The Greek Dra(ch)ma:5 Years of Austerity. The Three Economists' View and a Comment

Hatgioannides, J., Karanasos, M., Karanassou, M., Koutroumpis, P. & Sala, H. The Greek Dra(ch)ma:5 Years of Austerity. The Three Economists' View and a Comment. In: I. Bournakis, D. K. Christopoulos & C. Tsoukis (Eds.), Greece in the Maelstrom: On the Political Economy of the Crisis. . Palgrave Macmillan.

[img] Text - Accepted Version
Restricted to Repository staff only

Download (207kB) | Request a copy
[img] Text (appendix) - Supplemental Material
Restricted to Repository staff only

Download (2MB) | Request a copy

Abstract

In this paper we summarize the opinion of three renowned economists, namely Paul De Grauwe, Paul Krugman and Joseph Stiglitz, on the eurozone crisis as well as the Greek case. In particular all three expressed in one way or another their reservations about the single currency. On one side De Grauwe and Stiglitz highlighted the design failures of the eurozone and on the other Krugman argued that the creation of the common currency was a terrible mistake. In support of their claims we provide evidence of the negative consequences of the austerity measures that were implemented by the troika on the Greek economy for a period covering 2010-2014. After five years of austerity, Greece among others experienced significant deflationary dynamics, deep recession as well as high unemployment rates.

Item Type: Book Section
Additional Information: Hatgioannides, J., Karanasos, M., Karanassou, M., Koutroumpis, P. & Sala, H., The Greek Dra(ch)ma:5 Years of Austerity. The Three Economists' View and a Comment, Palgrave Macmillan, reproduced with permission of Palgrave Macmillan. This extract is taken from the author's original manuscript and has not been edited. The definitive, published, version of record will be available here: www.palgrave.com.
Subjects: H Social Sciences > HB Economic Theory
Divisions: Cass Business School > Faculty of Finance
URI: http://openaccess.city.ac.uk/id/eprint/17907

Actions (login required)

View Item View Item

Downloads

Downloads per month over past year

View more statistics