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Strong Growth and Weak Institutions

In: Understanding the Crisis in Greece

Author

Listed:
  • Michael Mitsopoulos
  • Theodore Pelagidis

Abstract

In Greece, certain positive developments led to the strong growth rates performance observed between the mid-1990s and the onset of the current crisis. These include, primarily, Greece’s accession to the eurozone, the creation of competitive credit and capital markets, the satisfactory deregulation of the telecommunications industry and the improvement resulting from productivity-enhancing infrastructure especially in the Athens, “Olympic Games,” greater area. These were financed largely by the EU structural funds, but also through the adoption of concessions for the private sector to operate certain infrastructure projects for some period of time in return for their construction. What makes the case of Greece unique is that the creation of an efficient credit market coincided with the establishment of the macroeconomic stability that followed the accession to the European Monetary Union (EMU): in all other countries that have experienced significant credit growth in the wake of either financial sector deregulation or macroeconomic stabilization, these two events had never, until then, coincided in the same way as they did in Greece.

Suggested Citation

  • Michael Mitsopoulos & Theodore Pelagidis, 2011. "Strong Growth and Weak Institutions," Palgrave Macmillan Books, in: Understanding the Crisis in Greece, chapter 5, pages 109-226, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-29475-2_5
    DOI: 10.1057/9780230294752_5
    as

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