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Beyond Austerity
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Beyond Austerity: Reforming the Greek Economy

Costas Meghir, Christopher A. Pissarides, Dimitri Vayanos, and Nikolaos Vettas

Abstract

More than eight years after the global financial crisis began, the economy of Greece shows little sign of recovery, and its position in the eurozone seems tenuous. Between 2008 and 2014, incomes in Greece shrank by more than 25 percent, homes lost more than a third of their value, and the unemployment rate reached 27 percent. Most articles on Greece in the media focus on the effects of austerity, repayment of its debt, and its future in the eurozone. In this book, leading Greek economists from institutions both within and outside Greece take a broader and deeper view of the Greek crisis, exami ... More

Keywords: Greece, Greek economy, Greek crisis, global financial crisis, eurozone, macroeconomic policy, labor market, privatization, finance, institutions

Bibliographic Information

Print publication date: 2017 Print ISBN-13: 9780262035835
Published to MIT Press Scholarship Online: May 2018 DOI:10.7551/mitpress/9780262035835.001.0001

Authors

Affiliations are at time of print publication.

Costas Meghir, editor
Yale University

Christopher A. Pissarides, editor
London School of Economics

Dimitri Vayanos, editor
London School of Economics

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Contents

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Front Matter

I Introduction

1 The Greek Economy before and during the Crisis—and Policy Options Going Forward

Costas Meghir, Christopher A. Pissarides, Dimitri Vayanos, and Nikolaos Vettas

II The Macroeconomics of the Crisis

2 Greece and the Euro

George-Marios Angeletos and Harris Dellas

3 The Challenge of Trade Adjustment in Greece

Costas Arkolakis, Aristos Doxiadis, and Manolis Galenianos1

III Reforming Markets

6 Labor Market Regulation and Reform in Greece1

Antigone Lyberaki, Costas Meghir, and Daphne Nicolitsas

7 Financial Development and the Credit Cycle in Greece1

Michael Haliassos, Gikas Hardouvelis, Margarita Tsoutsoura, and Dimitri Vayanos

IV Raising Standards in Education and Health

V Taxation and Public Transfers

10 Tax and Welfare Reform in Greece1

Maria Flevotomou, Michael Haliassos, Christos Kotsogiannis, and Costas Meghir

11 Pensions: Arresting a Race to the Bottom

Stavros Panageas and Platon Tinios

IV Law and Order and Public Administration

12 The Greek Justice System: Collapse and Reform1

Elias Papaioannou and Stavroula Karatza

13 Thinking about Corruption in Greece1

Costas Azariadis and Yannis M. Ioannides