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Euro Crisis: Is Austerity Policy of Secondary Importance to the Collapse in Greece's Economic Output?

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  • Renate Neubäumer

Abstract

Renate Neubäumer, University of Koblenz-Landau, analyses developments in demand in Greece between 2000 and 2013 and comes to the conclusion that fiscal policy was of secondary importance to the collapse in Greece's economic output. The decline in other demand components, primarily in residential construction but also in private consumption and other asset investments, which started before the onset of austerity policy, played a far more crucial role.

Suggested Citation

  • Renate Neubäumer, 2015. "Euro Crisis: Is Austerity Policy of Secondary Importance to the Collapse in Greece's Economic Output?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 68(18), pages 25-34, September.
    • Handle: RePEc:ces:ifosdt:v:68:y:2015:i:18:p:25-34
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    References listed on IDEAS

    as
    1. Jay C. Shambaugh, 2012. "The Euro's Three Crises," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 43(1 (Spring), pages 157-231.
    2. Hans-Werner Sinn, 2015. "Die griechische Tragödie," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 68, pages 03-33, May.
    3. Georg Erber, 2011. "Verbriefungen sind tot - lang leben Verbriefungen?," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 78(35), pages 2-11.
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    More about this item

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G01 - Financial Economics - - General - - - Financial Crises
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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