In the present work we propose an original analytical model of coopetitive game. We shall apply this analytical model of coopetition (based on normal form game theory) to the Greek crisis, while conceiving this game theory model at a macro level. We construct two realizations of such model,...

This paper intends to understand the major institutional factors related to the economic development of the European Union (EU) countries in the last two decades. It provides some contributions to the institutionalist debate of the present crisis of the European Union, and within it, the...

This paper aims to apply the balance of payments constrained-growth model to explain Euro area growth performance in the last forty years and to discuss likely prospects for the future. After a formal reconsideration of the long-run and short-run arguments supporting the validity of the...

A series of wrong policies since the 1980s transformed the Greek economy into a problematic one and almost ready to collapse; for example, artificial increases in employment in nonproductive public services entailing low productivity; increasing wages above those guaranteed by productivity...

We examine the trajectories of the real unit labour costs (RULCs) in a selection of Eurozone economies. Strong asymmetries in the convergence process of the RULCs and its components-real wages, capital intensity, and technology-are uncovered through decomposition and cluster analyses. In the...

The Spanish crisis is generally portrayed as resulting from excessive spending by households, associated with a housing bubble and/or excessive welfare spending beyond the economic possibilities of the country. We put forward a different hypothesis. We argue that the Spanish crisis resulted, in...

This paper examines the occurrence of structural breaks in European unemployment associated with major events experienced by the European economies at an institutional level: the creation of the European and Monetary Union (EMU) in 1999, and the Euro/financial crisis in 2008-2009, which was...

In recent years, the role attached to the autonomous components of aggregate demand has attracted rising attention, as testified by the development of the Sraffian Supermulti plier model (SSM) and the attempts to include autonomous demand in the Neo-Kaleckian model. This paper reviews and...

Against the background of increasing competition and other significant structural changes implied by globalisation, maintaining and enhancing competitiveness has evolved into one of the prime concerns in most countries. Following up on previous work (see in particular ECB Occasional Papers No....

We analyze unconditional within-country convergence from 1991 to 2009 in 21 European countries. Unlike most previous studies we focus on the heterogeneity of convergence. We find that convergence processes in currency unions are extremely heterogenous, highly discontinuous and strongly...