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The Economic Effects of the Implementation of the Greek Adjustment Plan in the Great Recession

In: State, Institutions and Democracy

Author

Listed:
  • Inmaculada Carrasco

    (Castilla-La Mancha University)

  • Carmen Córcoles

    (Castilla-La Mancha University)

  • John McCombie

    (Cambridge University)

Abstract

In a situation of deep economic crisis such as the present one confronting some European countries, it is necessary to take measures to reduce the dangerous disequilibria that they face. The orthodoxy dictates that it is imperative to undertake strong fiscal consolidation to ensure a recovery in economic activity. The existing debate has tended to focus on the global analysis of such policies. As a contribution to this literature, in this chapter we provide a multisector and multiregional study of the effects of the fiscal adjustment implemented in Greece in 2012 using an Input-Output methodology. It allows us to trace the consequences of this fiscal policy for the different Greek economic sectors, as well as for the EU and the rest of the world. This is undertaken using the WIOD (World Input Output Database). This study concludes that, far from leading to a revival in the Greek economy, the fiscal adjustment has led to a contraction in the health and public administration sectors, as well as the industrial sectors with the last leading to a greater downturn in the economy.

Suggested Citation

  • Inmaculada Carrasco & Carmen Córcoles & John McCombie, 2017. "The Economic Effects of the Implementation of the Greek Adjustment Plan in the Great Recession," Studies in Political Economy, in: Norman Schofield & Gonzalo Caballero (ed.), State, Institutions and Democracy, pages 349-362, Springer.
    • Handle: RePEc:spr:stpocp:978-3-319-44582-3_15
    DOI: 10.1007/978-3-319-44582-3_15
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