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Challenging the Raison d’etre of Internal Devaluation in the Context of the Greek Economy

Author

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  • Constantinos Alexiou
  • Joseph G. Nellis

Abstract

This paper provides a critical assessment of the austerity measures that are being implemented in the crisis-stricken countries of the Eurozone, and in particular, the implications of internal devaluation for the Greek economy. The theoretical underpinnings and phases of internal devaluation are explored. A detailed statistical analysis of key macroeconomic indicators pertaining to the Greek economy is carried out. Alternatives to internal devaluation are proposed in this paper, laying the foundations for a reassessment of the policy of austerity and the implications for recovery and sustainability of economic activity in Greece and other countries of the Eurozone. Key words: Internal devaluation, Greek economic crisis, Austerity, Eurozone.JEL: E62, E66.

Suggested Citation

  • Constantinos Alexiou & Joseph G. Nellis, 2013. "Challenging the Raison d’etre of Internal Devaluation in the Context of the Greek Economy," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(6), pages 813-836.
    • Handle: RePEc:voj:journl:v:60:y:2013:i:6:p:813-836:id:83
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    More about this item

    Keywords

    Internal devaluation; Greek economic crisis; Austerity; Eurozone;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions

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