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Economic crisis in the European periphery: An assessment of EMU membership and home policy effects based on the Greek experience |
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| Institution: | 1. Emeritus Professor of Economics, Athens University of Economics and Business, 76 Patision Street, Athens 104 34, Greece;2. Professor of Economics, DePaul University, 1, E. Jackson Bvld., Chicago, IL 60604, USA;3. Emeritus Professor of Economics, Indian Institute of Management, Kozhikode 673 570, India;1. University of Iceland, 101 Reykjavík, Iceland;2. University of Iceland, Iceland;3. Birkbeck College, London, United Kingdom;1. Department of Mathematical Sciences, Xi’an Jiaotong-Liverpool University, Ren’ai Road 111, Suzhou 215123, China;2. Center for Economics and Econometrics, Bogazici University, Istanbul, Turkey;1. Department of Applied Economics, Fo Guang University, Yilan, Taiwan;2. Department of Economics, Feng Chia University, Taichung, Taiwan;3. Department of Leisure Management, Tungnan University, Taipei, Taiwan |
| Abstract: | In this paper we examine the evidence on the impacts on the Greece economy of enhanced transfer assistance from the EMU as well as that of the domestic policies of the Greek government. A simple macroeconomic model is constructed to incorporate the issues related to the formation of the economic and financial crisis in Greece, and to analyze the impacts of Greek government's domestic policies. The model's solution is employed to highlight the outcomes that we believe could be related to EMU membership and Greek government policies after assuming membership. Our finding is that intervention by the Greek government either worsened the harmful impacts of the transfers, or altered the outcomes in a deleterious fashion; the policies which were put in place were of a nature leading unavoidably to a severe economic crisis and eventual bankruptcy. |
| Keywords: | Economic crises Economic integration Balance-of payments deficits Budget deficits and indebtedness Structural imbalances |
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