- Athens, Attikí, Greece
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... extend to the means of economic policy, and the transforma-tion of PASOK to a centrist socialdemocratic party was ... of emigration was lost as net immigration turned positive in the wake of persons of Greek origin returning from ...... more
... extend to the means of economic policy, and the transforma-tion of PASOK to a centrist socialdemocratic party was ... of emigration was lost as net immigration turned positive in the wake of persons of Greek origin returning from ... OXFORD REVIEW OF ECONOMIC POLICY, VOL. ...
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A large literature has been sponsored on the impact of 1992 and the removal of capital controls on the European banking sector. A great deal of attention is focused within this literature on the issues of banking competition, efficiency... more
A large literature has been sponsored on the impact of 1992 and the removal of capital controls on the European banking sector. A great deal of attention is focused within this literature on the issues of banking competition, efficiency and structure. It is argued that this literature is not automatically applicable to the Southern European economies and an alternative model is explored. JEL Codes: G02, E52, G21 Keywords: Southern European banking sector, European integration
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The industrialized economies of the world have experienced a considerable diversity of economic experience since the shocks of the 1970s. The authors of this major study assess the institutional determinants of economic performance in a... more
The industrialized economies of the world have experienced a considerable diversity of economic experience since the shocks of the 1970s. The authors of this major study assess the institutional determinants of economic performance in a comparative analysis of OECD economies. They focus in particular on the role played by corporatist arrangements in such countries as Austria and the Scandinavian states.
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The financial sector in any economy is crucial to the health of the whole economy. Financial intermediaries and markets act to bring together those who wish to save with those who wish to invest. Savers usually want immediate access to... more
The financial sector in any economy is crucial to the health of the whole economy. Financial intermediaries and markets act to bring together those who wish to save with those who wish to invest. Savers usually want immediate access to their funds, they often require some certainty about the return and they may wish to save in small amounts. Investors, by contrast, require long-term loans, often in large amounts for projects which may have uncertain returns. The raison d’etre of financial intermediaries is that they act to satisfy both savers and investors. As such, changes that take place in the financial sector are important not only in and of themselves but also because they affect the potential performance of the economy as a whole and the real economy in particular.
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This paper provides a unifying framework in which identified offset and sterilization equations can be derived and estimated. The theoretical model suggests that, in the case where the central bank cares about both external and internal... more
This paper provides a unifying framework in which identified offset and sterilization equations can be derived and estimated. The theoretical model suggests that, in the case where the central bank cares about both external and internal goals and capital is less than perfectly mobile, there will be some offsetting capital flows and the central bank will sterilize. Several results from the literature are encompassed as special cases. The equations are estimated for the German experience of the 1980s and the results point to active sterilization by the Bundesbank during this period. Copyright © 2002 John Wiley & Sons, Ltd.
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ABSTRACTThis paper discusses the prospects of Greece, Portugal and Spain completing stage 1 of the Delors plan. Much of the academic literature on the removal of capital controls seeks to extend the experience of the ERM countries in the... more
ABSTRACTThis paper discusses the prospects of Greece, Portugal and Spain completing stage 1 of the Delors plan. Much of the academic literature on the removal of capital controls seeks to extend the experience of the ERM countries in the 1980s. We argue that its applicability for southern Europe is not straightforward, because these countries have not had the same experience of operating the ‘old’ ERM with capital controls, and examine the implications for these countries of removing capital controls for macroeconomic, and especially, fiscal policy. Intermediate institutional arrangements may be necessary and we consider how EC-wide measures may help these countries in this transitional phase. For the next phase of European integration, the focus of the EC should be on developing appropriate public institutions at the European level to promote positive integration.
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their oppression and that of the African American community, perceptions which fostered cooperation between the Black Panther Party (BPP) and the Red Army Faction (RAF) (87). However, these groups’ ties eventually severed over... more
their oppression and that of the African American community, perceptions which fostered cooperation between the Black Panther Party (BPP) and the Red Army Faction (RAF) (87). However, these groups’ ties eventually severed over incompatible ideological views. While the BPP was more interested in ‘the survival of their community’, the RAF turned to more violent forms of terrorism in their increasingly radicalized attempts to destroy capitalism (90). Internal divisions also fragmented the ‘literary community’ of women writers, argues Juncker, and Duncan points to resentment among the African American community towards hippies who ‘played at poverty while being white and privileged’ (118, 166). The origin of this volume in an interdisciplinary seminar means that the collection suffers from the typical unevenness and disjointedness of such works. The themes vary so greatly that they do not always speak well to one another, though they offer fascinating explorations independently. Nonetheless, by considering the ‘worlded’ nature of the decade, The Transatlantic Sixties offers some interesting insights into the ways in which racial discrimination, gender, memory, and protest were by no means limited to national phenomena. Rather, they were in many ways global experiences, shaped by many different groups who shared similar frustrations related to their engagement with postwar society. As an historian I found the call to consider the decade in this much larger context particularly useful. Yet for all its emphasis on moving away from national studies, The Transatlantic Sixties acknowledges the local circumstances that imposed limits on cross-continental cultural exchange. While the volume’s contributors convincingly argue for the interconnectedness of counterculture on both sides of the Atlantic, it seems that in many cases the connections and influences broke down, often due to diverging ideological worldviews or interpretations of specific local political circumstances. In a sense, then, one might in fact speak of the 1960s as a period of ‘multiple countercultures’, whose roots lay in both international and national circumstances. It is insufficient, the present volume contends, to speak of these countercultures in isolation, as they were the product of a particular set of anxieties shared by the postwar generation. Yet speaking of the counterculture decade as a global experience is limiting, if the discussion downplays the extent to which these countercultures also reflected the idiosyncrasies of that very generation. In sum, this book represents an important contribution to studies of the second half of the twentieth century for scholars of all disciplines. Furthermore, it raises questions about the possibilities of examining the events of later decades; from the oil crisis of the 1970s to the ‘second cold war’ of the 1980s, or the fall of communism after 1989, seeing these events as part of a ‘worlded’ half century would surely add to our understandings in insightful ways.
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Alternative economic strategies - socialism, institutional change and economic policy indicative planning planning and macroeconomic control PASOK's economic alternative macroeconomic policy and PASOK's alternative economic... more
Alternative economic strategies - socialism, institutional change and economic policy indicative planning planning and macroeconomic control PASOK's economic alternative macroeconomic policy and PASOK's alternative economic strategy democratic planning, the public sector and socialization industrial strategy and the problematic firms conclusions - the political economy of alternative economic strategies.
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This article examines the role of social conflict in explaining macroeconomic phenomena and, espe-cially, the effectiveness of aggregate demand policies as a means of raising real output. The social con-flict approach is compared with a... more
This article examines the role of social conflict in explaining macroeconomic phenomena and, espe-cially, the effectiveness of aggregate demand policies as a means of raising real output. The social con-flict approach is compared with a traditional Keynesian view along with Ball, Mankiw, and Romer’s and Lucas’s models of the determinants of the effectiveness of aggregate demand policies. Empirical analysis during the period from the 1950s to the 1990s for fifteen OECD countries provides significant evidence that the social conflict view of inflation has much to offer in explaining differences in the effectiveness of aggregate demand policies both across countries and through time. JEL classification: E31; E12; P16
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Introduction - an overview of economic performance in corporatist and liberal economies institutions and economic performance corporatism, labour market institutions and unemployment the political economy of durable compromise growth,... more
Introduction - an overview of economic performance in corporatist and liberal economies institutions and economic performance corporatism, labour market institutions and unemployment the political economy of durable compromise growth, competitiveness corporatism and macroeconomic policy conclusion - problems and prospects.
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what determines the effectiveness of aggregate demand policies?
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preliminary draft, comments welcome
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This paper argues that the recent decline in the hegemony of the centre-left in Greece is related to the ideas of modernization that have dominated that tradition over the past few years. The tendency to conceptualize development in terms... more
This paper argues that the recent decline in the hegemony of the centre-left in Greece is related to the ideas of modernization that have dominated that tradition over the past few years. The tendency to conceptualize development in terms of a clash between the “new” and the “old”, to ignore the extent to which neoliberalism involves a strategy for the restoration of power for dominant groups, and to see marginalized groups merely as a problem to be overcome, rather than part of any solution, has impaired the centre-left’s ability to understand its own decline and to think constructively about alternatives.
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This paper provides a unifying framework in which identified offset and sterilisation equations can be derived and estimated. The theoretical model suggests that, in the case where the central bank cares about bouth external and internal... more
This paper provides a unifying framework in which identified offset and sterilisation equations can be derived and estimated. The theoretical model suggests that, in the case where the central bank cares about bouth external and internal goals and capital is less than perfectly mobile, there will be some offsetting capital flows and the central bank will sterilise. Several results from the literature are encompassed as special case.
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The industrialized economies of the world have experienced a considerable diversity of economic experience since the shocks of the 1970s. The authors of this major study assess the institutional determinants of economic performance in a... more
The industrialized economies of the world have experienced a considerable diversity of economic experience since the shocks of the 1970s. The authors of this major study assess the institutional determinants of economic performance in a comparative analysis of OECD economies. They focus in particular on the role played by corporatist arrangements in such countries as Austria and the Scandinavian states.
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This paper argues that the mainstream literature on corporatism focuses too narrowly on the relationship between corporatism and the labor market. It adopts a broader political economy perspective to argue that corporatist arrangements... more
This paper argues that the mainstream literature on corporatism focuses too narrowly on the relationship between corporatism and the labor market. It adopts a broader political economy perspective to argue that corporatist arrangements impart macroeconomic stability through the resolution of distributional conflict and through greater investment stability. Results for nineteen OECD economies are presented that demonstrate that economies with strong corporatist institutions have enjoyed much greater success in forestalling the profit squeeze of the 1970s and early 1980s. Further results also demonstrate that investment in such economies is more stable and resilient to movements in profitability. Copyright 1991 by Oxford University Press.
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The issue of reform has much exercised social scientists over the recent past. A central question has been the economy and, in particular, what type of economic policies and institutions are suitable for an increasingly internationalised... more
The issue of reform has much exercised social scientists over the recent past. A central question has been the economy and, in particular, what type of economic policies and institutions are suitable for an increasingly internationalised and competitive world ...
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CARRUTH A., GIBSON H. and TSAKALOTOS E. (1999) Are aggregate consumption relationships similar across the European Union?, Reg. Studies 33, 17±26. The answer to the question posed in the title of the paper may have some bearing on whether... more
CARRUTH A., GIBSON H. and TSAKALOTOS E. (1999) Are aggregate consumption relationships similar across the European Union?, Reg. Studies 33, 17±26. The answer to the question posed in the title of the paper may have some bearing on whether consumer spending will ...
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... ear-lier versions of the paper and discuss some of the issues raised: Heather Gibson, Francis Green, Mark Setterfleld, Yanis Varoufakis and ... the need for formal transac-tions, avoiding costly trial and error, and accelerating the... more
... ear-lier versions of the paper and discuss some of the issues raised: Heather Gibson, Francis Green, Mark Setterfleld, Yanis Varoufakis and ... the need for formal transac-tions, avoiding costly trial and error, and accelerating the diffusion of best practice" (Crouch and Streeck ...
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We investigate the relationship between a company's dividend strategy and its risk of takeover. Our results from a large panel of UK quoted companies suggest that higher dividend payments are associated with a significantly... more
We investigate the relationship between a company's dividend strategy and its risk of takeover. Our results from a large panel of UK quoted companies suggest that higher dividend payments are associated with a significantly lower conditional probability ( ...
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... policy: the case of Greece Euclid Tsakalotos University of Kent ... Experience has shown, most recently in France and Greece in the 1980s, that such strategies are often abandoned because of macro-economic imbalances, such as current... more
... policy: the case of Greece Euclid Tsakalotos University of Kent ... Experience has shown, most recently in France and Greece in the 1980s, that such strategies are often abandoned because of macro-economic imbalances, such as current account crises. ...
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I. INTRODUCTION The development of managerial theories of the firm, hypothesising that managers place weight on the pursuit of goals other than profit maximis-ation (Penrose, 1959; Marris, 1964; Williamson, 1966), has led to a large... more
I. INTRODUCTION The development of managerial theories of the firm, hypothesising that managers place weight on the pursuit of goals other than profit maximis-ation (Penrose, 1959; Marris, 1964; Williamson, 1966), has led to a large literature on the agency costs of the divorce ...
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This paper provides a unifying framework in which identified offset and sterilization equations can be derived and estimated. The theoretical model suggests that, in the case where the central bank cares about both external and internal... more
This paper provides a unifying framework in which identified offset and sterilization equations can be derived and estimated. The theoretical model suggests that, in the case where the central bank cares about both external and internal goals and capital is less than perfectly ...
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... In Section 3, we describe our data set and focus on the methodology we adopt to test the impact ... from to, whereas flow figures such as profits are available only from r,. 15 We discuss later whether ... 2 and 3 indicate that... more
... In Section 3, we describe our data set and focus on the methodology we adopt to test the impact ... from to, whereas flow figures such as profits are available only from r,. 15 We discuss later whether ... 2 and 3 indicate that acqui-sition has a negative effect on the mean rate of return ...
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This article reviews the growing literature on financial reform in developing countries. We draw both on the theoretical contri-butions outlining the case for and against liberalisation as well as on the experience of many developing... more
This article reviews the growing literature on financial reform in developing countries. We draw both on the theoretical contri-butions outlining the case for and against liberalisation as well as on the experience of many developing countries with liberalisa-tion. We argue that the ...
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CARRUTH A., GIBSON H. and TSAKALOTOS E. (1999) Are aggregate consumption relationships similar across the European Union?, Reg. Studies 33, 17±26. The answer to the question posed in the title of the paper may have some bearing on whether... more
CARRUTH A., GIBSON H. and TSAKALOTOS E. (1999) Are aggregate consumption relationships similar across the European Union?, Reg. Studies 33, 17±26. The answer to the question posed in the title of the paper may have some bearing on whether consumer spending will ...
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... Acknowledgements Acknowledgements I would like to thank Vassilis Monastiriotis, Dimitris Sotiropoulos, and the seminar participants of the Hellenic Observatory at the LSE for a number of insightful comments. Page 3. Modernization ...