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Public financial support to investments in rural areas: The case of the region of Thessaly in Greece

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  • Simeon Karafolas

    () (Technological Educational Institute of Western Macedonia, Department of Financial Applications, Koila Kozanis 50100, Greece)

Abstract

Greek governments have supported investments to rural areas financially either by covering part of the investment and/or offering advantages with respect to interest rate loans or tax advantages. This support had been tendered either by nationally financed programs, called Development Laws, or by other programs, mainly financed by the European Union. The financial support depended on the area where the investment took place, as well as the sector and the nature of the investment. Additionally, another program, the LEADER initiative, was developed. It was financed mainly by the European Union, in order to support investments in rural areas and promote the development and the structural adaptation of the less developed European regions. This paper examines public financial support for investments in rural areas in the case of the region of Thessaly, one of the 13 regions in Greece. Its aim is to point out the importance of investments in the sectors of tourism, industry and agriculture. The region of Thessaly presents obvious interest because of the development of these sectors at different levels, depending on local production characteristics. The time period is the 2000s, when important investments were undertaken in the region, supported financially by Development Laws and the LEADER initiative.

Suggested Citation

  • Simeon Karafolas, 2013. "Public financial support to investments in rural areas: The case of the region of Thessaly in Greece," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Eastern Macedonia and Thrace Institute of Technology (EMATTECH), Kavala, Greece, vol. 6(2), pages 81-101, September.
  • Handle: RePEc:tei:journl:v:6:y:2013:i:2:p:81-101
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    References listed on IDEAS

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    1. Armando Silva, 2011. "Financial Constraints and Exports: Evidence from Portuguese Manufacturing Firms," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Eastern Macedonia and Thrace Institute of Technology (EMATTECH), Kavala, Greece, vol. 4(3), pages 7-19, December.
    2. Salima Djedidi Kooli, 2012. "Distances and Small Business Credit Constraints: The French case," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Eastern Macedonia and Thrace Institute of Technology (EMATTECH), Kavala, Greece, vol. 5(3), pages 81-114, December.
    3. Mehmet Aldonat Beyzatlar & Mehmet Yeşim Kuştepeli, 2011. "Infrastructure, Economic Growth and Population Density in Turkey," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Eastern Macedonia and Thrace Institute of Technology (EMATTECH), Kavala, Greece, vol. 4(3), pages 39-57, December.
    4. Loizou, Efstratios & Chatzitheodoridis, Fotis & Mattas, Konstadinos & Polymeros, Konstantinos, 2010. "Fisheries policies impacts consideration towards the development of rural coastal areas," 118th Seminar, August 25-27, 2010, Ljubljana, Slovenia 94910, European Association of Agricultural Economists.
    5. Danijela Miloš Sprčić & Metka Tekavčič & Željko Šević, 2008. "A Review of the Rationales for Corporate Risk Management: Fashion or the Need?," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Eastern Macedonia and Thrace Institute of Technology (EMATTECH), Kavala, Greece, vol. 1(1), pages 71-99, April.
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    Cited by:

    1. Loizou, Efstratios & Chatzitheodoridis, Fotios & Michailidis, Anastasios & Kontogeorgos, Achilleas & Mattas, Konstadinos, 2014. "Leader approach performance assessment in a Greek rural region," 2014 International Congress, August 26-29, 2014, Ljubljana, Slovenia 182920, European Association of Agricultural Economists.

    More about this item

    Keywords

    Financial support; investments; rural areas; Thessaly; Greece;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • R51 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Finance in Urban and Rural Economies

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