A New Growth Model for the Greek Economy: Requirements for by Panagiotis E. Petrakis

By Panagiotis E. Petrakis

On June three, 2015, the Greek Parliamentary finances place of work, the nationwide and Kapodistrian college of Athens, the Democritus collage of Thrace, and the college of Peloponnese backed a world convention to handle medium- and long term development in Greece. This assortment offers the most powerful papers at the stipulations required to restore and retain financial progress. major specialists disguise virtually each significant factor pointed out within the most modern literature, from demographic matters and suggestions for export technique to the necessity for innovation and structural reform. the mix of qualitative and quantitative methods to assessing current stipulations make this ground-breaking assortment a important source for quite a few teachers, specialist economists, and financial coverage practitioners planting the seeds of Greece's future.

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One of the problems of bank lending in many countries (not only in the USA but also in Europe) has been that it was increasingly directed toward property lending—and just served in consequence to drive up real estate prices and in this way accounted for probably the major source of increased wealth inequality in modern societies (Ronglie 2015). 4 BECOMING MORE AMERICAN: THE CAPITAL MARKETS UNION Part of the transformation of Europe’s economy consequently should lie in a reduction in the role of banks in financing business activity and an increase in the access to capital markets, especially for Small and Medium Enterprises.

The following three contributions refer to the labor market. Christos Katris (Chap. 14: “Okun’s Law in Greece in the Post-Crisis Era: An Empirical Study”) discusses the validity of Okun’s Law. This study examines the relationship between unemployment and GDP for Greece after the crisis of 2008. The gap version of Okun’s Law is calculated using quarterly data from the fourth quarter of 2008–2014. For the calculation, the Hodrick–Prescott filter is applied to estimate deviations from the trends of the series of GDP and the unemployment rate.

Dealing with the debt crisis in European economies, beyond any peculiarities that present at the national level, depends largely on the common economic policy. C. I. G. E. C. KOSTIS ET AL. 2010). Such a program is expected to reduce the growth of nominal GDP, worsening the external debt. This raises the question of whether debt and deficits should be reduced through austerity programs or whether an expansionary fiscal policy should be pursued by applying Keynesian models. Most Eurozone countries have faced—and many still face—big problems since the outbreak of the recent economic crisis.

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