Economic Crisis, Development and Competitiveness in by Anastasios Karasavvoglou, Dimitrios Kyrkilis, Georgios

By Anastasios Karasavvoglou, Dimitrios Kyrkilis, Georgios Makris, Persefoni Polychronidou

This publication analyzes the principles and technique of overcoming the present challenge within the broader sector of Southeast Europe. The contributions make proposals from either theoretical and empirical issues of view and talk about the concept that, determinants and rules of competitiveness in those nations. The monetary challenge grew to become a protracted economic drawback, a financial institution self belief challenge, and fiscal recession, and the publication discusses the eu and nationwide rules applied to solve it. It additionally investigates the inner conflicts generated via institutional preparations and coverage measures, either in the kingdom states and the eurozone. fiscal competitiveness is a key subject for policymakers, as they must safe monetary development and increase their populations’ criteria of residing. This quantity sheds mild on what constitutes financial competitiveness, in addition to at the rules and fiscal and institutional constructions that increase competitiveness.

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Extra info for Economic Crisis, Development and Competitiveness in Southeastern Europe: Theoretical Foundations and Policy Issues

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J Policy Model 27(3):385–399 World Economic Forum (2010) The global competitiveness report 2010-2011. World Economic Forum, Davos Zografakis S, Kastelli I (2015) Is it true that the reduction of labor cost suffice to enhance the competitiveness of Greek economy? (in Greek) Crisis Observatory, ELIAMEP. gr/ 2015/02/stavros-zografakis/. Accessed 25 Feb 2015 ‘Compulsory’ Economic Deflation Turned Political Risk: Effects of Austere DecisionMaking on Greece’s ‘True’ Economy (2008– 2015) and the ‘Eurozone or Default’ Dilemma Nikitas-Spiros Koutsoukis and Spyros Roukanas Abstract The drastic internal deflation approach adopted as a remedy to the Greek government debt problem, gave rise to an unforeseen socio-humanitarian crisis, and increased political populism and polarization.

Furthermore, it is easy to understand that, to the extent that technological change is not frequent and it requires time, in the short and medium term labor productivity is the key term for international trade specialisation and competitiveness; and it imposes the need for labour cost changes to align with labour productivity and its deviations (Felipe 2005). Evidently, if labour costs are connected with labour productivity there is no reason to expect that labor wage reductions would lead to sustainable improvements in the international competitiveness of a country.

McKinnon (1963) underlines comparable degrees of “economic openness” (ratio of tradable goods production to non tradable goods production) insisting that if the states making up a 1 2 See Mundell (1961), McKinnon (1963) and Kenen (1969). See De Grauwe (2012). Economic Crisis and National Economic Competitiveness: Does Labor Cost Link. . 25 currency union have similar degrees of openness, shocks will be broadly symmetric. Kenen (1969), argues that homogeneity is attained through ‘structural diversity’ (diversity of exports) within the states of a single currency area since diversification limits idiosyncratic shocks.

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