Greek Economy Research Articles

Implementation of an aggregate index to elucidate the influence of atmospheric synoptic conditions on air quality in Athens, Greece

To evaluate air quality in Athens (Greece), hourly concentrations of PM10, NO2, O3, and CO from an urban background monitoring station and a suburban sampling site, covering the years 2014–2018, were used for the calculation of individual daily air quality indices (AQIs), reflecting the impact of each pollutant on air quality. Individual AQIs were then integrated in a previously reported formula for the computation of a daily aggregate AQI (AQIagg) expressing the overall air stress. According to the results of AQIagg, a generally moderate air quality was estimated in Athens; however, an increased likelihood of extreme AQIagg episodes was calculated during the warm period (16 April–15 October), due to the combination of enhanced PM10 and O3 concentrations. Approximately 83% of AQIagg episodes occurred during the warm period and only 17% in cold period (16 October–15 April). Peaks of AQIagg in cold period were primarily related to desert dust intrusions from North Africa. AQIPM10 and AQIO3 were the primary contributors to AQIagg, whereas AQINO2 and AQICO remained at low levels. AQIPM10 and AQIO3 had the highest contribution to AQIagg on 72% and 28% of total days respectively. Atmospheric circulation patterns produced by a K-means cluster analysis procedure revealed that extended low pressure areas centered over the UK were associated with dust importation in Athens due to the triggering of southwestern airflows by the cyclonic activity. Strong correlations between the individual and aggregate AQIs calculated at the urban background and the suburban sampling site were found, indicating relatively uniform air quality conditions inside the Athens basin. Mean annual AQIagg values at the suburban station for the years 2001–2018 showed a gradual amelioration and stabilization of air quality in Athens after 2008, related to the status of Greek economy and depollution measures.

The Effect of the Cash Conversion Cycle on the Z-scores of Fresh Milk Companies in Greece

The dairy products sector in Greece is very important for the Greek economy because it is associated to the primary sector and also has a strong exportation orientation. The impact of the financial crisis was evident in the dairy industry also along with the other sectors of the economy. The objective of this study is to examine the effect of the Cash Conversion Cycle as measure of liquidity, on the Z-scores of three selected fresh milk firms in Greece. We examine the market leader fresh milk company “DELTA”, in comparison to a new (2011) innovative firm regarding its distribution channel “THESS GALA PIES”, founded in Larissa, and to another similar sized and locality to the latter firm “TRIKKI” as representatives of the whole fresh milk/dairy products industry. On all three companies two Altman solvency prediction models are used: (a) the Altman Z?-score (1983) model revised for non – publicly traded firms, and (b) the Altman ???-score (2000) model for firms operating in emerging markets. The regression analysis of the effect of the Cash Conversion Cycle on the Z-scores of both models for all entities showed that the two aforementioned sets of data are highly associated but the hypothesis of a linear relationship between them was rejected.

Challenges in the Processing Line of Spanish Style cv. Chalkidiki Green Table Olives Spontaneously Fermented in Reduced NaCl Content Brines

AbstractIn this work, the effect of different treatments using selected combinations of chloride salts (NaCl, KCl, CaCl2, MgCl2) in fermentation brine to assess the safety, quality, and nutritional value of the Spanish style cv. Chalkidiki green table olives spontaneously fermented is studied. Examination of safety parameters (bacteria/yeasts, pH, acidity) and changes in olive color and texture characteristics in brines during fermentation, and in mineral content of olives upon storage up to 12 months, is conducted using appropriate methods. Sensory evaluation takes place in certain cases. Among the tested salt combinations, those of 4.08% NaCl, 2.8% KCl, 1% CaCl2, and 0.12% MgCl2 (w/v) are found to be the most effective regarding safety, color, texture, and taste. Findings support that Spanish style cv. Chalkidiki green olives can be spontaneously fermented in reduced NaCl content brine. The 50% lower NaCl content of the fermented olives compared with that in traditionally fermented ones suggests that reformulation of cv. Chalkidiki green table olives by safe intervention is feasible.Practical Applications: cv. Chalkidiki green table olives are of high importance for the Greek economy. Traditionally they are spontaneously fermented in NaCl brine (8% w/v). Partial replacement of NaCl content with other salts in such a line results in a product acceptable in terms of safety and quality characteristics. The Greek table olive industry may profit from the findings in an attempt to remodel the traditional spontaneous fermentation in green olive processing according to international dietary guidelines.

Is the emphasis on unit labor costs an effective export-promoting policy? A comparison between Greece and Portugal

The aim of this paper is to assess whether internal devaluation is a sufficient measure to improve industrial exports competitiveness. Focusing on the cases of Greece and Portugal, two small open economies, which have recently experienced major corrective policies in the context of Memoranda of Understanding, we aim at explaining the differences observed regarding the growth of industrial exports in the two countries during the period 2000 to date. Our findings point to a number of cost items other than the unit labor cost that have increased the prices of specific categories of goods exports. Over and above that, however, the higher growth of Portuguese manufacturing exports relative to those of Greece may be explained by a variety of structural weaknesses of the Greek economy leading to its inability to retain international market shares and imposing constraints on the domestic industrial base.

A Labor Market–Augmented Empirical Stock-Flow Consistent Model Applied to the Greek Economy

This paper extends the empirical stock-flow consistent (SFC) literature through the introduction of distributional features and labor market institutions in a Godley-type empirical SFC model. In particular, labor market institutions, such as the minimum wage and the collective bargaining coverage rate, are considered as determinants of the wage share and, in turn, of the distribution of national income. Thereby, the model is able to examine both the medium-term stability conditions of the economy via the evolution of the sectoral financial balances and the implications of functional income distribution on the growth prospects of the economy at hand. The model is then applied to the Greek economy. The empirical results indicate that the Greek economy has a significant structural competitiveness deficit, while the institutional regime is likely debt-led. The policies implemented in the context of the economic adjustment programs were highly inappropriate, triggering private sector insolvency. A minimum wage increase is projected to have a positive impact on output growth and employment. However, policies that would enhance the productive sector’s structural competitiveness are required in order to ensure the growth prospects of the Greek economy.

Greece’s economy during the crisis 2007-2008 and its development prospects

Objective: The aim is to assess the situation of Greek economy during the crisis and the problems have affected it up until now. Research Design & Methods: Descriptive analysis and analysis of main economic and foreign trade indicators (e.g. GDP growth, unemployment rate, UE trade balance). Findings: The reforms and deregulation of the economy are gradually becoming a positive factor, but these changes are taking place too slowly to give the country an impetus for faster development, even if the unemployment rate has fallen down, the GDP grows up and the budget surplus is observed during the last 4 years. The strength of the actual negative impact that the coronavirus pandemic will have on the Greek economy remains is out of question, especially on the tourism. Contribution & Value Added: The analysis of the negative crisis and coronavirus pandemic impact on the Greek foreign trade and the all economy which shows that the crisis results were almost over-came when the pandemic began and the Greek government expects a deep recession, reaching up to 10 percent of GDP.

Macroeconomic Policy Lessons for Greece from the Debt Crisis

This paper studies the Greek economy in the aftermath of the 2007-8 global crisis looking for barriers to, and engines of, growth. We use a micro-founded macroeconomic model calibrated to Greece. We first study the years of the debt crisis between 2008 and 2016 and then the recent covid-19 pandemic. Departing from 2008, our simulations show that the adopted economic adjustment program (the fiscal austerity mix combined with the fiscal and monetary assistance provided by the EU, ECB and IMF), jointly with the observed deterioration in institutional quality (the degree of protection of property rights) can explain most (around 23% of GDP) of the cumulative loss in GDP in the data (around 26% of GDP) between 2008 and 2016. In particular, the economic adjustment program can explain a fall of around 13%, while the deterioration in property rights accounts for another 10%. Counterfactual simulations, on the other hand, show that this loss could have been around 10% only, if the country had followed a different fiscal policy mix; if the degree of product marker liberalization was closer to that in the core euro zone countries; and, above all, if institutional quality in Greece had simply remained at its pre-crisis level. On the other hand, we show that, in the absence of the official fiscal bailouts, the depression would be much deeper, while the accommodative role played by the quantitative policies of the ECB has been vital to the Greek economy. Finally, departing from 2019, we quantify the impact of the covid-19 pandemic under various policy scenaria. A loss of around 8:5% of GDP and a sharp jump of public debt seem to be unavoidable during 2020 but, like in the case of the debt crisis, the duration of the new crisis depends crucially on the policy mix chosen.

Society in Front of 2 Enemies: COVID-19 & Climate Collapse/Their Impact on Shipping Industry

This paper analyzed the impacts of Covid-19 in 2020 on: a) Global economy, b) Greek economy, c) Greek society and d) Shipping Industry. The impacts were grouped in negative and positive. Analyzed is also the impact of Climatic Change or rather Collapse by writing-down in a table the major hurricanes etc. since 1780 and the cyclone “Janus”, which hit “Greece”. We revised the principle of Sustained Development, and formed a model entering Environment in production function. We proposed the establishment of the “Sustainable City”. A “digital citizen” emerged in our theory, and we showed his/her future needs in small robots, re-skilling and others. The coming global war will be over “data” prophesized. The firm decision of EU, to protect EU’s environment by pouring millions of € by issues of green bonds and other measures, presented.

Decomposition Analysis for the Comparison and the Comprehension of Conventional Input-Output Impacts’ Indicators: An Empirical Paradigm

Sometimes, the priorities in the growing patterns create dubiousness, surprises and are proved unsuitable to re-form and redress the distortions of economy, magnifying them or even emerging news. When the external or the individual interferences are remained out of the planning, then the knowledge of why the various indices yield conflicting sectoral rankings can help the policy-makers to plan ameliorated strategies. In this paper a decomposition analysis for the components of conventional backward linkages’ (BLs’) indices and the corresponding type I multipliers (t.I-Ms’) has been taken place, in order to support the comparison and the comprehension of conflictions that are recorded on their derived sectoral rankings. For the empirical paradigm, data from the Greek economy have been used. The indicators’ appropriateness for the developmental planning has been scrutinized giving an emphasis on the model’s causality, the initial exogenous stimuli and the “intrasectoral initial trends for impacts’ generation”. The analysis provides a proof that the BL’s indices are strongly tendentious and the t.I-Ms’ are preferable for the medium-to-long run growing planning.

Aegean Enigma: The Rise and Fall of Vineyards during Antiquity

This paper argues that the rise and fall of north and central Aegean wine exportations was caused by economic factors, such as changes in wine supply. It demonstrates that these wines disappeared from southern Gaul and central Tyrrhenian Italy when these areas started to locally produce their own wine. At the same time, north and central Aegean wines were also ousted from the Black Sea region by both local products and cheaper imports from the southern Aegean. This shows that supply and demand governed commercial activities during the Classical and Hellenistic periods, which provides new evidence regarding the nature of the ancient Greek economy.

Assessment of the impact of Pillar I and II policy measures on the local economy: the case of the Central Macedonia region

The common agricultural policy (CAP) has gone through numerous reforms since it was launched in the early '60s. The most important reform corresponds to the period of 2014-2020, which was particularly significant for the Greek economy due to the ongoing economic vulnerability. The present paper endeavours to assess the possible impacts that the reformed CAP may have on a Greek regional economy, employing an input-output model. Particularly, the paper evaluates the impact of the Pillar I and II measures on the output, income and employment of the region using an input-output (I/O) model with the GRIT method. Utilising the FLQ quotient as a regionalisation method, the results designate that the implementation of the Pillar I and Pillar II policy measures have a positive effect on the regional economy in terms of both the output and the income.

Corporate cash holdings and financial crisis: evidence from the emerging market of Greece

This paper investigates the determinants and implications of cash holdings during both a recessionary and a growth phase of the Greek economy. Using a sample from 2003 to 2014, we find that, on average, Greek firms hold 13.8% of their total assets as cash and cash equivalents. We build upon the theoretical underpinnings of cash holdings determinants and provide evidence generally supportive of both a static trade-off model and pecking order model. The empirical results indicate that the cash ratio is positively associated with cash flow to assets, capital expenditures, industry cash flow volatility, and dividend payment. In contrast, corporate leverage, net working capital ratio, firm size, and loss are negatively related to cash ratio. This study highlights the importance of formulating additional regulatory actions and accounting policies to shield markets from a looming global shock.

Corporate cash holdings and financial crisis: evidence from the emerging market of Greece

This paper investigates the determinants and implications of cash holdings during both a recessionary and a growth phase of the Greek economy. Using a sample from 2003 to 2014, we find that, on average, Greek firms hold 13.8% of their total assets as cash and cash equivalents. We build upon the theoretical underpinnings of cash holdings determinants and provide evidence generally supportive of both a static trade-off model and pecking order model. The empirical results indicate that the cash ratio is positively associated with cash flow to assets, capital expenditures, industry cash flow volatility, and dividend payment. In contrast, corporate leverage, net working capital ratio, firm size, and loss are negatively related to cash ratio. This study highlights the importance of formulating additional regulatory actions and accounting policies to shield markets from a looming global shock.

Mergers and acquisitions in Greece

AbstractThe financial crisis has paradoxically protected many sectors of the Greek economy from collapse. The ownership structure of companies in Greece was dominated by state and local government companies. Private companies have not only contributed capital and protected employees from unemployment, but have also given a new organisational culture to companies.

Mapping the Socio-Economic Indicators of Greece from the Implementation of the Monetary Policy and the Tax Administration

The economic crisis that led to a decline in private consumption in the period 2009-2016 is the main factor that has accelerated developments in the country's business map, in the sense that in many cases of business development in Greece there are structural weaknesses revealed by the crisis. This confirms that the country's economic crisis cannot be an alibi for the many problems of the Greek economy.The impact of the economic crisis differs not only between countries where low- and middle-income countries are more affected by developed countries but also within countries. The dramatic decline in wages and pensions has led to a decline in the purchasing power of citizens. The debt crisis, the weakening of demand in the context of addressing the competitiveness of the Greek economy and the significant structural interventions in the labor market, affected supply and demand in the labor market and its participants.The purpose of this paper is to present the social and economic indicators of our country by implementing the policy of the memorandums and the Tax Administration. In particular, a mapping exercise is being undertaken in the period 2009-2016:• The number of starts, change of tax office and business holidays• The business map of our country• Unemployment rates as they have been in our country• The degree of contribution of austerity programs and memorandum policies to addressing unemployment.• The areas and categories of occupations where the highest unemployment rates have occurred.• The role of Tax Administration in addressing these problems.

GEI. Greek Economic Inscriptions (online)

In recent years the attention of modern scholars to ancient Greek economy has received impetus from a series of newly published documents of undisputed significance. The results have been a deeply renewed examination of consolidated theoretical positions, and a detailed analysis of specific aspects of the economic life of the polis. Within this framework the GEI project aims at providing an online collection of epigraphic documents related to the economy of ancient Greece. Some of these documents, already known or newly discovered, have never been collected in a selection of this kind. The project covers a period from the archaic age to 1st century BC. The selected texts are representative of the different areas of ancient Greek economy, and are marked-up using the EpiDoc encoding conventions. For each document all technical information has been provided along with existing critical editions, bibliography, a critical apparatus, an English translation and a commentary.

GEI. Greek Economic Inscriptions (online)

In recent years the attention of modern scholars to ancient Greek economy has received impetus from a series of newly published documents of undisputed significance. The results have been a deeply renewed examination of consolidated theoretical positions, and a detailed analysis of specific aspects of the economic life of the polis. Within this framework the GEI project aims at providing an online collection of epigraphic documents related to the economy of ancient Greece. Some of these documents, already known or newly discovered, have never been collected in a selection of this kind. The project covers a period from the archaic age to 1st century BC. The selected texts are representative of the different areas of ancient Greek economy, and are marked-up using the EpiDoc encoding conventions. For each document all technical information has been provided along with existing critical editions, bibliography, a critical apparatus, an English translation and a commentary.

The Tourism Industry in the Island of Crete, Greece: Is It Carbon-Intensive?

Impacts of the tourism industry on climate change are not negligible as indicated in various studies implemented so far. The eco-effectiveness of this industry can be assessed taking into account its carbon emissions combined with the tourism-generated income. The carbon intensity of the tourism industry in the island of Crete, Greece has been compared with the tourism-related carbon intensity in other tourist territories and countries as well as with the corresponding value of the Greek economy. Existing data in published literature have been used for comparison. Various measures resulting in the decrease of the carbon intensity of the tourism industry in Crete have also been examined. It has been found that the tourism-related carbon intensity in Crete is in the same range of values reported in other tourist territories. However, it is higher than the corresponding value of the whole Greek economy. If however the emissions due to international flights of tourists to Crete are excluded from the estimations, the resulting carbon intensity of this industry is significantly lower compared with its initial estimations. It is also lower than the value of the whole Greek economy as well as the required carbon intensity for achieving global sustainability.

Rural Subsidizes and Revealing Moral Hazards

Purpose: At the end of the year 2013, the Greek Government to encourage the establishment of new enterprises in the agrifood sector announced the application of the program “New Farmers Installation within the financial framework of CAP”. As a consequence, almost 8.000 young people benefited from this program as they received subsidizes up to 20.000€ to establish a new agro enterprise. This work focuses on the examination of the results concerning those new entrants’ enhancing of production of agro-products. Moral hazards have been created as some of them take advantage of the inefficacy of the program’s control procedures and they contribute almost nothing to the final agro product. Design/methodology/approach: The paper is divided to into 2 parts. The literature of the theoretical perspective of the Greek economy is extensive. Taking under mind that Greece is a part of the European Union on the theoretical part are examined CAP’s subsidizes consequences on Greek Agriculture. Then the “New farmers’ installation” program is briefly presented. The theoretical part ends with references to moral hazards creation and corruption in Greece. In the second part, the empirical results presented. The research took place during September 2016 using a formalized questionnaire. The statistical analysis included the estimation of frequencies, percentages, and means, as well as coefficient correlations. Finding: According to the findings, it has been supported that financial programs directed to agriculture should be monitored for disbursement. Otherwise, these programs cannot achieve their targets such as the increase of in productivity in the agricultural sector. Moreover, the results of the study are similar to previous researches as Moral Hazards have been created. Research limitations/implications: Taking for granted that the lack of strict controls over the disbursement contributed to the increase in moral hazards, it is proposed that providing subsidies should be accompanied with disbursements only after strict controls. It is also suggested a combination as providing subsidies should only take place on the grants that the amount spent exclusively for rural enterprise liabilities. Originality/value: This paper provides the impetus for the study of moral hazard on rural subsidizes and constitutes primary research.

The Impact of the Economic Recession in Greece on Assisted Reproduction Demand: A Retrospective Longitudinal Study.

Background and objectives: Since 2009, the decline of the Greek economy has been in the spotlight of the world’s financial agenda. This study assesses the economic crisis’ impact on assisted reproduction demand dynamics. Materials and Methods: Patient records were recruited between 2005–2017. In 2013 the clinic proceeded with a cost reduction. The studied time-frames were defined accordingly: Period A: Prior to economic crisis, Period B: During the economic crisis-prior to cost reduction, and Period C: During the economic crisis-following cost reduction. Analysis focused on parameters reflecting on patient characteristics, decision to inquire on IVF treatment, embarking on it, and proceeding with multiple cycles. Results: The mean annual number of first visit patients was significantly decreased during Period B (1467.00 ± 119.21) in comparison to period A (1644.40 ± 42.57) and C (1637.8 ± 77.23). Furthermore, Period C in comparison to B and A, refers to women of more advanced age (37.27 ± 5.62 vs 36.04 ± 5.76 vs 35.53 ± 5.28), reporting a longer infertility period (8.49 ± 6.25 vs 7.01 ± 5.66 vs 6.46 ± 5.20), being inclined to abandon IVF treatment sooner (2.78 ± 2.51 vs 2.60 ± 1.92 vs 4.91 ± 2.28). Conclusions: A decline regarding assisted reproduction techniques (ART) demand was noted as anticipated. Redefining the cost of infertility treatments may contribute towards overcoming the troubling phenomenon of postponing pregnancy due to financial concerns.