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The Greek Paradox of Falling Competitiveness and Weak Institutions in a High GDP Growth Rate Context (1995-2008)

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  • Theodore Pelagidis

Abstract

In this paper, we deal with some pieces of evidence that are necessary to explain the paradox of rapid GDP growth despite the dismal competitiveness of the Greek economy during 1995-2008. It is shown how the structural weaknesses of the Greek economy have hit the domestic economy investigating their impact on the current turmoil. It is argued that the previously favourable global economic environment acted as a locomotive to domestic growth, whereas now that it is gone, structural problems of poor governance, low competitiveness, and a ballooning public deficit and debt have come to the surface. We offer a specific explanation of the current unfortunate state of the economy briefly considering avenues of necessary reforms to overcome it.

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Bibliographic Info

Paper provided by Hellenic Observatory, LSE in its series GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe with number 38.

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Date of creation: Aug 2010
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Handle: RePEc:hel:greese:38

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Keywords: Macroeconomy; Institutions; Competitiveness; Greek Economy.;

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References

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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Cited by:
  1. Christos Dimas, 2010. "Privatization in the name of ‘Europe’: analyzing the telecoms privatization in Greece from a ‘discursive institutionalist’ perspective," LSE Research Online Documents on Economics 31089, London School of Economics and Political Science, LSE Library.
  2. Yannis Valinakis, 2012. "Greece’s European Policy Making," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 63, Hellenic Observatory, LSE.
  3. Stelios Karagiannis & Yannis Panagopoulos & Prodromos Vlamis, 2010. "Symmetric or asymmetric interest rate adjustments? Evidence from Greece, Bulgaria and Slovenia," LSE Research Online Documents on Economics 29168, London School of Economics and Political Science, LSE Library.
  4. Theodore Pelagidis, 2010. "The Greek Paradox of Falling Competitiveness and Weak Institutions in a High GDP Growth Rate Context (1995-2008)," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 38, Hellenic Observatory, LSE.
  5. Markantonatou, Maria, 2013. "Diagnosis, treatment, and effects of the crisis in Greece: A 'special case' or a 'test case'?," MPIfG Discussion Paper 13/3, Max Planck Institute for the Study of Societies.
  6. Christos Dimas, 2010. "Privatization in the Name of ‘Europe’: analyzing the telecoms privatization in Greece from a ‘discursive institutionalist’ perspective," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 41, Hellenic Observatory, LSE.

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