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Greek Economic Growth since 1960

Author

Listed:
  • Nicholas Leounakis

    (Athens University of Economics and Business)

  • Plutarchos Sakellaris

Abstract

We provide consistent annual data on Greek economic growth and its decomposition into the contributions of capital, labor and Total Factor Productivity (TFP) for the years 1960 to 2013. Alternatively, we decompose growth for a subset of that period into the contri- butions of TFP, and capital and labor services. Recent Greek economic history is a succes- sion of long periods of boom with long periods ïf stagnation or depression. The decisive fa- ctor of influence on economic growth during the last fifty-three years has been TFP. Contra- ry to wide spread belief that the credit boom in the eurozone periphery was used to finance unproductive sectors and investments, we show that TFP growth was very healthy before the cri- sis that started in 2008. Furthermore, the performance of TFP proves to have been the main culprit for the fourteen-year recession from 1980 to 1993 as well as for the current depre- ssion.

Suggested Citation

  • Nicholas Leounakis & Plutarchos Sakellaris, 2014. "Greek Economic Growth since 1960," Working Papers 201416, Athens University Of Economics and Business, Department of Economics.
    • Handle: RePEc:aeb:wpaper:201416:y:2014
    as

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    File URL: https://www.dept.aueb.gr/sites/default/files/econ/dokimia/AllDP162014.pdf
    File Function: Released version, 2014
    Download Restriction: no
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    Citations

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    Cited by:

    1. Tryphon Kollintzas & Dimitris Papageorgiou & Efthymios Tsionas & Vanghelis Vassilatos, 2018. "Market and political power interactions in Greece: an empirical investigation," IZA Journal of Labor Policy, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 7(1), pages 1-43, December.
    2. Alogoskoufis, George, 2021. "Historical cycles of the economy of modern Greece from 1821 to the present," LSE Research Online Documents on Economics 109848, London School of Economics and Political Science, LSE Library.

    More about this item

    Keywords

    Greek economic growth; Growth accounting; Financial crisis; Total Factor Productivity;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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