The Evolution of the Greek Economy: Past Challenges and Future Approaches

Preface
Introduction
Contents
Abbreviations
List of Figures
List of Tables
Part I The Evolution of Economic History, Institutions and Cultural Background
1 A Brief Economic History of Repeated Defaults
	1.1 Introduction
	1.2 The Defaults
	1.3 The Dependent State
	References
2 The Institutional Evolution and the Failed Modernizing Attempts
	2.1 Introduction
	2.2 The Ottoman, the Central European Heritage and the Initial Formation of Extracting Institutions
	2.3 The Development of Hierarchies in Historical Perspective
	2.4 The Non-Diversification of Investment and Production in Historical Perspective
	References
3 The Geostrategical Settings and the Systemic Risks
	3.1 Introduction
	3.2 The Geostrategical Settings
	3.3 The National Power
	3.4 The Systemic Risks
	3.5 The Global and Domestic Consequences of Covid-19: The Systemic Risks
	Appendix: Negative Episodes in Greece
		Crises of Exogenous Origin
		Crises of Endogenous Origin
	References
4 The Formation of Idiosyncratic Structure of Institutions and Culture
	4.1 Introduction
	4.2 The Optimum Structure of Institutions and Culture with First and Second-Best Theory Conditions
	4.3 The Deviations from the Optimum Pattern on Institutions and Culture: Third-Best Theory Conditions
	4.4 Idiosyncratic Institutions in the Greek Economy
		4.4.1 The Distortion of the Relative Price of Capital/Labor Ratio
		4.4.2 The Appropriation Rules and the Role of Elites
		4.4.3 High Transaction Costs
		4.4.4 Oligopolies
	4.5 Idiosyncratic Cultural Traits in the Greek Economy
	4.6 The Idiosyncratic Growth Prototype of the Greek Economy
	References
Part II The Evolution of Sustainability, Governance, Inclusivity, Culture and Economic Growth in the Greek Economy
5 Sustainable Development
	5.1 Introduction
	5.2 The Attainment of Sustainable Development Goals
	5.3 The Environment
	5.4 The Renewable Energy Sources
	5.5 The Natural Resources
	5.6 The Population
	5.7 Pandemics and Epidemics as Black Swans
	References
6 Sustainable Governance
	6.1 Introduction
	6.2 Voice and Accountability
	6.3 Political Stability and Absence of Violence/Terrorism
	6.4 Government Effectiveness
	6.5 Regulatory Quality
	6.6 Rule of Law
	6.7 Control of Corruption
	References
7 Inclusivity
	7.1 Introduction
	7.2 The Concept of Inclusive Growth
	7.3 Human Capital and Labor Market
		7.3.1 Income
		7.3.2 Employment and Unemployment
		7.3.3 Gender Equality
	7.4 Distribution of Income and Wealth
	7.5 Poverty
	7.6 Education
	7.7 Covid-19 and Inclusivity
	References
8 Human Behaviors
	8.1 Introduction
	8.2 The Social Environment
	8.3 Political Trends in Society
	8.4 Economic Attitudes in Society
	8.5 Loss Aversion and the Other Cultural Dimensions in Greek Society
	8.6 Covid-19 on Human Behaviour
	References
9 Growth in the Greek Economy
	9.1 Introduction
	9.2 The Economic Evolution
	9.3 Internal and External Balances
	9.4 The Evolution of Structural Reforms
	9.5 Competitiveness
	9.6 Investments and FDI
	9.7 The Banking System and the Credit-Less Recovery
	9.8 Liquidity and Credit System
	9.9 Entrepreneurship Development and Privatizations
	9.10 The Issue of Debt
	9.11 The Overburden of Taxation
	9.12 The Covid-19 Recession
	References
10 Insights of the Production Prototype Change During the Crisis (2008–2018)
	10.1 Introduction
	10.2 Structural Change in the Production System
	10.3 The Distinction Between the Domestic and the Competitive and Internationalized Parts of the Greek Economy
	10.4 Developments in the Key Figures in the Domestic and International Part of the Greek Economy
		10.4.1 Gross Value Added and Investments
		10.4.2 Employment and Productivity
		10.4.3 Imports, Exports, and Trade Balance
	10.5 The Technological Specialization of the Greek Economy Sectors
		10.5.1 Production, Employment, Productivity, Investment, and Technological Specialization of the Sectors
		10.5.2 Imports, Exports, and Technological Specialization of the Sectors
	10.6 Skills Intensity in the Sectors of Greek Economy
	10.7 The Structural Effects of Covid-19 on the Greek Economy
	Appendix: Classification of Sectors
	References
Part III The Long-Term Evolution of the Greek Economy
11 The Requirements for a Pro-growth Long-Term View
	11.1 Introduction
	11.2 The Endogenous Transformation from Idiosyncratic Stagnated to Optimal Pro-growth Model Through Institutional and Cultural Changes
		11.2.1 Institutional Change
		11.2.2 Cultural Changes
	11.3 Total Factor Productivity and Reforms in the Greek Economy Until 2019
	11.4 The Normal Scenario for the Greek Economy 2020–2030
		11.4.1 Forecast Model
		11.4.2 The Normal Scenario
	11.5 Total Factor Productivity and Reforms: 2020–2030
	11.6 The Optimal Pro-growth Scenario for the Greek Economy: 2020–2030
	References
12 The Long-Term View of the Greek Economy Under the Normal and the Optimal Pro-growth Scenario: 2020–2030
	12.1 Introduction
	12.2 The End of Credit-Less Recovery
	12.3 Eurozone and the Greek Economy 2020–2030
	12.4 Output Gap and Potential Output
	12.5 Public Debt and Economy
	12.6 Competitiveness
	12.7 Key Determinants of GDP
	12.8 Investments
	12.9 Inclusive Growth
	References
Index