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New evidence on the remedies of the Greek sovereign debt problem

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  • Nicholas Apergis
  • Arusha Cooray

Abstract

The goal of the present paper is to investigate not only the dynamics of the Greek public debt, but also what are the appropriate measures required for achieving fiscal consolidation. The empirical estimation is carried out using a macroeconomic dataset spanning the period 1980-2008 and both the 3SLS methodological approach on a theoretical model and the structural VAR methodology to perform forecast tests and to calibrate the future paths of the public debt variable up to 2020. The results suggest that only an aggressive growth policy could permit the country to achieve debt sustainability. The results are expected to have important implications to policy makers for designing effective macroeconomic policy in terms of achieving sustainable levels of public debt.

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File URL: http://eprints.lse.ac.uk/55266/
File Function: Open access version.
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Bibliographic Info

Paper provided by London School of Economics and Political Science, LSE Library in its series LSE Research Online Documents on Economics with number 55266.

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Length: 36 pages
Date of creation: Nov 2013
Date of revision:
Handle: RePEc:ehl:lserod:55266

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Postal: LSE Library Portugal Street London, WC2A 2HD, U.K.
Phone: +44 (020) 7405 7686
Web page: http://www.lse.ac.uk/
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Related research

Keywords: primary balance; public debt; structural modeling; Greece;

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References

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  1. Anagnostopoulos, Achilleas & Siebert, W. Stanley, 2012. "The Impact of Greek Labour Market Regulation on Temporary and Family Employment: Evidence from a New Survey," IZA Discussion Papers 6504, Institute for the Study of Labor (IZA).
  2. Yiannos Katsourides, 2013. "Political Parties and Trade Unions in Cyprus," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 74, Hellenic Observatory, LSE.
  3. Yannis Kechagiaras, 2012. "Why did Greece block the Euro-Atlantic integration of the Former Yugoslav Republic of Macedonia? An Analysis of Greek Foreign Policy Behaviour Shifts," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 58, Hellenic Observatory, LSE.
  4. George Alogoskoufis, 2013. "Macroeconomics and Politics in the Accumulation of Greece’s Debt: An econometric investigation, 1975-2009," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 68, Hellenic Observatory, LSE.
  5. Helen Caraveli & Efthymios G. Tsionas, 2012. "Economic Restructuring, Crises and the Regions: The Political Economy of Regional Inequalities in Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 61, Hellenic Observatory, LSE.
  6. Emmanuel Mamatzakis, 2013. "Are there any Animal Spirits behind the Scenes of the Euro area Sovereign Debt Crisis?," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 72, Hellenic Observatory, LSE.
  7. Spyros Kosmidis, 2013. "Government constraints and economic voting in Greece," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 50259, London School of Economics and Political Science, LSE Library.
  8. Nicos Christodoulakis, 2013. "Currency crisis and collapse in interwar Greece: predicament or policy failure?," European Review of Economic History, Oxford University Press, Oxford University Press, vol. 17(3), pages 272-293, August.
  9. Prodromos Vlamis, 2013. "Greek fiscal crisis and repercussions for the property market," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 52627, London School of Economics and Political Science, LSE Library.
  10. Anastassios Chardas, 2012. "Multi-level governance and the application of the partnership principle in times of economic crisis in Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 56, Hellenic Observatory, LSE.
  11. Manussos Marangudakis & Kostas Rontos & Maria Xenitidou, 2013. "State Crisis and Civil Consciousness in Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 77, Hellenic Observatory, LSE.
  12. Julien Etienne, 2013. "Controlled negative reciprocity between the state and civil society: the Greek case," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 71, Hellenic Observatory, LSE.
  13. Melina Skouroliakou, 2012. "The Communication Factor in Greek Foreign Policy: An Analysis," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 55, Hellenic Observatory, LSE.
  14. Nikos Chrysoloras, 2013. "Rebuilding Eurozone’s Ground Zero. A review of the Greek economic crisis," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 66, Hellenic Observatory, LSE.
  15. Prodromos Vlamis, 2013. "Greek Fiscal Crisis and Repercussions for the Property Market," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 76, Hellenic Observatory, LSE.
  16. Theologos Dergiades & Costas Milas & Theodore Panagiotidis, 2013. "Tweets, Google trends and sovereign spreads in the GIIPS," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 54405, London School of Economics and Political Science, LSE Library.
  17. Dimitris Venieris, 2013. "Crisis Social Policy and Social Justice: the case for Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 69, Hellenic Observatory, LSE.
  18. Spyros Kosmidis, 2013. "Government Constraints and Economic Voting in Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 70, Hellenic Observatory, LSE.
  19. Kostas Ifantis, 2013. "The US and Turkey in the fog of Regional Uncertainty," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 73, Hellenic Observatory, LSE.
  20. Stella Ladi, 2012. "The Eurozone Crisis and Austerity Politics: A Trigger for Administrative Reform in Greece?," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 57, Hellenic Observatory, LSE.
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Citations

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Cited by:
  1. Nicos Christodoulakis, 2014. "The Conflict Trap in the Greek Civil War 1946-1949: An economic approach," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 83, Hellenic Observatory, LSE.
  2. Vassilis Monastiriotis & Angelo Martelli, 2013. "Beyond Rising Unemployment: Unemployment Risk, Crisis and Regional Adjustments in Greece," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 80, Hellenic Observatory, LSE.
  3. Nick Papandreou, 2014. "Life in the First Person and the Art of Political Storytelling:The Rhetoric of Andreas Papandreou," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe, Hellenic Observatory, LSE 85, Hellenic Observatory, LSE.

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