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Policies for a Stronger Greek Economy

Actions for the Next Decade

Authors: Prof. Panagiotis E. Petrakis, Pantelis C. Kostis

Publisher: Springer International Publishing

Book Series : The Political Economy of Greek Growth up to 2030

Part of: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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About this book

This book presents a comprehensive economic plan for Greece to encourage growth and avoid future crises. This book emphasizes structural reforms and the rational financial management and analysis of private and investment infrastructures. This book also looks at the country's production and places an emphasis on revitalizing its technological structure. The analysis in this book includes policy implementation (in the short-, medium- and long-term) across important topics such as sustainability, inclusivity, pro-growth social behavior, and dynamic economic growth. This book takes an evolutionary economics perspective, looking at important structures throughout society like governance, political functioning, cultural attitudes, and growth. With its comprehensive approach, this book is crucial reading for scholars and policymakers interested in the Greek economy.

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Table of Contents

Frontmatter

Chapter 1. Policies for Immediate Action and Medium-Term Policies

Abstract

When the political mandate is given to implement a new economic policy, there are two levels of action: the first one has urgent direct character. The second includes policies that are being directly implemented, with the results occurring in the medium-term. This chapter focuses on the presentation of a series of policies for immediate action or for action in the medium-term for the Greek economy. More specifically, it presents issues related to the output gap and the importance of its management for the implementation of economic policy. Moreover, economic policy guidelines for the revitalization of the financial sector are presented, as well as the medium-term fiscal strategy for the Greek economy and the critical issue of the efficiency of the public property’s management and privatization.

Panagiotis E. Petrakis, Pantelis C. Kostis

Chapter 2. Sustainability Policies

Abstract

This chapter sets out three broad economic policy guidelines which serve as an important catalyst for achieving the overall sustainable development objectives in Greece. The first policy direction concerns the fight against extreme poverty. The second policy direction is to ensure a satisfactory level of health and well-being for all, a particularly crucial issue for the medium-term future given the emergence of the Covid-19 pandemic. The third policy direction is to achieve a “green” economy, which has a positive impact on the creation of new and decent jobs for all, especially for young people and women, and on long-term fair and inclusive growth, along with the conservation and management of water resources, forests, natural and terrestrial environments, life below water, and life on land.

Panagiotis E. Petrakis, Pantelis C. Kostis

Chapter 3. Policies for Sustainable Governance

Abstract

Governance cannot only influence the performance and form of the economic system at present, but it essentially shapes incentives and institutions for the future distribution of resources and incomes within society. This chapter aims to present economic policies to enhance the quality and sustainability of governance in Greece, given the many weaknesses that characterize it. To this end, there are crucial institutional changes related to doing business and the strengthening of the competitiveness of the Greek economy. A number of modern state strategies, relating to effective management of public sector, the strategic plan on corruption and tax fraud elimination are presented, as well as ways to strengthen trust in political institutions and management of the economic geostrategic risks.

Panagiotis E. Petrakis, Pantelis C. Kostis

Chapter 4. Policies for Enhanced Inclusivity

Abstract

When we adopt Inclusive Growth, poverty and income inequality are affecting the access to opportunities, as well as the ability for social mobility. Inequality and poverty also affect the prospects for social convergence between regions, generations and families belonging to different socio-economic groups. Increased income inequality is associated with reduced intergenerational and social mobility. This chapter deals with two key issues. The concept of inclusivity is presented and economic policies for the distribution of income and wealth and the issue of social security. Moreover, the issue of intergenerational justice is highlighted, through two key elements that characterize it: intergenerational mobility and debt management, as it is an issue that usually leads to the transfer of debt for repayment to future generations.

Panagiotis E. Petrakis, Pantelis C. Kostis

Chapter 5. Policies for Pro-growth Social Behavior

Abstract

Greek society was particularly affected by the recession that hit the economy over the last decade. This condition also influenced the political trends of society and economic behaviors, thus shaping the process of the cultural evolution of the Greeks. In order to be able to determine the Optimal Growth Strategy of the Greek economy, the main trends that dominates the society must first be identified. This chapter presents policies that could change the behavior of Greek society and these trends. Firstly, nudge policies are presented and then policies that could affect behaviors related to saving and investment, fertility and child-bearing issues, and society’s expectations are presented, as well as policies to attract talented people to employment in the productive fabric of the Greek economy.

Panagiotis E. Petrakis, Pantelis C. Kostis

Chapter 6. Policies for Dynamic Economic Growth: Medium- and Long-Term Policies

Abstract

This chapter analyzes some policy areas in which non-fiscal institutional changes will have to be applied in the period 2020–2024. Thus, policies for dynamic growth and development in the Greek economy are initially presented. Then, some non-fiscal institutional structural reforms are presented, where issues related to the promotion of investment and exports and the propulsion of entrepreneurship and innovation are analyzed. Hereupon, the issue of investment in public infrastructure and industrial policies related to competitiveness and sectoral policy are being described. Finally, the chapter presents issues related to the development of the human factor and the workforce with the presentation of actions related to the support of Research and Development (R&D) and the improvement of the quality of higher and continuing education.

Panagiotis E. Petrakis, Pantelis C. Kostis

Chapter 7. Simulation of the Policies Implementation up to 2030

Abstract

In this chapter, a simulation of the policy implementation is provided. Initially, the dynamic inclusive and sustainable growth model for the Greek economy is presented, which is a summary of the policies presented in the previous six chapters. The relationship between structural changes and growth multipliers for the Greek economy is presented as well as the need for a change in the production pattern, so that the economy would not be vulnerable to external shocks. Furthermore, the chapter describes the funds expected to flow into the Greek economy from the European Union, the management of which is a critical issue for stimulating economic activity. Finally, the chapter presents the expected performance of the economy after implementing the reform agenda and acquiring European funds.

Panagiotis E. Petrakis, Pantelis C. Kostis

Chapter 8. The Risk Scenario Analysis

Abstract

This chapter presents a risk scenario analysis for the Greek economy. Firstly, global risks are presented that are going to affect economic outcomes at a global level. Then country-specific risks are presented, including a comparison of Greece to other economies. Lastly, the chapter presents a downside scenario for the world and the Greek economy and captures the expected developments for the Greek economy based on this scenario. In addition, a scenario analysis up to 2030 for the Greek economy is described, with the presentation of various possible scenarios. Lastly, there is presented the scenario for the Greek economy to join after 2021 and by 2030 a third wave of growth.

Panagiotis E. Petrakis, Pantelis C. Kostis

Backmatter

Title: Policies for a Stronger Greek Economy
Authors: Prof. Panagiotis E. Petrakis
Pantelis C. Kostis
Copyright Year: 2020
Publisher: Springer International Publishing
Electronic ISBN: 978-3-030-47079-1
Print ISBN: 978-3-030-47078-4
DOI: https://doi.org/10.1007/978-3-030-47079-1