The correct understanding of Greece's debt can only be obtained by using international accrual accounting standards rather than the cash-basis future face value defi nition. Changing the terms of debt changes the value of the debt in Greek governmental fi nancial statements correctly prepared...

Despite its important advantages of efficiency gains, price transparency, monetary stability, easing currency markets pressure on the payments balance, and so on, EMU is anything but a risk-free enterprise. Economic conflict may arise from unfortunate developments regarding the Euro, which may...

Despite considerable progress regarding Mew Member States' (NMS) nominal convergence with Euro-zone countries, the record is more mixed regarding real/structural convergence. At the same time, almost all NMS face the additional challenge of combining economic and monetary integration with the EU...

The hesitation of many conventional-wisdom economists to rely more aggressively on fiscal policy measures in order to keep their public finances more or less balanced may have contributed to the persisting current slowdown. We discuss the potential of active fiscal policies in stimulating growth...

This paper addresses issues pertaining to the accession of Cyprus to the Eurozone and the reunification of the economy of this island-state. Within this framework the performance of the economy of Cyprus, both in the government-controlled areas and in the occupied northern part, are examined. We...

Despite growth in recent years, the economy of the “TRNC” remains fragile and the sustainability of the convergence process without due reform and restructuring is questionable. For sustained investment and growth, far-reaching reforms are certainly required in the private and public...

In this paper, the well-known convergence programs, implemented by the EU member-states, are closely evaluated. Using descriptive statistical analysis and the changes in the real exchange rates as analytical cornerstone, the paper focuses on the economic performance of the member-states since...

The note by Christopoulos re-examines the national savings-domestic investments correlation in Greece for the period 1960–2000. He applies the Johansen [Johansen, S. (1988). Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, 8, 231–254; Johansen, S. (1991)....

In this note, the national saving–domestic investment correlation is examined in terms of an error correction model to gain some insight into the degree of capital mobility, using Greek data for the period 1960–1997. In particular, we employ cointegration analysis with an emphasis on the...