., and T.E. Kilcollin. 1984. “Bank Profitability and Interest RateRisk.” Journal of Economics and Business 36: 77-84.Hardy, D., and G. Simigiannis. 1997. “Indicators of Competition and Efficiency in theGreek Banking System.” IMF Working Paper, Washington D.C.: IMF (September).Haslem, J.A. 1969. “A Statistical Estimation of Commercial Bank Profitability.”Journal of Business 42: 22-35.Heggestad, A.A., and J.J. Mingo. 1976. “Prices, Nonprices, and Concentration inCommercial Banking.” Journal of Money, Credit and Banking 8: 107-17.Holmes, J.J. 1996. “Can Consumers Benefit From a Policy Limiting the MarketShare of a Dominant Firm?”. International Journal of Industrial Organisation 14:365-87.Hondroyiannis, G., S. Lolos, and E. Papapetrou. 1998. “Market Structure and Performancein the Greek Banking System.” In Choi, J.J., and J.A. Doukas (eds.) EmergingCapital Markets: Financial Investment Issues, Westport, CT: Quorum Books.––––––. 1999. “Assessing Competitive Conditions in the Greek Banking System.”Journal of International Financial Markets, Institutions and Money 9: 377-91.Hondroyiannis, G., and E. Papapetrou. 1996. “International Banking Activity inGreece: The Recent Experience.” Journal of Economics and Business 48: 207-15.Honohan, P. 1999. “Consequences for Greece and Portugal of the Opening-up ofthe European Banking Market.” Unpublished manuscript, World Bank.Hope, K. 1999. “Banking: Growth Set to Continue as Battle Intensifies.” FinancialTimes Greece Supplement, p. III (21 December).Kanellopoulos, K., G. Tsatiris, and T. Mitrakos. 1999. Structural Change and BankingEmployment. Athens: Hellenic Bank Association.Levonian, M.E. 1994. “The Persistence of Bank Profits: What the Stock MarketImplies.” Federal Reserve Bank of San Francisco Economic Review 2: 3-17.Liang, N. 1989. “Bank Profits, Risk, and Local Market Concentration.” Journal ofEconomics and Business 41: 297-305.Llewellyn, D.T. 1999. The New Economics of Banking. Amsterdam: SUERF Studies 5.Lloyd-Williams, D.M., P. Molyneux, and J. Thornton. 1991. “Competition andContestability in the Japanese Commercial Banking Market.” Institute ofEuropean Finance, Research Papers in Banking and Finance, RP 91/16.McAllister, P.H., and D. McManus. 1993. “Resolving the Scale Efficiency Puzzle inBanking.” Journal of Banking and Finance 17: 389-405.Miller, M., and P. Luangaram. 1998. “Financial crisis in East Asia: bank runs, assetbubbles and antidotes.” National Institute Economic Review 3: 66-82.Miller, S.M., and A.G. Noulas. 1997. “Portfolio Mix and Large-Bank Profitability inthe USA.” Applied Economics 29: 505-12.Molyneux, P. 1993. “Cooperation and Rivalry in European Banking.” Institute ofEuropean Finance, Research Papers in Banking and Finance, RP 93/14.Molyneux, P., D.M. Lloyd-Williams, and J. Thornton. 1992. “Competitive Conditionsin European Banking.” Institute of European Finance, Research Papers inBanking and Finance, RP 92/17.
Greek Banking at the Dawn of the New Millennium 597Molyneux, P., and J. Thornton. 1992. “Determinants of European Bank Profitability:A Note.” Journal of Banking and Finance 16: 1173-78.Moschos, D., and D. Frangetis. 1997. The Present and Future of Greek Banks. Athens:Foundation for Economic and Industrial Research, Topical Issues 12 (in Greek).Nickell, S. 1981. “Biases in Dynamic Models with Fixed Effects.” Econometrica 49:417-26.OECD (various years). Economic Survey: Greece. Paris: OECD.Oreja Rodriguez, J.R., A. Arbelo Alvarez, and P. Perez Corves. 1993. “Scale and ScopeEconomies in Banking: A Study of Savings Banks in Spain.” Institute of EuropeanFinance, Research Papers in Banking and Finance, RP 93/7.Pagoulatos, G. 1996. “Governing in a Constrained Environment: Policy Making inGreek Banking, Deregulation and Privatisation Reform.” West European Politics19: 744-69.Papaioannou, M., and E.K. Gatzonas. 1997. “Financial Innovations Involving theGreek Drachma.” IMF Working Paper, WP/97/14.Peristiani, S. 1997. “Do Mergers Improve the X-Efficiency and Scale-Efficiency ofUS Banks? Evidence From the 1980s.” Journal of Money, Credit and Banking 29:326-37.Revell, J. 1987. Mergers and the Role of Large Banks, Bangor: Institute of EuropeanFinance.Rhoades, S.A. 1993. “Efficiency Effects of Horizontal (In-Market) Bank Mergers.”Journal of Banking and Finance 17: 411-22.Shaffer, S. 1993. “Can Megamergers Improve Bank Efficiency?.” Journal of Bankingand Finance 17: 423-36.Vasiliou, D. 1992. “Economies of Scale in Greek Commercial Banking: A First Endeavor.”Rivista Internazionale di Scienze Economiche e Commerciali 39: 979-89.––––––. 1996. “A Financial Ratio Study of Greek Commercial Bank Profitability.”Rivista Internazionale di Scienze Economiche e Commerciali 43: 147-61.Vesala, J. 1995. Testing for Competition in Banking: Behavioural Evidence fromFinland. Helsinki: Bank of Finland Studies, E: 1.White, L. J. 1991. The S & L Debacle. New York and London: Oxford UniversityPress.
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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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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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Page 641 and 642: IndexI. AuthorsAlberola, E., 357-58
Page 643 and 644: Index 609Hafer, R., 56, 94Hall, S.
Page 645 and 646: Index 611Rajnes, D. M., 449, 451Ram
Page 647 and 648: Index 613Barro-Gordon model, 100Bas
Page 649 and 650: Index 615Golden Rule, 110Government
Page 651 and 652: Index 617Personal income tax: 113-1
Page 654: In recent years, Greece has emerged
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