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A New Growth Model for the Greek EconomyQualifying and Quantifying the Greek Structural Reform Efforts

A New Growth Model for the Greek Economy: Qualifying and Quantifying the Greek Structural Reform... [From a growth standpoint, both the first and the second Greek macroeconomic adjustment programme have not delivered anywhere close to a satisfactory outcome. There are differences of opinion, however, over the causes of this failure. This chapter presents a novel quantitative analysis of the structural reform envelope of the Greek programmes. The data corroborates past survey-based evidence suggesting that implementation was broadly on track in the early stages of the first Greek programme. However, the latter was not focussed enough on short- and medium-term growth-enhancing reforms. This initial design failure was corrected in the second Greek programme at which time, however, implementation slipped amid a biting recession and political instability. Concluding that the Greek programmes failed only or mostly because reforms were not implemented would be unfair to the Greek authorities.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A New Growth Model for the Greek EconomyQualifying and Quantifying the Greek Structural Reform Efforts

Editors: Petrakis, Panagiotis E.
Terzi, Alessio
A New Growth Model for the Greek Economy — Sep 1, 2016
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Publisher
Palgrave Macmillan US
Copyright
© The Editor(s) (if applicable) and The Author(s) 2016
ISBN
978-1-137-58943-9
Pages
157 –172
DOI
10.1057/978-1-137-58944-6_10
Publisher site
See Chapter on Publisher Site

Abstract

[From a growth standpoint, both the first and the second Greek macroeconomic adjustment programme have not delivered anywhere close to a satisfactory outcome. There are differences of opinion, however, over the causes of this failure. This chapter presents a novel quantitative analysis of the structural reform envelope of the Greek programmes. The data corroborates past survey-based evidence suggesting that implementation was broadly on track in the early stages of the first Greek programme. However, the latter was not focussed enough on short- and medium-term growth-enhancing reforms. This initial design failure was corrected in the second Greek programme at which time, however, implementation slipped amid a biting recession and political instability. Concluding that the Greek programmes failed only or mostly because reforms were not implemented would be unfair to the Greek authorities.]

Published: Sep 1, 2016

Keywords: Structural Reform; Adjustment Programme; Fiscal Consolidation; Reform Measure; Labour Market Reform

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