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Beyond AusterityReforming the Greek Economy$
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Costas Meghir, Christopher A. Pissarides, Dimitri Vayanos, and Nikolaos Vettas

Print publication date: 2017

Print ISBN-13: 9780262035835

Published to MIT Press Scholarship Online: May 2018

DOI: 10.7551/mitpress/9780262035835.001.0001

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

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

(p.3) 1 The Greek Economy before and during the Crisis—and Policy Options Going Forward
Beyond Austerity

Costas Meghir

Christopher A. Pissarides

Dimitri Vayanos

Nikolaos Vettas

The MIT Press

This chapter reviews the performance of the Greek economy before and during the global financial crisis. It also presents policy options for Greece going forward, drawing to a significant extent on the conclusions of subsequent chapters. The chapter first studies Greece's economic performance in the decades before the crisis. It discusses the evolution of gross domestic product (GDP) per capita and productivity, debt, consumption, investment, wages and prices. The chapter then turns to the quality of the institutions pertaining to the business environment (product market regulation, justice system, access to finance, and labor market regulation), and to social protection and public good provision (pensions, welfare system, health care, and education). It also identifies interconnections between institutional quality and macroeconomic outcomes.

Keywords:   Greek economy, global financial crisis, policy options, business environment, social protection, public good provision, institutional quality, macroeconomic outcomes, gross domestic product

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