The Economic Structure of Greece Before and After the Global Financial Crisis
Article Sidebar
Main Article Content
Abstract
The 2007–2008 financial crisis (GFC) affected the economic structure of Greece, including financial volatility, inflation and fiscal budgeting. This article studied changes in the economic structure before and after the GFC to discern differences and how the new structural economics and dependency theory defined the economic structure of Greece. Results were that before the GFC, the government economic structure used populist policies with inefficient financial coverage from the taxation system. Post-GFC, the fiscal budget was revised by assistance provision planning from international financial institutions. Government expenditures decreased and more tax was collected. These findings suggest that the economic structure was determined by external factors based on the complex modern financial system.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Graduate Review of Political Science and Public Administration Journal is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) licence, unless otherwise stated. Please read our Policies page for more information...
References
Abboushi, S. (2011). Analysis and outlook of the Greek Financial Crisis. Journal of Global Business Management, 7(1), 1-8.
Alogoskoufis, G. (2021, February 23). The Pandemic and Greece’s Debt: The Day After. CEPR. https://cepr.org/voxeu/columns/pandemic-and-greeces-ebt-day-after
Antonopoulou, R., & Papadimitriou, B. D. (2012). Economic Turbulence in Greece. Economic and Political Weekly, 47(5), 55-63.
Bank of Greece. (2010). Annual Report 2009. Athens.
Bank of Greece. (2018). Monetary Policy. Interim Report. https://www.bankofgreece.gr/BogEkdoseis/Inter_NomPol2018.pdf
Carmassi, J., Gros, D., & Micossi, S. (2009). The Global Financial Crisis: Causes and Cures. JCMS: Journal of Common Market Studies, 47(5), 977-996.
Chrysoloras, N. (2013). Rebuilding Eurozone's Ground Zero: A Review of the Greek Economic Crisis. LSE. https://econpapers.repec.org/paper/helgreese/66.htm
Economakis, G., Markaki, M., & Anastasiadis, A. (2015). Structural Analysis of the Greek Economy. Review of Radical Political Economics, 47(3), 424-445.
Georgiopoulos, G., & Papadimas, L. (2021, December 22). Greek Economy Seen Growing 5.0% in 2022, Central Bank Says. Reuters. https://www.reuters.com/markets/rates-bonds/greek-economy-seen-expanding-50-2022-bank-greece-2021-12-22/
Gibson, D. H., Hall, G. S., & Tavlas, S. G. (2012). The Greek Financial Crisis: Growing Imbalances and Sovereign Spreads. Journal of International Money and Finance, 31(2012), 498-516.
Grauwe, D. P. (2010a). The Greek Crisis and the Future of the European. Intereconomics, 45(2), 89-93.
Grauwe, D. P. (2010b). Crisis in the Eurozone and How to Deal with It. Centre for European Policy Studies, CEPS Policy Brief No. 204.
Greeka. (n.d.). Economy of Greece. Greeka. https://www.greeka.com/about/economy/
Hackett, C. (2014). The Rebirth of Dependence – Offering an Alternative Understanding of Financial Crisis. International Journal of Law and Management, 56(2), 121-135.
Halikiopoulou, D. (2012, April 29). Book Review: Understanding The Crisis in Greece: From Boom to Bust, by Michael Mitsopoulos & Theodore Pelagidis. LSE. https://blogs.lse.ac.uk/europpblog/2012/04/29/book-review-understanding-the-crisis-in-greece/
Halikiopoulou, D. (2020). Economic Crisis, Poor Governance and the Rise of Populism: The Case of Greece. Intereconomics: Review of European Economic Policy, 55(1), 34-37.
Helleiner, E. (2011). Understanding the 2007–2008 Global Financial Crisis: Lessons for Scholars of International Political Economy. Annual Review of Political, 14, 67-87.
Johnston, M. (2022, July 2). Understanding the Downfall of Greece's Economy. Investopedia. https://www.investopedia.com/articles/investing/070115/understanding-downfall-greeces-economy.asp
Kohler, K., & Stockhammer, E. (2022) Growing differently? Financial Cycles, Austerity, and Competitiveness in Growth Models Since the Global Financial Crisis. Review of International Political Economy, 29(4), 1314-1341.
Kouretas, P. G., & Vlamis, P. (2010). The Greek Crisis: Causes and Implications. Panoeconomicus, 57(4), 391-404.
Koutsoukis, S. N., & Roukanas, S. (2011). The Greek Crisis That Should Have Been Avoided. Scientific Bulletin-Economic Sciences, 10(1), 20-27.
Lapavitsas, C. (2019). Political Economy of the Greek Crisis. Review of Radical Political Economics, 51(1), 31-51.
Liang, Y. (2012). Global Imbalances and Financial Crisis: Financial Globalization as a Common Cause. Journal of Economic Issues, 46(2), 353-362.
Lin, J. Y. (2011). New Structural Economics: A Framework for Rethinking Development. The World Bank Research Observer, 26(2), 193-221.
Lin, J. Y. (2021). New Structural Economics: A Framework of Studying Government and Economics. Journal of Government and Economics, 2(2021), 1-4.
Nenovsky, N., & Sahling, C. (2020). Political Economy of the Greek Crisis as a Multilevel Game. Revue de la régulation, 27(1er). https://journals.openedition.org/regulation/17027
Ozturk, S., & Sozdemir, A. (2015). Effects of Global Financial Crisis on Greece Economy. Procedia Economics and Finance, 23, 568-575.
Perez, S. A., & Matsaganis, M. (2019). Export or Perish: Can Internal Devaluation Create Enough Good Jobs in Southern Europe?. South European Society and Politics, 24(2), 259-285.
Picardo, E. (2022, March 16). The Origins of Greece's Debt Crisis. Investopedia. https://www.investopedia.com/articles/personal-finance/061115/origins-greeces-debt-crisis.asp.
Romei, V. (2015, August 10). Greece and the EU: A Brief (Economic) History in Charts. Financial Times. https://www.ft.com/content/9436dfa7-cd88-3daa-a844-56da4b27ec54.
Santos, T. D. (1973). The Crisis of Development Theory and the Problem of Dependence in Latin America. In H. Bernstein (Ed.), Underdevelopment and Development (pp. 57-80). Penguin Books.
Stournaras, Y. (2019a, August 16). Yannis Stournaras: The Greek Economy 10 Years after the Crisis and Lessons for the Future Both for Greece and the Eurozone. BIS. https://www.bis.org/review/r190816e.htm
Stournaras, Y. (2019b, April 12). Yannis Stournaras: Lessons from the Greek Crisis - Past, Present, Future. BIS. https://www.bis.org/review/r190412e.htm
Strange, S. (1998). Mad Money: When Markets Outgrow Governments. Manchester University Press.
Thomsen, P. M. (2019, September 30). The IMF and the Greek Crisis: Myths and Realities. IMF. https://www.imf.org/en/News/Articles/2019/10/01/sp093019-The-IMF-and-the-Greek-Crisis-Myths-and-Realities
Tong, H., & Wei, S. (2011). The Composition Matters: Capital Inflows and Liquidity Crunch During a Global Economic Crisis. Review of Financial Studies, 24(6), 2023-2052.
Toporowski, J. (2011). The Financial Peculiarity of Greece: Some Lessons for A Theory of Financial Crisis. Economie Appliquee, 63(4), 35-48.
Tsatsanis, E., Andreadis, I., & Teperoglou, E. (2018). Populism from Below: Socio-Economic and Ideological Correlates of Mass Attitudes in Greece. Spotlight on Populism in Southern Europe, 23(4), 429-450.
Vasilopoulou, S., & Halikiopoulou, D. (2015). Greek Politics: Economic Crisis or Crisis of Democracy?. World Affairs, 178(3), 13-18.
Williams, P. (2010, February 24). Greek Debt Crisis Due to Corruption and Cronyism – Papandreou. ABC. https://www.abc.net.au/radio/programs/pm/greek-debt-crisis-due-to-corruption-and-cronyism--/343048