Fiscal reforms in the EMU: the Greek response

Liargovas, Panagiotis; Psychalis, Marios

doi:10.1080/23745118.2020.1827776

Cited by 3 publications

(1 citation statement)

References 55 publications

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“…Not only is the EU founded on Classical and New classical economic assumptions [25] and principles of strict fiscal discipline [26] but also, at the beginning of the 2010s, the economic governance in the EMU was tightened by introducing the Six Pack and the European Semester [27]. Following the pandemic crisis in 2020, the EU activated two unprecedented emergency measures for fiscal expansion, namely, temporarily freezing the Stability and Growth Pact rules and issuing common debt through Next Generation EU (NGEU).…”

Section: Fiscal Policy-more Flexible or Tighten?mentioning

confidence: 99%

Discussing EU Policies and Mechanisms towards the COVID-19 Pandemic Crisis: A Case Study of Greece

Αποστολόπουλος

Psychalis

Liargovas

2022

World

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This paper discusses the effectiveness of EU economic measures towards the pandemic crisis in the case of Greece. As the pandemic crisis was an exogenous and symmetric crisis, EU member states decided to take supply and demand side measures to tackle economic recession. Not only the Recovery plan for Europe (NGEU), but also the Escape Clause, as well as non-standard monetary measures, were implemented in order to achieve growth. Furthermore, fiscal expansion, as well as common debt extraction, using green and social bonds led to higher government spending and sovereign debt. The paper’s research question is “Could fiscal expansion mitigate the economic consequences of pandemic crisis?” In other worlds, the research gap which this paper tries to fill is that for the contemporary EU response to two different crises, the economic and the pandemic. Our analysis, by using a comparative approach, shows that government spending and fiscal expansion is effective in the short-run, as the temporary measures led to higher GDP growth rates and lower unemployment rates, but in the long-run demand side measures led to higher inflation and higher sovereign debt.

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Section: Fiscal Policy-more Flexible or Tighten?mentioning

confidence: 99%

Discussing EU Policies and Mechanisms towards the COVID-19 Pandemic Crisis: A Case Study of Greece

Αποστολόπουλος

Psychalis

Liargovas

2022

World

Self Cite

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Investigating Government lending during an economic crisis: a comparative analysis of four EU countries

Αποστολόπουλος

Psychalis

Liargovas

et al. 2021

European Politics and Society

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Influence of Fiscal Policies and Labor Market Characteristics on Sustainable Social Insurance Budgets—Empirical Evidence from Central and Eastern European Countries

et al. 2021

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Social protection systems are a key factor for ensuring the long-term sustainability and stability of economies in the European Union, their reform being nowadays present in the political agenda of member states. Aging and the dependence on mandatory levies applied to the employed population on the labor market represent a threat for the sustainability of public social protection systems. In terms of sustainability, our purpose was to highlight the factors influencing social insurance budgets, considering the fiscal policies implemented in six countries of Central and Eastern Europe and their particular labor market characteristics. Therefore, a panel study based on a regression model using the Ordinary Least Squares method (OLS) with cross section random effects was used to determine the correlations between funding sources and labor market specific indicators. The data analyzed led to relevant results that emphasize the dependence of social insurance budgets on positive factors such as the average level of salaries, the share of compulsory social contributions, the unemployment rate, and the human development index, suggesting the continuing need for professional and personal development of the workforce.

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Fiscal reforms in the EMU: the Greek response

Cited by 3 publications

References 55 publications

Discussing EU Policies and Mechanisms towards the COVID-19 Pandemic Crisis: A Case Study of Greece

Discussing EU Policies and Mechanisms towards the COVID-19 Pandemic Crisis: A Case Study of Greece

Investigating Government lending during an economic crisis: a comparative analysis of four EU countries

Influence of Fiscal Policies and Labor Market Characteristics on Sustainable Social Insurance Budgets—Empirical Evidence from Central and Eastern European Countries

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