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The financial fragility and the crisis of the Greek government sector

The financial fragility and the crisis of the Greek government sector

Argitis, Georgios and Nikolaidi, Maria (2014) The financial fragility and the crisis of the Greek government sector. International Review of Applied Economics, 28 (3). pp. 274-292. ISSN 0269-2171 (Print), 1465-3486 (Online) (doi:10.1080/02692171.2013.858667)

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Abstract

The purpose of this paper is to develop Minskyan financial fragility indices for the government sector and to examine the financial structure of the Greek government before and after the onset of the sovereign debt crisis in 2009. We provide empirical evidence that clearly shows the growing financial fragility of the Greek public sector in the 2000s. We also assess the effectiveness of the implemented bailout adjustment programmes in Greece and claim that the conducted austerity measures and fiscal consolidation have not significantly improved the financial posture of the Greek government sector. We argue that the implementation of fiscal and wage austerity in an economy that lacks structural competitiveness produces prolonged recession and unemployment with adverse feedback effects on the financial fragility of the government.

Item Type: Article
Additional Information: This is an Accepted Manuscript of an article published by Taylor & Francis in INTERNATIONAL REVIEW OF APPLIED ECONOMICS on 8 January 2014, available online: http://www.tandfonline.com/10.1080/02692171.2013.858667 [2] Acknowledgements (funding): The research for this paper was funded from: 1) European Union (European Social Fund – ESF) and Greek national funds through the Operational Program ‘Education and Lifelong Learning’ of the National Strategic Reference Framework (NSRF) - Research Funding Program: Heracleitus II. Investing in knowledge society through the European Social Fund. 2) Antonios Papadakis Endowment.
Uncontrolled Keywords: Minsky’s financial fragility, government sector, Greek debt crisis, E12, E60, H60
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HF Commerce
Faculty / Department / Research Group: Faculty of Business
Faculty of Business > Department of International Business & Economics
Related URLs:
Last Modified: 28 Apr 2017 11:58
Selected for GREAT 2016: None
Selected for GREAT 2017: GREAT c
Selected for GREAT 2018: None
URI: http://gala.gre.ac.uk/id/eprint/12721

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