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

2017 ◽  
Author(s):  
Costas Meghir ◽  
Christopher A. Pissarides ◽  
Dimitri Vayanos ◽  
Nikolaos Vettas
Keyword(s):  
Social Protection ◽  
Global Financial Crisis ◽  
Business Environment ◽  
Market Regulation ◽  
Policy Options ◽  
Greek Economy ◽  
Good Provision ◽  
The Global Financial Crisis ◽  
System Access

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.

Impact of the Global Financial Crisis on IT Sector. The Case of Greece

2022 ◽  
Vol 9 (1) ◽  
pp. 0-0
Keyword(s):  
Global Financial Crisis ◽  
Extended Period ◽  
Early Years ◽  
Negative Consequences ◽  
Negative Effects ◽  
Innovation Development ◽  
Negative Effect ◽  
Greek Economy ◽  
The Global Financial Crisis ◽  
The Impact

The impact of the Information and Technology (IT) sector on the countries’ innovation development has been recognized as crucial in prior and recent research studies. Moreover, firms’ innovativeness affects positively countries’ economies. Nevertheless, the global economic crisis of the last decade constituted a significant barrier to the development of country economies and had a negative effect on firms’ performance. Specifically, the negative consequences of the global crisis became harder for Southern Europe Countries. More specifically the Greek economy was suffered by an extended period of crisis with harder consequences than those of other European countries. The main purpose of this study was to examine the financial performance of Greek IT firms in the early years of crisis. Our findings have been relevant to those of previous studies which observed negative effects of the financial recession on firms profitability.

scholarly journals ECONOMIC CRISIS THEORY OR ECONOMIC THEORY CRISIS?

2018 ◽  
pp. 28-35
Author(s):  
ELGUJA MEKVABISHVILI
Keyword(s):  
Economic Theory ◽  
Economic Crisis ◽  
Global Financial Crisis ◽  
Stationary Regime ◽  
High Quality ◽  
Crisis Theory ◽  
Neoclassical Economic Theory ◽  
The Global Financial Crisis ◽  
Problematic Aspect

The global financial crisis has brought a new impulse to the discussion of the problem of economic crisis. Economists have divided into two groups - one group believes the main reason for the crisis is the failure of economic theory. The second group thinks that economists have not been charged in the formation of economic crisis. The most problematic aspect of the economic crisis is their prediction. Mainstream neoclassical economic theory completely excludes the possibility of predicting crises. In the analysis of this issue, we use the concepts: “point prediction”, “prediction corridor”, “stationary regime” of economy functioning, and N. Kondratiev’s Great Cycles Conjunction Theory. There is possible to define the “prediction’s corridors” within the stationary regimes of economy functioning. In these periods the economy is characterized with high quality of volatility. By observing the main economic indicators in these periods, we think, it is possible to predict the approximate date of the economic crisis.

Product Market Regulation and Competitiveness: Toward a National Competition and Competitiveness Policy for Greece1

2017 ◽  
Author(s):  
Yannis Katsoulacos ◽  
Christos Genakos ◽  
George Houpis
Keyword(s):  
Positive Impact ◽  
Regulatory Reform ◽  
Market Regulation ◽  
Product Markets ◽  
Quality Regulation ◽  
National Competition ◽  
Greek Economy ◽  
Main Determinants ◽  
Over Time

This chapter examines the competitiveness of product markets in Greece. One of the main determinants of competitiveness is the quality of the set of rules and regulations that govern the operation of markets. These should promote competition, investment and entrepreneurship. Heavy and low-quality regulation is generally associated with greater inefficiency and poor economic outcomes. This chapter describes competitiveness in the Greek economy and its evolution over time using various internationally comparable indicators that cover many dimensions of competitiveness. It demonstrates that product markets in Greece are among the most heavily and misregulated markets of advanced countries, though the reforms that took place during 2011–2014 had a positive impact. The chapter investigates in greater depth the misregulation of product markets, identifying possible causes and illustrating through case studies. It makes the case for a National Competition and Competitiveness Policy plan to improve the regulatory institutions and reduce regulatory burden. Finally, it looks at the successes and failures of regulatory reform history in two important markets: energy and telecommunications.

Interoperability of XBRL Financial Statements in the U.S.

2012 ◽  
pp. 129-144
Author(s):  
Hongwei Zhu ◽  
Harris Wu
Keyword(s):  
Global Financial Crisis ◽  
Financial Statements ◽  
Securities And Exchange Commission ◽  
Public Companies ◽  
Generally Accepted Accounting Principles ◽  
Data Elements ◽  
The Global Financial Crisis ◽  
Practical Implications ◽  
The U.S

In the wake of the global financial crisis, a pressing need exists for improving investor friendliness, especially the transparency and interoperability of the financial statements of public companies. eXtensible Business Reporting Language (XBRL) and XBRL taxonomies can accomplish this objective. In the U.S., the Securities and Exchange Commission (SEC) has mandated that all public companies must file their financial statements using XBRL and the U.S. Generally Accepted Accounting Principles (GAAP) taxonomy according to a phased-in schedule. Are the XBRL-based financial statements interoperable? This question is addressed by analyzing all of the annual XBRL financial statements filed to the SEC as of February 26, 2010. On average, 63% of data elements are not comparable between a pair of statements. The incomparability is partly caused by issues related to the GAAP taxonomy and misuse of the taxonomy by companies. The results have practical implications that will help improve the quality of financial data.

scholarly journals A PROPOSED THEORETICAL FRAMEWORK ON STRATEGIES FOR KLANG VALLEY MALAYSIAN QUANTITY SURVEYING CONSULTANCY FIRMS TO ACHIEVE PROFITABILITY

2020 ◽  
Vol 5 (21) ◽  
pp. 01-12
Author(s):  
Bee-Ling Chong ◽  
Kai-Chen Goh ◽  
Tien-Choon Toh
Keyword(s):  
Construction Industry ◽  
Firm Growth ◽  
Global Financial Crisis ◽  
Theoretical Framework ◽  
Business Environment ◽  
Construction Firms ◽  
Consulting Firms ◽  
Klang Valley ◽  
Quantity Surveying ◽  
The Global Financial Crisis

There is a lack of research studies showing the specific practices that enable QS consultancy firms to achieve profitability in Malaysia’s construction industry. As firm profitability is expected to have a positive and significant impact on firm growth, this put Malaysia's QS consulting firms at risk and affected firm growth if the problem they face remains unresolved. Despite the current Covid-19 pandemic has led to the global financial crisis, weaker global growth is still a big issue to developing countries including Malaysia. Construction firms such as QS consultancy firms face a lot of challenges due to the globalisation and competitiveness of the construction industry. Quantity surveying (QS) consultancy firms need to adopt suitable strategies to survive and grow in an evolving business environment. Thus, this paper focuses on the theoretical framework of the strategies for QS consultancy firms.

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