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Why Did Forceful Internal Devaluation Fail to Kick-Start Export-Led Growth in Greece?

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  • Michael Mitsopoulos
  • Theodore Pelagidis

Abstract

The policies imposed on Greece by the troika of the European Commission, the International Monetary Fund, and the European Central Bank failed to recognize the low wage share of Greece and to address important existing and new problems. Forcing wages down to make the country's exports competitive while failing to promote other necessary reforms, argue the authors, had little chance for success.

Suggested Citation

  • Michael Mitsopoulos & Theodore Pelagidis, 2014. "Why Did Forceful Internal Devaluation Fail to Kick-Start Export-Led Growth in Greece?," Challenge, Taylor & Francis Journals, vol. 57(6), pages 85-102.
    • Handle: RePEc:mes:challe:v:57:y:2014:i:6:p:85-102
    DOI: 10.2753/0577-5132570607
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    Cited by:

    1. Liagouras, George, 2018. "On the Edge of the South European Model: Familism, Business and State in Greece," OSF Preprints 8eqmb, Center for Open Science.
    2. Roumeen Islam, 2017. "Growth after Crisis in Europe: An Interdependence of Macroeconomic and Structural Policies," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 11(2), pages 19-62, December.

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