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The Greek Economic Structure in the 2000's: A Road to Crisis?

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  • Fidel Aroche Reyes

    (Universidad Nacional Autonoma de Mexico)

Abstract

The Greek economy has undergone a deep economic crisis, following the international financial disarray of 2008. It has been widely agreed that a number of signals conveyed the need to reconsider the long-run development strategy, but the Greek economy had been growing quicker than most of Europe at least since the 1960's. Short-term difficulties need not have triggered a major crisis. The question is whether the economic structure by the early 2010's explains such development. This paper searches for connections between that structure and the macroeconomic problems that the economy has encountered, regarding external deficits, employment, productivity and growth. Results suggest that structural change is a condition if Greece is to regain self-sustained growth in the long run.

Suggested Citation

  • Fidel Aroche Reyes, 2014. "The Greek Economic Structure in the 2000's: A Road to Crisis?," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 12(1), pages 35-64.
    • Handle: RePEc:seb:journl:v:12:y:2014:i:1:p:35-64
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    File URL: http://www.asecu.gr/Seeje/issue22/issue22-aroche.pdf
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    References listed on IDEAS

    as
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    3. Vladimir Popov, 2007. "Life Cycle of the Centrally Planned Economy: Why Soviet Growth Rates Peaked in the 1950s," Studies in Economic Transition, in: Saul Estrin & Grzegorz W. Kolodko & Milica Uvalic (ed.), Transition and Beyond, chapter 2, pages 35-57, Palgrave Macmillan.
    4. George Korres, 1996. "Sources of structural change: an input-output decomposition analysis for Greece," Applied Economics Letters, Taylor & Francis Journals, vol. 3(11), pages 707-710.
    5. Karl Brenke, 2012. "Die griechische Wirtschaft braucht eine Wachstumsstrategie," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 79(5), pages 3-15.
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    More about this item

    Keywords

    Greek economy; economic structure; sectoral performance;
    All these keywords.

    JEL classification:

    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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