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How much fiscal discipline in a monetary union

Grauwe, Paul de; Ji, Yuemei - Bank of Greece - 2013

The nature of fiscal policies was changed dramatically by the creation of the Eurozone. While prior to the start of the … Eurozone, national governments were sovereign in that they could back up the issue of debt by the issue of money, they lost … this sovereignty in the Eurozone. This had dramatic effects that were largely overlooked by the designers of the Eurozone …

Persistent link: https://www.econbiz.de/10011119784

A note on the effectiveness of price policy on tourist arrivals to Greece

Gazopoulou, Eleni - Bank of Greece - 2012

This paper aims at pointing out the adverse repercussions on the Greek travel industry resulting from the contradicting policy measures taken by the various governments due to the lack of a consistent strategy on tourism. The analysis takes as an example the reduction of the VAT from 11% down to...

Persistent link: https://www.econbiz.de/10010855054

Assessing the impact of terrorism on travel activity in Greece

Gazopoulou, Helen - Bank of Greece - 2011

The aim of this paper is to assess the volatility of Greek travel receipts by considering the extent to which terrorist strikes can bring about serious unexpected disturbances to the proceeds from tourism.The paper shows that the impact of terrorist attacks at an international level is not...

Persistent link: https://www.econbiz.de/10009141701

Heterogeneity of the determinants of euro-area sovereign bond spreads; what does it tell us about financial stability?

Georgoutsos, Dimitris A.; Migiakis, Petros - Bank of Greece - 2012

In this paper we assess the movements of euro area sovereign bond yield spreads vis-à-vis the German Bund as processes specified across different levels of volatility and subject to movements in asset prices and economic conditions. The determinants we use are grouped into domestic and...

Persistent link: https://www.econbiz.de/10010855046

Measuring return and volatility spillovers in euro area financial markets

Louzis, Dimitrios P. - Bank of Greece - 2013

This study examines the return (price) and volatility spillovers among the money, stock, foreign exchange and bond markets of the euro area, utilizing the forecast-error variance decomposition framework of a generalized VAR model proposed by Diebold and Yilmaz (2012) [Better to give than to...

Persistent link: https://www.econbiz.de/10010855050

External asymmetries in the euro area and the role of foreign direct investment

Christodoulakis, Nicos; Sarantides, Vassilis - Bank of Greece - 2011

A few years after the establishment of the European Economic and Monetary Union (EMU), large asymmetries emerged in the trade balances and the current accounts of the member-states. A divide seems to separate two groups in the euro area, one with the northern countries achieving external...

Persistent link: https://www.econbiz.de/10009364233

Industry-level labour demand elasticities across the Eurozone: will there be any gain after the pain of internal devaluation?

Adam, Antonis; Moutos, Thomas - Bank of Greece - 2014

In this paper we estimate disaggregated labour demand equations using panel data involving observations across time (1970-2007) for twenty-three industries across eleven euro area countries. By using the EU KLEMS database, which provides data across countries, we provide industry-by-industry...

Persistent link: https://www.econbiz.de/10011119788

Ireland’s economic crisis the good, the bad and the ugly

Whelan, Karl - Bank of Greece - 2013

experience for Eurozone economic policy and some observations on the role that EMU and the ECB have played in Ireland’s crisis. …

Persistent link: https://www.econbiz.de/10011122408

When does it pay to tax? Evidence from state-dependent fiscal multipliers in the euro area

Hondroyiannis, George; Papaoikonomou, Dimitrios - Bank of Greece - 2014

The impact of fiscal policy on economic growth is investigated within a panel of euro area member states over the period 2004-2011. We mainly consider fiscal impulses identified by (a) changes in the structural primary balance, complemented by evidence from (b) the IMF narrative shocks developed...

Persistent link: https://www.econbiz.de/10011099330

A Portofolio Balance Approach to Euro-Area Money Demand in a Time-Varying Environment

Hall, Stephen G.; Hondroyiannis, George; Swamy, P.A.V.B.; … - Bank of Greece - 2007

As part of its monetary policy strategy, the European Central Bank has formulated a reference value for M3 growth. A pre-requisite for the use of a reference value for M3 growth is the existence of a stable demand function for that aggregate. However, a large empirical literature has emerged...

Persistent link: https://www.econbiz.de/10005523520