Greece: Selected Issues
Volume/Issue:
Volume 2007
Issue 027
Publication date: January 2007
ISBN: 9781451816280
$20.00
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Topics covered in this book
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Banks and Banking , Exports and Imports , Finance , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , government , credit growth , expenditure , expenditure item , revenue side , OECD average , expenditure component , Greek bank , Credit , Fiscal consolidation , Current account deficits , Exports , Competition , Europe , Global , Middle East , Africa , Asia and Pacific
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Summary
This Selected Issues paper examines three areas of key policy importance for Greece in the coming years. The paper documents the loss of international competitiveness in recent years, as well as the accompanying widening of the current account deficit. It analyzes fiscal consolidation episodes in advanced economies, and confirms the conclusion found in the literature that, for durable consolidation, control of current spending is superior to revenue increases. The paper also estimates European banks’ vulnerability to rapid credit growth and economic slowdowns.
