The Disequilibrium Dynamics of the Monetary Union: The Case of Greece

This study shows how the Consumer Price Index of Greece is affected by joining the European Economic and Monetary Union. The post-accession price adjustment of Greece is also modeled. The research design employed in the study consists of descriptive statistics, chi-square test and regression analysis. The accession of Greece to the European Economic and Monetary Union (EMU) in 2001 and the introduction of the euro in 2002 were followed by a sharp upward shift of the consumer price level. This increase in consumer price level has given birth to a widely held hypothesis that claims that the accession of Greece to the EMU has caused a structural increase in the consumer price level. In this study this hypothesis is tested and rejected. There was no substantial evidence of such an effect of the aftermath of joining the EMU. However, there was strong evidence of structural breaks in the Greek consumer price equilibrium and of the presence of a non-linear price adjustment model. This study addresses the adjustment behavior of the consumer price level, and finds that the shift in prices after the accession to EMU is normal equilibrium restoring adjustments.

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The Economy of Greece and the FIFA Ranking of its National Football Team

Athens Journal of Sports ◽

10.30958/ajspo.8-2-4 ◽

2021 ◽

Vol 8 (2) ◽

pp. 161-172

Author(s):

Gregory T. Papanikos

Keyword(s):

European Union ◽

Gross Domestic Product ◽

Monetary Union ◽

Positive Association ◽

Statistical Association ◽

Real Gross Domestic Product ◽

Football Team ◽

Greek Economy ◽

Strong Positive Association ◽

Of Greece

The purpose of this study is to compare the performance of the Greek economy with the FIFA ranking of the Greek National Football Team in order to find out whether there exists some sort of statistical association. The period under consideration starts with the establishment of the European and Monetary Union in 1992 and ends with the current year of 2021. In 1992, FIFA started to rank national football teams which restricts the extent of time to be used in this study. The descriptive evidence presented in this paper shows that there exists strong positive association between the level of real Gross Domestic Product (GDP) of Greece and the ranking of its national football team. Keywords: FIFA, Greece, Football, GDP, European Union, National Teams.

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