Greece: Selected Issues

Author: International Monetary Fund

Volume/Issue: Volume 2003 Issue 157

Publication date: June 2003

ISBN: 9781451816150

$20.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Public Finance , Taxation - General , ISCR , CR , deficit , Greece , increase horizontal equity , tax rate , chapter III , current account deficit , tax recordkeeping , tax burden , Current account deficits , Personal income tax , Current account , Social security contributions , Global , Central Asia

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Summary

This Selected Issues paper analyzes the major factors that may have contributed to the marked widening of the external current account imbalance in Greece since the mid-1990s, with the deficit reaching one of the highest levels (in relation to GDP) among advanced economies. The factors reviewed include developments in relative cost and other competitiveness indicators, business cycle asynchronization, and idiosyncratic supply shocks and immigration. Potential implications of euro area entry are discussed, in particular the impact of declining interest rates in the context of monetary union.