IDEAS home Printed from https://ideas.repec.org/a/agr/journl/v2(615)y2018i2(615)p163-186.html
   My bibliography  Save this article

Studying the political economy of reforms: The Greek case, 2010-2017

Author

Listed:
  • Dimitris P. SKALKOS

    (University of Peloponnese, Greece)

Abstract

This article examines the recent experience of implementing the successive adjustment programs of the Greek economy over the period 2010-2017, in the light of the newer theoretical approaches of the political economy of reforms. Specifically, it attempts to interpret the persistent blockage of the Greek reform programs, to highlight discontinuities and binding constraints, as well as to explain the Greek economy performance.

Suggested Citation

  • Dimitris P. SKALKOS, 2018. "Studying the political economy of reforms: The Greek case, 2010-2017," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(2(615), S), pages 163-186, Summer.
  • Handle: RePEc:agr:journl:v:2(615):y:2018:i:2(615):p:163-186
    as

    Download full text from publisher

    File URL: http://store.ectap.ro/articole/1336.pdf
    Download Restriction: no

    File URL: http://www.ectap.ro/articol.php?id=1336&rid=131
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. repec:hal:spmain:info:hdl:2441/8883 is not listed on IDEAS
    2. Philippe Aghion & Yann Algan & Pierre Cahuc & Andrei Shleifer, 2010. "Regulation and Distrust," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 125(3), pages 1015-1049.
    3. Michael Mitsopoulos and Theodore Pelagidis, 2009. "Vikings in Greece: Kleptocratic Interest Groups in a Closed, Rent-Seeking Economy," Cato Journal, Cato Journal, Cato Institute, vol. 29(3), pages 399-416, Fall.
    4. Mr. Alex Mourmouras & Anna Ivanova & Mr. George C Anayiotos & Mr. Wolfgang Mayer, 2003. "What Determines the Implementation of IMF-Supported Programs?," IMF Working Papers 2003/008, International Monetary Fund.
    5. Vassilis T. Rapanos & Georgia Kaplanoglou, 2014. "Governance, Growth and the Recent Economic Crisis: The Case of Greece and Cyprus," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 8(1), pages 3-34, June.
    6. Gérard Roland, 2004. "Transition and Economics: Politics, Markets, and Firms," MIT Press Books, The MIT Press, edition 1, volume 1, number 026268148x, December.
    7. Joe Wallis & Brian Dollery, 1999. "Market Failure, Government Failure, Leadership and Public Policy," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37296-2, September.
    8. Richard Bluhm & Denis de Crombrugghe & Adam Szirmai, 0. "Do Weak Institutions Prolong Crises? On the Identification, Characteristics, and Duration of Declines during Economic Slumps," The World Bank Economic Review, World Bank, vol. 34(3), pages 810-832.
    9. repec:hal:wpspec:info:hdl:2441/8883 is not listed on IDEAS
    10. Alesina, Alberto & Drazen, Allan, 1991. "Why Are Stabilizations Delayed?," American Economic Review, American Economic Association, vol. 81(5), pages 1170-1188, December.
    11. Rodrik, Dani, 1999. "Where Did All the Growth Go? External Shocks, Social Conflict, and Growth Collapses," Journal of Economic Growth, Springer, vol. 4(4), pages 385-412, December.
    12. Krueger, Gary & Ciolko, Marek, 1998. "A Note on Initial Conditions and Liberalization during Transition," Journal of Comparative Economics, Elsevier, vol. 26(4), pages 718-734, December.
    13. Nouriel Roubini & Jeffrey Sachs, 1989. "Government Spending and Budget Deficits in the Industrial Economies," NBER Working Papers 2919, National Bureau of Economic Research, Inc.
    14. Shleifer, Andrei, 1997. "Government in transition," European Economic Review, Elsevier, vol. 41(3-5), pages 385-410, April.
    15. Olivier J. Blanchard & Daniel Leigh, 2013. "Growth Forecast Errors and Fiscal Multipliers," American Economic Review, American Economic Association, vol. 103(3), pages 117-120, May.
    16. Tassos Giannitsis & Stavros Zografakis, 2015. "Greece: Solidarity And Adjustment In Times Of Crisis," IMK Studies 38-2015, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    17. Drazen, Allan & Grilli, Vittorio, 1993. "The Benefit of Crises for Economic Reforms," American Economic Review, American Economic Association, vol. 83(3), pages 598-607, June.
    18. Alberto Alesina & Roberto Perotti, 1995. "The Political Economy of Budget Deficits," IMF Staff Papers, Palgrave Macmillan, vol. 42(1), pages 1-31, March.
    19. Alberto Alesina & Carlo Ambrogio Favero & Francesco Giavazzi, 2012. "The output effect of fiscal consolidations," Working Papers 450, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    20. Johnson, J.H. & Wasty, S.S., 1993. "Borrower Ownership of Adjustment Programs and the Political Economy of Reform," World Bank - Discussion Papers 199, World Bank.
    21. Georgia Kaplanoglou & Vassilis T. Rapanos & Ioanna C. Bardakas, 2015. "Does Fairness Matter for the Success of Fiscal Consolidation?," Kyklos, Wiley Blackwell, vol. 68(2), pages 197-219, May.
    22. Baum, Anja & Checherita-Westphal, Cristina & Rother, Philipp, 2013. "Debt and growth: New evidence for the euro area," Journal of International Money and Finance, Elsevier, vol. 32(C), pages 809-821.
    23. Aaron Tornell, 1995. "Are Economic Crises Necessary for Trade Liberalization and Fiscal Reform? The Mexican Experience," NBER Chapters, in: Reform, Recovery, and Growth: Latin America and the Middle East, pages 53-76, National Bureau of Economic Research, Inc.
    24. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65(2), pages 135-135.
    25. Douglass C. North, 2016. "Institutions and Economic Theory," The American Economist, Sage Publications, vol. 61(1), pages 72-76, March.
    26. Murrell, Peter, 1992. "Evolutionary and Radical Approaches to Economic Reform," Economic Change and Restructuring, Springer, vol. 25(1), pages 79-95.
    27. Dani Rodrik, 1996. "Understanding Economic Policy Reform," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 9-41, March.
    28. Hal Hill, 2013. "The Political Economy of Policy Reform: Insights from Southeast Asia," Asian Development Review, MIT Press, vol. 30(1), pages 108-130, March.
    29. Allan Drazen & William Easterly, 2001. "Do Crises Induce Reform? Simple Empirical Tests of Conventional Wisdom," Economics and Politics, Wiley Blackwell, vol. 13(2), pages 129-157, July.
    30. Velasco, A., 1993. "A Model of Endogenous Fiscal Deficits and Delayed Fiscal Reforms," Working Papers 93-04, C.V. Starr Center for Applied Economics, New York University.
    31. Haggard, Stephan & Webb, Steven B, 1993. "What Do We Know about the Political Economy of Economic Policy Reform?," The World Bank Research Observer, World Bank, vol. 8(2), pages 143-168, July.
    32. Johnson, Simon & Kaufmann, Daniel & Zoido-Lobatón, Pablo, 1998. "Corruption, public finances and the unofficial economy," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 34372, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    33. Alessio Terzi, 2015. "Reform momentum and its impact on Greek growth," Policy Contributions 7787, Bruegel.
    34. John Williamson, 1994. "The Political Economy of Policy Reform," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 68, July.
    35. Lehmann, Hartmut, 2012. "The Polish Growth Miracle: Outcome of Persistent Reform Efforts," IZA Policy Papers 40, Institute of Labor Economics (IZA).
    36. Romain Bouis & Orsetta Causa & Lilas Demmou & Romain Duval & Aleksandra Zdzienicka, 2012. "The Short-Term Effects of Structural Reforms: An Empirical Analysis," OECD Economics Department Working Papers 949, OECD Publishing.
    37. Omotunde E.G. JOHNSON, 2005. "Country Ownership Of Reform Programmes And The Implications For Conditionality," G-24 Discussion Papers 35, United Nations Conference on Trade and Development.
    38. George J. Stigler, 1971. "The Theory of Economic Regulation," Bell Journal of Economics, The RAND Corporation, vol. 2(1), pages 3-21, Spring.
    39. Kuczynski, Pedro-Pablo & John Williamson (ed.), 2003. "After the Washington Consensus: Restarting Growth and Reform in Latin America," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 350, July.
    40. Shang-Jin Wei, 1997. "Gradualism versus Big Bang: Speed and Sustainability of Reforms," Canadian Journal of Economics, Canadian Economics Association, vol. 30(4), pages 1234-1247, November.
    41. Mr. Francis Fukuyama, 2000. "Social Capital and Civil Society," IMF Working Papers 2000/074, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Prato, Carlo & Wolton, Stephane, 2018. "Rational ignorance, populism, and reform," European Journal of Political Economy, Elsevier, vol. 55(C), pages 119-135.
    2. Campos, Nauro F. & Horváth, Roman, 2006. "Reform Redux: Measurement, Determinants and Reversals," IZA Discussion Papers 2093, Institute of Labor Economics (IZA).
    3. Pitlik, Hans & Wirth, Steffen, 2003. "Do crises promote the extent of economic liberalization?: an empirical test," European Journal of Political Economy, Elsevier, vol. 19(3), pages 565-581, September.
    4. Agnello, Luca & Castro, Vitor & Jalles, João Tovar & Sousa, Ricardo M., 2015. "What determines the likelihood of structural reforms?," European Journal of Political Economy, Elsevier, vol. 37(C), pages 129-145.
    5. Prato, Carlo & Wolton, Stephane, 2013. "Rational Ignorance, Elections, and Reform," MPRA Paper 68638, University Library of Munich, Germany, revised 10 Dec 2015.
    6. Fidrmuc, Jan, 2003. "Economic reform, democracy and growth during post-communist transition," European Journal of Political Economy, Elsevier, vol. 19(3), pages 583-604, September.
    7. Ziogas, Thanasis & Panagiotidis, Theodore, 2021. "Revisiting the political economy of fiscal adjustments," Journal of International Money and Finance, Elsevier, vol. 111(C).
    8. Romain Duval & Davide Furceri & Jakob Miethe, 2021. "Robust political economy correlates of major product and labor market reforms in advanced economies: Evidence from BAMLE for logit models," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 36(1), pages 98-124, January.
    9. Martinelli, Cesar & Escorza, Raul, 2007. "When are stabilizations delayed? Alesina-Drazen revisited," European Economic Review, Elsevier, vol. 51(5), pages 1223-1245, July.
    10. McBride, Michael, 2005. "Crises, reforms, and regime persistence in sub-Saharan Africa," European Journal of Political Economy, Elsevier, vol. 21(3), pages 688-707, September.
    11. Dollar, David & Svensson, Jakob, 2000. "What Explains the Success or Failure of Structural Adjustment Programmes?," Economic Journal, Royal Economic Society, vol. 110(466), pages 894-917, October.
    12. Paunovic, Igor, 2000. "Growth and reforms in Latin America and the Caribbean in the 1990s," Series Históricas 7604, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    13. Gerard Rpland, 2001. "The Political Economy of Transition," William Davidson Institute Working Papers Series 413, William Davidson Institute at the University of Michigan.
    14. Hayo, Bernd, 2004. "Public support for creating a market economy in Eastern Europe," Journal of Comparative Economics, Elsevier, vol. 32(4), pages 720-744, December.
    15. Mounir Mahmalat & Declan Curran, 2018. "Do Crises Induce Reform? A Critical Review Of Conception, Methodology And Empirical Evidence Of The €˜Crisis Hypothesis’," Journal of Economic Surveys, Wiley Blackwell, vol. 32(3), pages 613-648, July.
    16. Campos, Nauro F. & Horváth, Roman, 2012. "Reform redux: Measurement, determinants and growth implications," European Journal of Political Economy, Elsevier, vol. 28(2), pages 227-237.
    17. Barlow, David & Radulescu, Roxana, 2005. "The sequencing of reform in transition economies," Journal of Comparative Economics, Elsevier, vol. 33(4), pages 835-850, December.
    18. Jakob de Haan & Rasmus Wiese, 2022. "The impact of product and labour market reform on growth: Evidence for OECD countries based on local projections," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 37(4), pages 746-770, June.
    19. Bluhm, Richard & Thomsson, Kaj, 2020. "Holding on? Ethnic divisions, political institutions and the duration of economic declines," Journal of Development Economics, Elsevier, vol. 144(C).
    20. Micael Castanheira & Gaëtan Nicodème & Paola Profeta, 2012. "On the political economics of tax reforms: survey and empirical assessment," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 19(4), pages 598-624, August.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:agr:journl:v:2(615):y:2018:i:2(615):p:163-186. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Marin Dinu (email available below). General contact details of provider: https://edirc.repec.org/data/agerrea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.