IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/43650.html
   My bibliography  Save this paper

Economic crisis and the role of state policies in current globalized economy. The case of Greece

Author

Listed:
  • Kapitsinis, Nikolaos
  • Metaxas, Theodore

Abstract

Almost 80 years after the big crash in USA and a new, bigger and more important crisis has appeared in the globalized economy in the middle of 2008. Crisis affects negatively almost all the fields of human life like development, employment, living conditions. One of the states largely affected is Greece which reacted in order to face the negative effects In the first part of this paper it is examined the character of the crisis and its consequences in Greece and in the second one it is examined and evaluated the policies that Greek government implemented as a response.

Suggested Citation

  • Kapitsinis, Nikolaos & Metaxas, Theodore, 2011. "Economic crisis and the role of state policies in current globalized economy. The case of Greece," MPRA Paper 43650, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:43650
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/43650/1/MPRA_paper_43650.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Kevin R. Cox, 2008. "Globalization, uneven development and capital: reflections on reading Thomas Friedman's The World Is Flat," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 1(3), pages 389-410.
    2. Andrés Rodríguez-Pose & Riccardo Crescenzi, 2008. "Mountains in a flat world: why proximity still matters for the location of economic activity," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 1(3), pages 371-388.
    3. Romain Rancière, 2002. "Credit derivatives in emerging markets," Economics Working Papers 856, Department of Economics and Business, Universitat Pompeu Fabra.
    4. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 215-268, November.
    5. Lori L. Leachman & Guillermo Rosas & Peter Lange & Alan Bester, 2007. "The Political Economy Of Budget Deficits," Economics and Politics, Wiley Blackwell, vol. 19(3), pages 369-420, November.
    6. Georgios P. Kouretas & Prodromos Vlamis, 2010. "The Greek Crisis: Causes and Implications," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(4), pages 391-404, December.
    7. repec:kap:iaecre:v:17:y:2011:i:3:p:241-257 is not listed on IDEAS
    8. Easterly, William, 2006. "An identity crisis? Examining IMF financial programming," World Development, Elsevier, vol. 34(6), pages 964-980, June.
    9. Jan‐Egbert Sturm & Helge Berger & Jakob De Haan, 2005. "Which Variables Explain Decisions On Imf Credit? An Extreme Bounds Analysis," Economics and Politics, Wiley Blackwell, vol. 17(2), pages 177-213, July.
    10. Fields, Gary S. & Sánchez Puerta, María Laura, 2010. "Earnings Mobility in Times of Growth and Decline: Argentina from 1996 to 2003," World Development, Elsevier, vol. 38(6), pages 870-880, June.
    11. Kapstein, Ethan B., 2000. "Winners and Losers in the Global Economy," International Organization, Cambridge University Press, vol. 54(2), pages 359-384, April.
    12. Kamran Dadkhah, 2009. "The Evolution of Macroeconomic Theory and Policy," Springer Books, Springer, number 978-3-540-77008-4, October.
    13. Giancarlo Corsetti & Nouriel Roubini, 1997. "Politically Motivated Fiscal Deficits: Policy Issues in Closed and Open Economies," Economics and Politics, Wiley Blackwell, vol. 9(1), pages 27-54, March.
    14. Cyrus Bina & Behzad Yaghmaian, 1990. "Post-war Global Accumulation and the Transnationalization of Capital," Review of Radical Political Economics, Union for Radical Political Economics, vol. 22(1), pages 78-97, March.
    15. McKenzie, David J., 2003. "How do Households Cope with Aggregate Shocks? Evidence from the Mexican Peso Crisis," World Development, Elsevier, vol. 31(7), pages 1179-1199, July.
    16. Harvey, David, 2007. "A Brief History of Neoliberalism," OUP Catalogue, Oxford University Press, number 9780199283279.
    17. Helge Berger & Jakob de Haan & Jan-Egbert Sturm, 2005. "Which Variables Explain Decisions on IMF Credit? An Extreme Bounds Analysis�," TWI Research Paper Series 13, Thurgauer Wirtschaftsinstitut, Universität Konstanz.
    18. repec:bla:ecopol:v:17:y:2005:i::p:177-213 is not listed on IDEAS
    19. Angelos Antzoulatos, 2011. "Greece in 2010: A Tragedy Without(?) Catharsis," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 17(3), pages 241-257, August.
    20. Udo Staber, 2007. "Contextualizing Research on Social Capital in Regional Clusters," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 31(3), pages 505-521, September.
    21. Mark Weisbrot & Rebecca Ray, 2011. "Latvia's Internal Devaluation: A Success Story?," CEPR Reports and Issue Briefs 2011-25, Center for Economic and Policy Research (CEPR).
    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. Luca Papi & Andrea F Presbitero & Alberto Zazzaro, 2015. "IMF Lending and Banking Crises," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 63(3), pages 644-691, November.
    2. Christian Bjørnskov & Axel Dreher & Justina Fischer, 2008. "Cross-country determinants of life satisfaction: exploring different determinants across groups in society," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 30(1), pages 119-173, January.
    3. Jakob Haan, 2007. "Political institutions and economic growth reconsidered," Public Choice, Springer, vol. 131(3), pages 281-292, June.
    4. Hugo Oriola & Jamel Saadaoui, 2024. "How do geopolitical interests affect financial markets reaction to international institution projects?," Working Papers of BETA 2024-25, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    5. Mr. Eugenio M Cerutti, 2007. "IMF Drawing Programs: Participation Determinants and Forecasting," IMF Working Papers 2007/152, International Monetary Fund.
    6. Marchesi, Silvia & Sabani, Laura, 2007. "IMF concern for reputation and conditional lending failure: Theory and empirics," Journal of Development Economics, Elsevier, vol. 84(2), pages 640-666, November.
    7. Dreher, Axel & Jensen, Nathan M, 2007. "Independent Actor or Agent? An Empirical Analysis of the Impact of U.S. Interests on International Monetary Fund Conditions," Journal of Law and Economics, University of Chicago Press, vol. 50(1), pages 105-124, February.
    8. Axel Dreher & Jan-Egbert Sturm, 2012. "Do the IMF and the World Bank influence voting in the UN General Assembly?," Public Choice, Springer, vol. 151(1), pages 363-397, April.
    9. Stubbs, Thomas & Kentikelenis, Alexander & Stuckler, David & McKee, Martin & King, Lawrence, 2017. "The impact of IMF conditionality on government health expenditure: A cross-national analysis of 16 West African nations," Social Science & Medicine, Elsevier, vol. 174(C), pages 220-227.
    10. Ashok Bardhan & Richard Walker, 2011. "California shrugged: fountainhead of the Great Recession," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 4(3), pages 303-322.
    11. C. Hopp & A. Dreher, 2013. "Do differences in institutional and legal environments explain cross-country variations in IPO underpricing?," Applied Economics, Taylor & Francis Journals, vol. 45(4), pages 435-454, February.
    12. João Sousa Andrade & Adelaide Duarte, 2011. "The Fundamentals of the Portuguese Crisis," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(2), pages 195-218, June.
    13. Tobias Heinrich & Yoshiharu Kobayashi, 2022. "Evaluating explanations for poverty selectivity in foreign aid," Kyklos, Wiley Blackwell, vol. 75(1), pages 30-47, February.
    14. Bai, Ye & Banerji, Sanjay & Wang, Zilong & Zhang, Wenjing, 2024. "Can participation in IMF programs facilitate sovereign debt rescheduling? The role of program size," Journal of International Money and Finance, Elsevier, vol. 144(C).
    15. Essers, Dennis & Ide, Stefaan, 2019. "The IMF and precautionary lending: An empirical evaluation of the selectivity and effectiveness of the Flexible Credit Line," Journal of International Money and Finance, Elsevier, vol. 92(C), pages 25-61.
    16. Jochen Hartwig & Jan-Egbert Sturm, 2018. "Testing the Grossman model of medical spending determinants with macroeconomic panel data," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 19(8), pages 1067-1086, November.
    17. Michaela Vourvoulia & Athanasios Kampas, 2024. "Are democratic regime and the magnitude of the informal economy robust determinants of human impacts on the environment? An extreme bounds analysis," Economics and Politics, Wiley Blackwell, vol. 36(1), pages 611-629, March.
    18. Oberdabernig, Doris A., 2013. "Revisiting the Effects of IMF Programs on Poverty and Inequality," World Development, Elsevier, vol. 46(C), pages 113-142.
    19. Barber Benjamin & Weschle Simon & Pierskalla Jan, 2014. "Lobbying and the collective action problem: comparative evidence from enterprise surveys," Business and Politics, De Gruyter, vol. 16(2), pages 1-26, August.
    20. Reynaud, Julien & Vauday, Julien, 2009. "Geopolitics and international organizations: An empirical study on IMF facilities," Journal of Development Economics, Elsevier, vol. 89(1), pages 139-162, May.

    More about this item

    Keywords

    crisis; Greece; wages; employment; policies;
    All these keywords.

    JEL classification:

    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

    Statistics

    Access and download statistics

    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:pra:mprapa:43650. 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: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.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.