Index
Modeling Economic Growth in Contemporary Greece
ISBN: 978-1-80071-123-5, eISBN: 978-1-80071-122-8
Publication date: 4 November 2021
Citation
(2021), "Index", Vlachos, V., Bitzenis, A. and Sergi, B.S. (Ed.) Modeling Economic Growth in Contemporary Greece (Entrepreneurship and Global Economic Growth), Emerald Publishing Limited, Leeds, pp. 315-321. https://doi.org/10.1108/978-1-80071-122-820211023
Publisher
:Emerald Publishing Limited
Copyright © 2022 by Emerald Publishing Limited
INDEX
Abuse of dominance, 171–172, 174
Agri-food Sector in Greece, 221–222, 230
CAP, 230–233
impact of COVID-19 on, 237–239
X-factor, 239–241
in years of economic crisis, 233–237
Agricultural Knowledge and Innovation Systems (AKIS), 240–241
Air transport, 306–307
Annual work unit (AWU), 224
“Anti-austerity” coalition government, 125
Anti-competitive agreements, 174
ARCH/GARCH Model, 49
ARIMA models, 47
ARIMA(1,1,1)-ARCH(1) model, 57–59
data and descriptive statistics, 50
diagnostic checking, 54–57
empirical results, 51–59
estimation of ARIMA-ARCH/GARCH model, 49–50
theoretical background, 47–50
Artificial intelligence (AI), 281
Asset Management Company (AMC), 212
Asset quality review (AQR), 201
Augmented Dickey and Fuller test (ADF test), 51
Auto Regressive Moving Average process (ARMA process), 49
Autoregressive Conditional Heteroscedasticity (ARCH (q) model), 49
Autoregressive procedure (AR procedure), 48–49
Average Daily Rate (ADR), 271–272
Bank of Greece, 212
Basic Payment Scheme (BPS), 230, 232
Big data analytics, 281
Bootstrapping procedures, 149
Box and Jenkins methodology, 47–49
Broyden-Fletcher-Goldfarb-Shanno algorithm (BFGS algorithm), 48
Capital Adequacy Ratio (CAR), 208–210
Capitalism, 13
City break tourism, 265
Collapsed “welfare system”, 121–124
Common Agricultural Policy (CAP), 230–233
Common Equity Tier 1 (CET1), 208–210
Competitiveness, 16
Concentration control, 172
Concerted actions, 171
Confederation of Greek Tourism Enterprises, 272–273
Consistent estimator, 149
Consumer welfare, 176–177
Contemporary Greece, 2
Control of corruption, 107
Convergence criteria, 61–65
Coronavirus pandemic (COVID-19 pandemic), 5–6, 29
pandemic impact on Greek growth drivers, 32–39
theoretical framework of pandemic impact, 30–32
Corruption, 18, 109–111
Cost-driven competitiveness, 21
Credit Loss Projections (CLPs), 198
Credit ratings, 17
Crisis, 122
to endless crisis, 125–127
Debt burden, 46–47
Destination Development Management and Marketing Organizations (DDMMOs), 276
Dynamic forecasting, 48–50
Economic and Monetary Union (EMU), 13, 62–64, 78, 121
Greece and entrance in, 65–95
Economic development, 105
interactions, 110–113
issues, 108–110
policy implications, 114–116
Economic efficiency, 177–178
Economic growth, 45, 108
in Greece, 45–47
models, 45
Enforcement of competition law, 174–175
private enforcement of competition law, 175
public enforcement of competition law, 174–175
EOMMEX, 158
ESM programmes, 192
EU Merger Regulation (EUMR), 169–170
EU Recovery and Resilience Facility (RRF), 213–214
Eurobank, 212–213
European Bank for Reconstruction and Development (EBRD), 208
European Banking Authority (EBA), 197
European Central Bank (ECB), 40, 61, 119–120, 195–196
European Competition Network (ECN), 170
European Economic Area (EEA), 255
European Financial Stability Facility (EFSF), 67, 192, 195
European Investment Bank (EIB), 236–237
European Stability Mechanism program, 32–33
European System of Central Banks (ESCB), 61
European Union (EU), 2, 78, 119–120, 169, 191, 301
Green Deal, 246
Eurostat, 68–69, 73
Eurostat and Hellenic Statistical Authority (ELSTAT), 283
Eurosystem, 37
Excessive Deficit Procedure (EDP), 69, 73
Exchange Rate Mechanism (ERM II), 61
Export-oriented entrepreneurship, 21
Extractive Industries Transparency Initiative (EITI), 258–259
Extroversion, 21
Farm Accountancy Data Network data (FADN), 224
Financial stability, 196
Financing
agriculture, 236–237
of Greek economy, 202–208
Firms, 131
determinants of firm productivity, 156–158
Fiscal sustainability, 196
Fiscally rogue countries, 65
Forecasting evaluation, 50
Foreign Direct Investment (FDI), 4, 15–16, 202–203, 264–265
Foundation for Economic and Industrial Research (FEIR/IOBE), 281–282
Fourth Industrial Revolution (Industry 4.0), 13, 281
Free trade, 64
Global Competitiveness Report, 17
Global Financial Crisis (GFC), 197
Good governance, 105–107
Governance, 106–107
key elements, 112
Governance quality, 105
empirical research on effects of, 113–114
interactions, 110–113
issue, 105–108
policy implications, 114–116
Government effectiveness, 107
Greece
case, 78–95
contraction of economic activity in, 13–16
economic growth, 1, 45, 47
factors, 1–2
Greek Banking System, 191–192
financing of Greek economy, 202–208
Greek financial crisis, 193–196
impact of Greek financial crisis on banks, 196–202
recapitalization and restructuring of Greek banking sector, 200–201
recent developments and business challenges, 208–213
Greek banks, 37, 197, 213
Greek Competition Law, 169
challenges, 184–185
economic development and accession, 179–180
Greece’s economic growth, 178–185
objectives, 176–178
parallel growth, 181–182
period of slow economic growth, 180–181
provisions and enforcement, 170–175
reform of competition law and enforcement, 182–184
Greek crisis, 46
Greek economic miracle, 45–46
Greek Economy, 2–4
competitive position and dynamics, 5–6
dynamics, 18–21
financing of, 202–208
international rankings of, 16–18
Greek financial crisis, 193–196
adverse economic conditions and deteriorated asset quality, 197–198
cut-off from international markets and deposit outflows, 197
first program, 195
impact of Greek financial crisis on banks, 196–202
second program, 195
third program, 195–196
Greek financial sector, 191
Greek Government Bonds (GGBs), 198
Greek ICT
business economy, 287
key elements, 295–297
quantifying economic impact, 289–295
sector and importance in economy, 281–283
structural indicators, 283–289
Greek Labor Market, 131
data, 132–133
empirical results, 133–151
Greek National Tourism Organization (GNTO), 275
Greek Systemic Banks Comprehensive Assessment, 201–202
Greek transport industry, 301
general trends, 304–306
performance, 302–304
specific issues, 306–311
Greenhouse Gas Emissions (GHG), 228–230
Gross domestic product (GDP), 2–4, 13, 45, 71, 108
weaknesses, 108–109
Gross fixed capital formation (GFCF), 15
Gross National Income (GNI), 88
Gross value added (GVA), 301–302
Growth-enhancing governance, 108
Guaranteed Minimum Income (GMI), 123–124, 126
Hannan-Quinn criteria (HQ criteria), 52
Hellenic Asset Protection Scheme, 210
Hellenic Competition Commission (HCC), 169, 174
Hellenic Statistical Service, 73
Hotels, restaurants, catering (HORECA), 238
Human capital, 156
Human development, 108–109
Human Development Index (HDI), 80, 88, 108–109
Hydrocarbons exploration, 245
in Greece, 246
local content as window of opportunity for sustainable growth, 256–260
policies and economic terms for, 246–256
Implementation oxymoron, 20
Industrialized economies, 64–65
Inefficiency, 120
Inequality, 120
Information and communication technologies (ICT), 156, 163–164, 281–282
linkages in economy and diffusion of innovation, 294–295
sector and importance in economy, 281–283
Input-Output analysis (I-O analysis), 283
Integrated resorts (IR), 266–267
Inter-industry wage premia, 131–132
Intermodality, 306
Internal market, 178
International Congress and Convention Association (ICCA), 266
International Monetary Fund (IMF), 119–120, 192–193
International Organization of Vine and Wine (OIV), 238
International rankings of Greek Economy, 16–18
Internet of things (IoT), 281
Interquantile regression analysis, 148–151
Investment in ICT infrastructure, 288–289
Labor productivity, 155
Laboratory of Industrial and Energy Economics (LIEE-NTUA), 281–282
Lease Agreements, 247, 255
Legislative provisions, 169
Level of corruption, 107–108
Local content as window of opportunity for sustainable growth, 256–260
Maastricht criteria, 79
Maastricht rules, 66
Maastricht Treaty. See Treaty on the European Union (TEU)
Machine learning, 281
Maritime transport, 310–311
Market-enhancing governance, 108
Marquardt algorithm, 49–50
Mean Absolute Error (MAE), 48–50, 59
Mean Absolute Percentage Error (MAPE), 48–50, 59
Medical tourism, 266
Medium-Term Fiscal Strategy 2013–2016, 68
Meetings and Incentives tourism (MICE tourism), 266
Memorandum of understanding (MoU), 195–196
Merger control, 172, 174
Minimum income, 126
Moving average (MA), 48
Multi-step ahead forecast. See Dynamic forecasting
Multiannual Financial Framework (MFF), 231
Multimodality, 306
National bankruptcy, 128
Natural resources, 45
Nautical tourism, 265
Neoclassical growth models, 64
New Democracy Party, 69–70
Nominal convergence, 61–65
Non-performing loans (NPLs), 20–21, 197–198
Non-seasonal ARIMA model, 47
Non-tariff barriers (NTBs), 63–64
North American Free Trade Agreement (NAFTA), 63–64
Oil and Gas Climate Initiative (OGCI), 259–260
OLS results, 160
Organization for Economic Co-operation and Development (OECD), 20–21, 264
“Orient East-Med” corridor, 306
Overall development, 109
Panel data approaches, 2
Partial factor productivity (PFP), 225–227
PASOK, 66
Phillips and Perron test (PP test), 51
Political integration, 13
Political macrostructure, 110
Political stability and absence of violence/terrorism, 107
Political system, 110
Portugal, Italy, Greece, and Spain (PIGS), 65
Poverty rate, 39
Price competitiveness, 272
Price Water House Coopers (PWC), 270
Private enforcement of competition law. See also Public enforcement of competition law, 175
Private sector involvement (PSI), 195
restructuring of Greek sovereign debt through, 198–200
Production function, 45
Protected Designation of Origin (PDO), 230–231
Protected Geographical Indication (PGI), 230–231
Protection of Free Competition, 169
Provisions of competition law. See also Enforcement of competition law
abuse of dominant position, 171–172
merger control or control of concentrations, 172
public undertakings and undertakings with special or exclusive rights, 173
restrictive practices and concerted actions, 171
State aid, 172–173
Public enforcement of competition law, 174–175
anti-competitive agreements and abuse of dominance, 174
merger control, 174
State aid, 175
Public investment, 35
Public Service Obligation, 310–311
Public services, 123–124
Public undertakings and undertakings with special or exclusive rights, 173
Purchasing power parity (PPP), 88
Purchasing power standards (PPS), 95
Quantile regression estimator for clustered data, 149
Rail transport, 307–308
Real convergence, 61–65
Regulatory Authority for Energy (RAE), 174
Regulatory Authority for Railways (RAS), 308
Regulatory quality, 107
“Repositioning Greece” initiative, 275
Research and development (R&D), 156, 291–292
Residential investment, 35
Residual testing, 48
Restrictive practices, 171
Return to growth, 196
Revenue per Available room (Rev Par), 271–272
Road transport, 308–310
Root Mean Square Error (RMSE), 48–50, 59
Rule of law, 107
SARIMA models, 54
Schwarz Information Criterion (SIC), 54
Seasonal ARIMA model, 47–49
Seeds, fertilizers and pesticides (SFP), 236
Shadow economy, 18
Single European Railway Area, 307–308
Small and medium-sized enterprises (SMEs), 17, 155
data and methodology, 158–160
determinants of firm productivity, 156–158
empirical results, 160–165
methodology, 158–160
productivity, 156
survey data, 158
Social cohesion, 1
Social infrastructure, 112
Social policy, 119
collapsed “welfare system”, 121–124
crisis to endless crisis, 125–127
underdevelopment, 120–121
Social Solidarity Income (SSI), 126
Social state, 109
Solidarity, 124
Sports tourism, 266
Standstill requirement, 175
State aid, 172–173, 175
Static forecasting, 48–49
Stationarity testing, 51–53
Stress test of Greek banking sector, 201
Structure of Earnings Survey (SES), 132–133
Survival strategy, 111–112
System of National Accounts (SNA), 291–292
Telecommunications, 287
Theil Inequality Coefficient, 48–50, 59
Total factor productivity (TFP), 64–65, 225, 227
Tourism for Greek economy, 263
importance, 263–265
potential, 273–276
special features/characteristics, 267–273
subsectors, 265–267
TRAINOSE, 308
Trans-European Transport Network (TEN-T), 304–306
Transparency International, 109
Transportation, 301
Treaty of Rome, 169
Treaty on the European Union (TEU), 61–62, 176
Treaty on the Functioning of the European Union (TFEU), 169
Troika, 67–68
UN Sustainable Development Goals, 246
Unemployment, 124
United Nations Development Program (UNDP), 88
United Nations Educational, Scientific and Cultural Organization (UNESCO), 275
United Nations World Tourism Organization (UNWTO), 263, 265–266
Utilized Agricultural Area (UAA), 222
Value added (VA), 283–287
Value added tax (VAT), 73
Voice and accountability, 107
Wage inflexibility, 131
Wald chi-squared test, 138
Window of opportunity, 124
World Bank, 105–106
World Food Program (WFP), 237–238
World Travel and Tourism Council (WTTC), 267
Worldwide Governance Indicators project, 107
X-factor, 239–241
Capital Adequacy Ratio (CAR), 208–210
Capitalism, 13
City break tourism, 265
Collapsed “welfare system”, 121–124
Common Agricultural Policy (CAP), 230–233
Common Equity Tier 1 (CET1), 208–210
Competitiveness, 16
Concentration control, 172
Concerted actions, 171
Confederation of Greek Tourism Enterprises, 272–273
Consistent estimator, 149
Consumer welfare, 176–177
Contemporary Greece, 2
Control of corruption, 107
Convergence criteria, 61–65
Coronavirus pandemic (COVID-19 pandemic), 5–6, 29
pandemic impact on Greek growth drivers, 32–39
theoretical framework of pandemic impact, 30–32
Corruption, 18, 109–111
Cost-driven competitiveness, 21
Credit Loss Projections (CLPs), 198
Credit ratings, 17
Crisis, 122
to endless crisis, 125–127
Debt burden, 46–47
Destination Development Management and Marketing Organizations (DDMMOs), 276
Dynamic forecasting, 48–50
Economic and Monetary Union (EMU), 13, 62–64, 78, 121
Greece and entrance in, 65–95
Economic development, 105
interactions, 110–113
issues, 108–110
policy implications, 114–116
Economic efficiency, 177–178
Economic growth, 45, 108
in Greece, 45–47
models, 45
Enforcement of competition law, 174–175
private enforcement of competition law, 175
public enforcement of competition law, 174–175
EOMMEX, 158
ESM programmes, 192
EU Merger Regulation (EUMR), 169–170
EU Recovery and Resilience Facility (RRF), 213–214
Eurobank, 212–213
European Bank for Reconstruction and Development (EBRD), 208
European Banking Authority (EBA), 197
European Central Bank (ECB), 40, 61, 119–120, 195–196
European Competition Network (ECN), 170
European Economic Area (EEA), 255
European Financial Stability Facility (EFSF), 67, 192, 195
European Investment Bank (EIB), 236–237
European Stability Mechanism program, 32–33
European System of Central Banks (ESCB), 61
European Union (EU), 2, 78, 119–120, 169, 191, 301
Green Deal, 246
Eurostat, 68–69, 73
Eurostat and Hellenic Statistical Authority (ELSTAT), 283
Eurosystem, 37
Excessive Deficit Procedure (EDP), 69, 73
Exchange Rate Mechanism (ERM II), 61
Export-oriented entrepreneurship, 21
Extractive Industries Transparency Initiative (EITI), 258–259
Extroversion, 21
Farm Accountancy Data Network data (FADN), 224
Financial stability, 196
Financing
agriculture, 236–237
of Greek economy, 202–208
Firms, 131
determinants of firm productivity, 156–158
Fiscal sustainability, 196
Fiscally rogue countries, 65
Forecasting evaluation, 50
Foreign Direct Investment (FDI), 4, 15–16, 202–203, 264–265
Foundation for Economic and Industrial Research (FEIR/IOBE), 281–282
Fourth Industrial Revolution (Industry 4.0), 13, 281
Free trade, 64
Global Competitiveness Report, 17
Global Financial Crisis (GFC), 197
Good governance, 105–107
Governance, 106–107
key elements, 112
Governance quality, 105
empirical research on effects of, 113–114
interactions, 110–113
issue, 105–108
policy implications, 114–116
Government effectiveness, 107
Greece
case, 78–95
contraction of economic activity in, 13–16
economic growth, 1, 45, 47
factors, 1–2
Greek Banking System, 191–192
financing of Greek economy, 202–208
Greek financial crisis, 193–196
impact of Greek financial crisis on banks, 196–202
recapitalization and restructuring of Greek banking sector, 200–201
recent developments and business challenges, 208–213
Greek banks, 37, 197, 213
Greek Competition Law, 169
challenges, 184–185
economic development and accession, 179–180
Greece’s economic growth, 178–185
objectives, 176–178
parallel growth, 181–182
period of slow economic growth, 180–181
provisions and enforcement, 170–175
reform of competition law and enforcement, 182–184
Greek crisis, 46
Greek economic miracle, 45–46
Greek Economy, 2–4
competitive position and dynamics, 5–6
dynamics, 18–21
financing of, 202–208
international rankings of, 16–18
Greek financial crisis, 193–196
adverse economic conditions and deteriorated asset quality, 197–198
cut-off from international markets and deposit outflows, 197
first program, 195
impact of Greek financial crisis on banks, 196–202
second program, 195
third program, 195–196
Greek financial sector, 191
Greek Government Bonds (GGBs), 198
Greek ICT
business economy, 287
key elements, 295–297
quantifying economic impact, 289–295
sector and importance in economy, 281–283
structural indicators, 283–289
Greek Labor Market, 131
data, 132–133
empirical results, 133–151
Greek National Tourism Organization (GNTO), 275
Greek Systemic Banks Comprehensive Assessment, 201–202
Greek transport industry, 301
general trends, 304–306
performance, 302–304
specific issues, 306–311
Greenhouse Gas Emissions (GHG), 228–230
Gross domestic product (GDP), 2–4, 13, 45, 71, 108
weaknesses, 108–109
Gross fixed capital formation (GFCF), 15
Gross National Income (GNI), 88
Gross value added (GVA), 301–302
Growth-enhancing governance, 108
Guaranteed Minimum Income (GMI), 123–124, 126
Hannan-Quinn criteria (HQ criteria), 52
Hellenic Asset Protection Scheme, 210
Hellenic Competition Commission (HCC), 169, 174
Hellenic Statistical Service, 73
Hotels, restaurants, catering (HORECA), 238
Human capital, 156
Human development, 108–109
Human Development Index (HDI), 80, 88, 108–109
Hydrocarbons exploration, 245
in Greece, 246
local content as window of opportunity for sustainable growth, 256–260
policies and economic terms for, 246–256
Implementation oxymoron, 20
Industrialized economies, 64–65
Inefficiency, 120
Inequality, 120
Information and communication technologies (ICT), 156, 163–164, 281–282
linkages in economy and diffusion of innovation, 294–295
sector and importance in economy, 281–283
Input-Output analysis (I-O analysis), 283
Integrated resorts (IR), 266–267
Inter-industry wage premia, 131–132
Intermodality, 306
Internal market, 178
International Congress and Convention Association (ICCA), 266
International Monetary Fund (IMF), 119–120, 192–193
International Organization of Vine and Wine (OIV), 238
International rankings of Greek Economy, 16–18
Internet of things (IoT), 281
Interquantile regression analysis, 148–151
Investment in ICT infrastructure, 288–289
Labor productivity, 155
Laboratory of Industrial and Energy Economics (LIEE-NTUA), 281–282
Lease Agreements, 247, 255
Legislative provisions, 169
Level of corruption, 107–108
Local content as window of opportunity for sustainable growth, 256–260
Maastricht criteria, 79
Maastricht rules, 66
Maastricht Treaty. See Treaty on the European Union (TEU)
Machine learning, 281
Maritime transport, 310–311
Market-enhancing governance, 108
Marquardt algorithm, 49–50
Mean Absolute Error (MAE), 48–50, 59
Mean Absolute Percentage Error (MAPE), 48–50, 59
Medical tourism, 266
Medium-Term Fiscal Strategy 2013–2016, 68
Meetings and Incentives tourism (MICE tourism), 266
Memorandum of understanding (MoU), 195–196
Merger control, 172, 174
Minimum income, 126
Moving average (MA), 48
Multi-step ahead forecast. See Dynamic forecasting
Multiannual Financial Framework (MFF), 231
Multimodality, 306
National bankruptcy, 128
Natural resources, 45
Nautical tourism, 265
Neoclassical growth models, 64
New Democracy Party, 69–70
Nominal convergence, 61–65
Non-performing loans (NPLs), 20–21, 197–198
Non-seasonal ARIMA model, 47
Non-tariff barriers (NTBs), 63–64
North American Free Trade Agreement (NAFTA), 63–64
Oil and Gas Climate Initiative (OGCI), 259–260
OLS results, 160
Organization for Economic Co-operation and Development (OECD), 20–21, 264
“Orient East-Med” corridor, 306
Overall development, 109
Panel data approaches, 2
Partial factor productivity (PFP), 225–227
PASOK, 66
Phillips and Perron test (PP test), 51
Political integration, 13
Political macrostructure, 110
Political stability and absence of violence/terrorism, 107
Political system, 110
Portugal, Italy, Greece, and Spain (PIGS), 65
Poverty rate, 39
Price competitiveness, 272
Price Water House Coopers (PWC), 270
Private enforcement of competition law. See also Public enforcement of competition law, 175
Private sector involvement (PSI), 195
restructuring of Greek sovereign debt through, 198–200
Production function, 45
Protected Designation of Origin (PDO), 230–231
Protected Geographical Indication (PGI), 230–231
Protection of Free Competition, 169
Provisions of competition law. See also Enforcement of competition law
abuse of dominant position, 171–172
merger control or control of concentrations, 172
public undertakings and undertakings with special or exclusive rights, 173
restrictive practices and concerted actions, 171
State aid, 172–173
Public enforcement of competition law, 174–175
anti-competitive agreements and abuse of dominance, 174
merger control, 174
State aid, 175
Public investment, 35
Public Service Obligation, 310–311
Public services, 123–124
Public undertakings and undertakings with special or exclusive rights, 173
Purchasing power parity (PPP), 88
Purchasing power standards (PPS), 95
Quantile regression estimator for clustered data, 149
Rail transport, 307–308
Real convergence, 61–65
Regulatory Authority for Energy (RAE), 174
Regulatory Authority for Railways (RAS), 308
Regulatory quality, 107
“Repositioning Greece” initiative, 275
Research and development (R&D), 156, 291–292
Residential investment, 35
Residual testing, 48
Restrictive practices, 171
Return to growth, 196
Revenue per Available room (Rev Par), 271–272
Road transport, 308–310
Root Mean Square Error (RMSE), 48–50, 59
Rule of law, 107
SARIMA models, 54
Schwarz Information Criterion (SIC), 54
Seasonal ARIMA model, 47–49
Seeds, fertilizers and pesticides (SFP), 236
Shadow economy, 18
Single European Railway Area, 307–308
Small and medium-sized enterprises (SMEs), 17, 155
data and methodology, 158–160
determinants of firm productivity, 156–158
empirical results, 160–165
methodology, 158–160
productivity, 156
survey data, 158
Social cohesion, 1
Social infrastructure, 112
Social policy, 119
collapsed “welfare system”, 121–124
crisis to endless crisis, 125–127
underdevelopment, 120–121
Social Solidarity Income (SSI), 126
Social state, 109
Solidarity, 124
Sports tourism, 266
Standstill requirement, 175
State aid, 172–173, 175
Static forecasting, 48–49
Stationarity testing, 51–53
Stress test of Greek banking sector, 201
Structure of Earnings Survey (SES), 132–133
Survival strategy, 111–112
System of National Accounts (SNA), 291–292
Telecommunications, 287
Theil Inequality Coefficient, 48–50, 59
Total factor productivity (TFP), 64–65, 225, 227
Tourism for Greek economy, 263
importance, 263–265
potential, 273–276
special features/characteristics, 267–273
subsectors, 265–267
TRAINOSE, 308
Trans-European Transport Network (TEN-T), 304–306
Transparency International, 109
Transportation, 301
Treaty of Rome, 169
Treaty on the European Union (TEU), 61–62, 176
Treaty on the Functioning of the European Union (TFEU), 169
Troika, 67–68
UN Sustainable Development Goals, 246
Unemployment, 124
United Nations Development Program (UNDP), 88
United Nations Educational, Scientific and Cultural Organization (UNESCO), 275
United Nations World Tourism Organization (UNWTO), 263, 265–266
Utilized Agricultural Area (UAA), 222
Value added (VA), 283–287
Value added tax (VAT), 73
Voice and accountability, 107
Wage inflexibility, 131
Wald chi-squared test, 138
Window of opportunity, 124
World Bank, 105–106
World Food Program (WFP), 237–238
World Travel and Tourism Council (WTTC), 267
Worldwide Governance Indicators project, 107
X-factor, 239–241
Economic and Monetary Union (EMU), 13, 62–64, 78, 121
Greece and entrance in, 65–95
Economic development, 105
interactions, 110–113
issues, 108–110
policy implications, 114–116
Economic efficiency, 177–178
Economic growth, 45, 108
in Greece, 45–47
models, 45
Enforcement of competition law, 174–175
private enforcement of competition law, 175
public enforcement of competition law, 174–175
EOMMEX, 158
ESM programmes, 192
EU Merger Regulation (EUMR), 169–170
EU Recovery and Resilience Facility (RRF), 213–214
Eurobank, 212–213
European Bank for Reconstruction and Development (EBRD), 208
European Banking Authority (EBA), 197
European Central Bank (ECB), 40, 61, 119–120, 195–196
European Competition Network (ECN), 170
European Economic Area (EEA), 255
European Financial Stability Facility (EFSF), 67, 192, 195
European Investment Bank (EIB), 236–237
European Stability Mechanism program, 32–33
European System of Central Banks (ESCB), 61
European Union (EU), 2, 78, 119–120, 169, 191, 301
Green Deal, 246
Eurostat, 68–69, 73
Eurostat and Hellenic Statistical Authority (ELSTAT), 283
Eurosystem, 37
Excessive Deficit Procedure (EDP), 69, 73
Exchange Rate Mechanism (ERM II), 61
Export-oriented entrepreneurship, 21
Extractive Industries Transparency Initiative (EITI), 258–259
Extroversion, 21
Farm Accountancy Data Network data (FADN), 224
Financial stability, 196
Financing
agriculture, 236–237
of Greek economy, 202–208
Firms, 131
determinants of firm productivity, 156–158
Fiscal sustainability, 196
Fiscally rogue countries, 65
Forecasting evaluation, 50
Foreign Direct Investment (FDI), 4, 15–16, 202–203, 264–265
Foundation for Economic and Industrial Research (FEIR/IOBE), 281–282
Fourth Industrial Revolution (Industry 4.0), 13, 281
Free trade, 64
Global Competitiveness Report, 17
Global Financial Crisis (GFC), 197
Good governance, 105–107
Governance, 106–107
key elements, 112
Governance quality, 105
empirical research on effects of, 113–114
interactions, 110–113
issue, 105–108
policy implications, 114–116
Government effectiveness, 107
Greece
case, 78–95
contraction of economic activity in, 13–16
economic growth, 1, 45, 47
factors, 1–2
Greek Banking System, 191–192
financing of Greek economy, 202–208
Greek financial crisis, 193–196
impact of Greek financial crisis on banks, 196–202
recapitalization and restructuring of Greek banking sector, 200–201
recent developments and business challenges, 208–213
Greek banks, 37, 197, 213
Greek Competition Law, 169
challenges, 184–185
economic development and accession, 179–180
Greece’s economic growth, 178–185
objectives, 176–178
parallel growth, 181–182
period of slow economic growth, 180–181
provisions and enforcement, 170–175
reform of competition law and enforcement, 182–184
Greek crisis, 46
Greek economic miracle, 45–46
Greek Economy, 2–4
competitive position and dynamics, 5–6
dynamics, 18–21
financing of, 202–208
international rankings of, 16–18
Greek financial crisis, 193–196
adverse economic conditions and deteriorated asset quality, 197–198
cut-off from international markets and deposit outflows, 197
first program, 195
impact of Greek financial crisis on banks, 196–202
second program, 195
third program, 195–196
Greek financial sector, 191
Greek Government Bonds (GGBs), 198
Greek ICT
business economy, 287
key elements, 295–297
quantifying economic impact, 289–295
sector and importance in economy, 281–283
structural indicators, 283–289
Greek Labor Market, 131
data, 132–133
empirical results, 133–151
Greek National Tourism Organization (GNTO), 275
Greek Systemic Banks Comprehensive Assessment, 201–202
Greek transport industry, 301
general trends, 304–306
performance, 302–304
specific issues, 306–311
Greenhouse Gas Emissions (GHG), 228–230
Gross domestic product (GDP), 2–4, 13, 45, 71, 108
weaknesses, 108–109
Gross fixed capital formation (GFCF), 15
Gross National Income (GNI), 88
Gross value added (GVA), 301–302
Growth-enhancing governance, 108
Guaranteed Minimum Income (GMI), 123–124, 126
Hannan-Quinn criteria (HQ criteria), 52
Hellenic Asset Protection Scheme, 210
Hellenic Competition Commission (HCC), 169, 174
Hellenic Statistical Service, 73
Hotels, restaurants, catering (HORECA), 238
Human capital, 156
Human development, 108–109
Human Development Index (HDI), 80, 88, 108–109
Hydrocarbons exploration, 245
in Greece, 246
local content as window of opportunity for sustainable growth, 256–260
policies and economic terms for, 246–256
Implementation oxymoron, 20
Industrialized economies, 64–65
Inefficiency, 120
Inequality, 120
Information and communication technologies (ICT), 156, 163–164, 281–282
linkages in economy and diffusion of innovation, 294–295
sector and importance in economy, 281–283
Input-Output analysis (I-O analysis), 283
Integrated resorts (IR), 266–267
Inter-industry wage premia, 131–132
Intermodality, 306
Internal market, 178
International Congress and Convention Association (ICCA), 266
International Monetary Fund (IMF), 119–120, 192–193
International Organization of Vine and Wine (OIV), 238
International rankings of Greek Economy, 16–18
Internet of things (IoT), 281
Interquantile regression analysis, 148–151
Investment in ICT infrastructure, 288–289
Labor productivity, 155
Laboratory of Industrial and Energy Economics (LIEE-NTUA), 281–282
Lease Agreements, 247, 255
Legislative provisions, 169
Level of corruption, 107–108
Local content as window of opportunity for sustainable growth, 256–260
Maastricht criteria, 79
Maastricht rules, 66
Maastricht Treaty. See Treaty on the European Union (TEU)
Machine learning, 281
Maritime transport, 310–311
Market-enhancing governance, 108
Marquardt algorithm, 49–50
Mean Absolute Error (MAE), 48–50, 59
Mean Absolute Percentage Error (MAPE), 48–50, 59
Medical tourism, 266
Medium-Term Fiscal Strategy 2013–2016, 68
Meetings and Incentives tourism (MICE tourism), 266
Memorandum of understanding (MoU), 195–196
Merger control, 172, 174
Minimum income, 126
Moving average (MA), 48
Multi-step ahead forecast. See Dynamic forecasting
Multiannual Financial Framework (MFF), 231
Multimodality, 306
National bankruptcy, 128
Natural resources, 45
Nautical tourism, 265
Neoclassical growth models, 64
New Democracy Party, 69–70
Nominal convergence, 61–65
Non-performing loans (NPLs), 20–21, 197–198
Non-seasonal ARIMA model, 47
Non-tariff barriers (NTBs), 63–64
North American Free Trade Agreement (NAFTA), 63–64
Oil and Gas Climate Initiative (OGCI), 259–260
OLS results, 160
Organization for Economic Co-operation and Development (OECD), 20–21, 264
“Orient East-Med” corridor, 306
Overall development, 109
Panel data approaches, 2
Partial factor productivity (PFP), 225–227
PASOK, 66
Phillips and Perron test (PP test), 51
Political integration, 13
Political macrostructure, 110
Political stability and absence of violence/terrorism, 107
Political system, 110
Portugal, Italy, Greece, and Spain (PIGS), 65
Poverty rate, 39
Price competitiveness, 272
Price Water House Coopers (PWC), 270
Private enforcement of competition law. See also Public enforcement of competition law, 175
Private sector involvement (PSI), 195
restructuring of Greek sovereign debt through, 198–200
Production function, 45
Protected Designation of Origin (PDO), 230–231
Protected Geographical Indication (PGI), 230–231
Protection of Free Competition, 169
Provisions of competition law. See also Enforcement of competition law
abuse of dominant position, 171–172
merger control or control of concentrations, 172
public undertakings and undertakings with special or exclusive rights, 173
restrictive practices and concerted actions, 171
State aid, 172–173
Public enforcement of competition law, 174–175
anti-competitive agreements and abuse of dominance, 174
merger control, 174
State aid, 175
Public investment, 35
Public Service Obligation, 310–311
Public services, 123–124
Public undertakings and undertakings with special or exclusive rights, 173
Purchasing power parity (PPP), 88
Purchasing power standards (PPS), 95
Quantile regression estimator for clustered data, 149
Rail transport, 307–308
Real convergence, 61–65
Regulatory Authority for Energy (RAE), 174
Regulatory Authority for Railways (RAS), 308
Regulatory quality, 107
“Repositioning Greece” initiative, 275
Research and development (R&D), 156, 291–292
Residential investment, 35
Residual testing, 48
Restrictive practices, 171
Return to growth, 196
Revenue per Available room (Rev Par), 271–272
Road transport, 308–310
Root Mean Square Error (RMSE), 48–50, 59
Rule of law, 107
SARIMA models, 54
Schwarz Information Criterion (SIC), 54
Seasonal ARIMA model, 47–49
Seeds, fertilizers and pesticides (SFP), 236
Shadow economy, 18
Single European Railway Area, 307–308
Small and medium-sized enterprises (SMEs), 17, 155
data and methodology, 158–160
determinants of firm productivity, 156–158
empirical results, 160–165
methodology, 158–160
productivity, 156
survey data, 158
Social cohesion, 1
Social infrastructure, 112
Social policy, 119
collapsed “welfare system”, 121–124
crisis to endless crisis, 125–127
underdevelopment, 120–121
Social Solidarity Income (SSI), 126
Social state, 109
Solidarity, 124
Sports tourism, 266
Standstill requirement, 175
State aid, 172–173, 175
Static forecasting, 48–49
Stationarity testing, 51–53
Stress test of Greek banking sector, 201
Structure of Earnings Survey (SES), 132–133
Survival strategy, 111–112
System of National Accounts (SNA), 291–292
Telecommunications, 287
Theil Inequality Coefficient, 48–50, 59
Total factor productivity (TFP), 64–65, 225, 227
Tourism for Greek economy, 263
importance, 263–265
potential, 273–276
special features/characteristics, 267–273
subsectors, 265–267
TRAINOSE, 308
Trans-European Transport Network (TEN-T), 304–306
Transparency International, 109
Transportation, 301
Treaty of Rome, 169
Treaty on the European Union (TEU), 61–62, 176
Treaty on the Functioning of the European Union (TFEU), 169
Troika, 67–68
UN Sustainable Development Goals, 246
Unemployment, 124
United Nations Development Program (UNDP), 88
United Nations Educational, Scientific and Cultural Organization (UNESCO), 275
United Nations World Tourism Organization (UNWTO), 263, 265–266
Utilized Agricultural Area (UAA), 222
Value added (VA), 283–287
Value added tax (VAT), 73
Voice and accountability, 107
Wage inflexibility, 131
Wald chi-squared test, 138
Window of opportunity, 124
World Bank, 105–106
World Food Program (WFP), 237–238
World Travel and Tourism Council (WTTC), 267
Worldwide Governance Indicators project, 107
X-factor, 239–241
Global Competitiveness Report, 17
Global Financial Crisis (GFC), 197
Good governance, 105–107
Governance, 106–107
key elements, 112
Governance quality, 105
empirical research on effects of, 113–114
interactions, 110–113
issue, 105–108
policy implications, 114–116
Government effectiveness, 107
Greece
case, 78–95
contraction of economic activity in, 13–16
economic growth, 1, 45, 47
factors, 1–2
Greek Banking System, 191–192
financing of Greek economy, 202–208
Greek financial crisis, 193–196
impact of Greek financial crisis on banks, 196–202
recapitalization and restructuring of Greek banking sector, 200–201
recent developments and business challenges, 208–213
Greek banks, 37, 197, 213
Greek Competition Law, 169
challenges, 184–185
economic development and accession, 179–180
Greece’s economic growth, 178–185
objectives, 176–178
parallel growth, 181–182
period of slow economic growth, 180–181
provisions and enforcement, 170–175
reform of competition law and enforcement, 182–184
Greek crisis, 46
Greek economic miracle, 45–46
Greek Economy, 2–4
competitive position and dynamics, 5–6
dynamics, 18–21
financing of, 202–208
international rankings of, 16–18
Greek financial crisis, 193–196
adverse economic conditions and deteriorated asset quality, 197–198
cut-off from international markets and deposit outflows, 197
first program, 195
impact of Greek financial crisis on banks, 196–202
second program, 195
third program, 195–196
Greek financial sector, 191
Greek Government Bonds (GGBs), 198
Greek ICT
business economy, 287
key elements, 295–297
quantifying economic impact, 289–295
sector and importance in economy, 281–283
structural indicators, 283–289
Greek Labor Market, 131
data, 132–133
empirical results, 133–151
Greek National Tourism Organization (GNTO), 275
Greek Systemic Banks Comprehensive Assessment, 201–202
Greek transport industry, 301
general trends, 304–306
performance, 302–304
specific issues, 306–311
Greenhouse Gas Emissions (GHG), 228–230
Gross domestic product (GDP), 2–4, 13, 45, 71, 108
weaknesses, 108–109
Gross fixed capital formation (GFCF), 15
Gross National Income (GNI), 88
Gross value added (GVA), 301–302
Growth-enhancing governance, 108
Guaranteed Minimum Income (GMI), 123–124, 126
Hannan-Quinn criteria (HQ criteria), 52
Hellenic Asset Protection Scheme, 210
Hellenic Competition Commission (HCC), 169, 174
Hellenic Statistical Service, 73
Hotels, restaurants, catering (HORECA), 238
Human capital, 156
Human development, 108–109
Human Development Index (HDI), 80, 88, 108–109
Hydrocarbons exploration, 245
in Greece, 246
local content as window of opportunity for sustainable growth, 256–260
policies and economic terms for, 246–256
Implementation oxymoron, 20
Industrialized economies, 64–65
Inefficiency, 120
Inequality, 120
Information and communication technologies (ICT), 156, 163–164, 281–282
linkages in economy and diffusion of innovation, 294–295
sector and importance in economy, 281–283
Input-Output analysis (I-O analysis), 283
Integrated resorts (IR), 266–267
Inter-industry wage premia, 131–132
Intermodality, 306
Internal market, 178
International Congress and Convention Association (ICCA), 266
International Monetary Fund (IMF), 119–120, 192–193
International Organization of Vine and Wine (OIV), 238
International rankings of Greek Economy, 16–18
Internet of things (IoT), 281
Interquantile regression analysis, 148–151
Investment in ICT infrastructure, 288–289
Labor productivity, 155
Laboratory of Industrial and Energy Economics (LIEE-NTUA), 281–282
Lease Agreements, 247, 255
Legislative provisions, 169
Level of corruption, 107–108
Local content as window of opportunity for sustainable growth, 256–260
Maastricht criteria, 79
Maastricht rules, 66
Maastricht Treaty. See Treaty on the European Union (TEU)
Machine learning, 281
Maritime transport, 310–311
Market-enhancing governance, 108
Marquardt algorithm, 49–50
Mean Absolute Error (MAE), 48–50, 59
Mean Absolute Percentage Error (MAPE), 48–50, 59
Medical tourism, 266
Medium-Term Fiscal Strategy 2013–2016, 68
Meetings and Incentives tourism (MICE tourism), 266
Memorandum of understanding (MoU), 195–196
Merger control, 172, 174
Minimum income, 126
Moving average (MA), 48
Multi-step ahead forecast. See Dynamic forecasting
Multiannual Financial Framework (MFF), 231
Multimodality, 306
National bankruptcy, 128
Natural resources, 45
Nautical tourism, 265
Neoclassical growth models, 64
New Democracy Party, 69–70
Nominal convergence, 61–65
Non-performing loans (NPLs), 20–21, 197–198
Non-seasonal ARIMA model, 47
Non-tariff barriers (NTBs), 63–64
North American Free Trade Agreement (NAFTA), 63–64
Oil and Gas Climate Initiative (OGCI), 259–260
OLS results, 160
Organization for Economic Co-operation and Development (OECD), 20–21, 264
“Orient East-Med” corridor, 306
Overall development, 109
Panel data approaches, 2
Partial factor productivity (PFP), 225–227
PASOK, 66
Phillips and Perron test (PP test), 51
Political integration, 13
Political macrostructure, 110
Political stability and absence of violence/terrorism, 107
Political system, 110
Portugal, Italy, Greece, and Spain (PIGS), 65
Poverty rate, 39
Price competitiveness, 272
Price Water House Coopers (PWC), 270
Private enforcement of competition law. See also Public enforcement of competition law, 175
Private sector involvement (PSI), 195
restructuring of Greek sovereign debt through, 198–200
Production function, 45
Protected Designation of Origin (PDO), 230–231
Protected Geographical Indication (PGI), 230–231
Protection of Free Competition, 169
Provisions of competition law. See also Enforcement of competition law
abuse of dominant position, 171–172
merger control or control of concentrations, 172
public undertakings and undertakings with special or exclusive rights, 173
restrictive practices and concerted actions, 171
State aid, 172–173
Public enforcement of competition law, 174–175
anti-competitive agreements and abuse of dominance, 174
merger control, 174
State aid, 175
Public investment, 35
Public Service Obligation, 310–311
Public services, 123–124
Public undertakings and undertakings with special or exclusive rights, 173
Purchasing power parity (PPP), 88
Purchasing power standards (PPS), 95
Quantile regression estimator for clustered data, 149
Rail transport, 307–308
Real convergence, 61–65
Regulatory Authority for Energy (RAE), 174
Regulatory Authority for Railways (RAS), 308
Regulatory quality, 107
“Repositioning Greece” initiative, 275
Research and development (R&D), 156, 291–292
Residential investment, 35
Residual testing, 48
Restrictive practices, 171
Return to growth, 196
Revenue per Available room (Rev Par), 271–272
Road transport, 308–310
Root Mean Square Error (RMSE), 48–50, 59
Rule of law, 107
SARIMA models, 54
Schwarz Information Criterion (SIC), 54
Seasonal ARIMA model, 47–49
Seeds, fertilizers and pesticides (SFP), 236
Shadow economy, 18
Single European Railway Area, 307–308
Small and medium-sized enterprises (SMEs), 17, 155
data and methodology, 158–160
determinants of firm productivity, 156–158
empirical results, 160–165
methodology, 158–160
productivity, 156
survey data, 158
Social cohesion, 1
Social infrastructure, 112
Social policy, 119
collapsed “welfare system”, 121–124
crisis to endless crisis, 125–127
underdevelopment, 120–121
Social Solidarity Income (SSI), 126
Social state, 109
Solidarity, 124
Sports tourism, 266
Standstill requirement, 175
State aid, 172–173, 175
Static forecasting, 48–49
Stationarity testing, 51–53
Stress test of Greek banking sector, 201
Structure of Earnings Survey (SES), 132–133
Survival strategy, 111–112
System of National Accounts (SNA), 291–292
Telecommunications, 287
Theil Inequality Coefficient, 48–50, 59
Total factor productivity (TFP), 64–65, 225, 227
Tourism for Greek economy, 263
importance, 263–265
potential, 273–276
special features/characteristics, 267–273
subsectors, 265–267
TRAINOSE, 308
Trans-European Transport Network (TEN-T), 304–306
Transparency International, 109
Transportation, 301
Treaty of Rome, 169
Treaty on the European Union (TEU), 61–62, 176
Treaty on the Functioning of the European Union (TFEU), 169
Troika, 67–68
UN Sustainable Development Goals, 246
Unemployment, 124
United Nations Development Program (UNDP), 88
United Nations Educational, Scientific and Cultural Organization (UNESCO), 275
United Nations World Tourism Organization (UNWTO), 263, 265–266
Utilized Agricultural Area (UAA), 222
Value added (VA), 283–287
Value added tax (VAT), 73
Voice and accountability, 107
Wage inflexibility, 131
Wald chi-squared test, 138
Window of opportunity, 124
World Bank, 105–106
World Food Program (WFP), 237–238
World Travel and Tourism Council (WTTC), 267
Worldwide Governance Indicators project, 107
X-factor, 239–241
Implementation oxymoron, 20
Industrialized economies, 64–65
Inefficiency, 120
Inequality, 120
Information and communication technologies (ICT), 156, 163–164, 281–282
linkages in economy and diffusion of innovation, 294–295
sector and importance in economy, 281–283
Input-Output analysis (I-O analysis), 283
Integrated resorts (IR), 266–267
Inter-industry wage premia, 131–132
Intermodality, 306
Internal market, 178
International Congress and Convention Association (ICCA), 266
International Monetary Fund (IMF), 119–120, 192–193
International Organization of Vine and Wine (OIV), 238
International rankings of Greek Economy, 16–18
Internet of things (IoT), 281
Interquantile regression analysis, 148–151
Investment in ICT infrastructure, 288–289
Labor productivity, 155
Laboratory of Industrial and Energy Economics (LIEE-NTUA), 281–282
Lease Agreements, 247, 255
Legislative provisions, 169
Level of corruption, 107–108
Local content as window of opportunity for sustainable growth, 256–260
Maastricht criteria, 79
Maastricht rules, 66
Maastricht Treaty. See Treaty on the European Union (TEU)
Machine learning, 281
Maritime transport, 310–311
Market-enhancing governance, 108
Marquardt algorithm, 49–50
Mean Absolute Error (MAE), 48–50, 59
Mean Absolute Percentage Error (MAPE), 48–50, 59
Medical tourism, 266
Medium-Term Fiscal Strategy 2013–2016, 68
Meetings and Incentives tourism (MICE tourism), 266
Memorandum of understanding (MoU), 195–196
Merger control, 172, 174
Minimum income, 126
Moving average (MA), 48
Multi-step ahead forecast. See Dynamic forecasting
Multiannual Financial Framework (MFF), 231
Multimodality, 306
National bankruptcy, 128
Natural resources, 45
Nautical tourism, 265
Neoclassical growth models, 64
New Democracy Party, 69–70
Nominal convergence, 61–65
Non-performing loans (NPLs), 20–21, 197–198
Non-seasonal ARIMA model, 47
Non-tariff barriers (NTBs), 63–64
North American Free Trade Agreement (NAFTA), 63–64
Oil and Gas Climate Initiative (OGCI), 259–260
OLS results, 160
Organization for Economic Co-operation and Development (OECD), 20–21, 264
“Orient East-Med” corridor, 306
Overall development, 109
Panel data approaches, 2
Partial factor productivity (PFP), 225–227
PASOK, 66
Phillips and Perron test (PP test), 51
Political integration, 13
Political macrostructure, 110
Political stability and absence of violence/terrorism, 107
Political system, 110
Portugal, Italy, Greece, and Spain (PIGS), 65
Poverty rate, 39
Price competitiveness, 272
Price Water House Coopers (PWC), 270
Private enforcement of competition law. See also Public enforcement of competition law, 175
Private sector involvement (PSI), 195
restructuring of Greek sovereign debt through, 198–200
Production function, 45
Protected Designation of Origin (PDO), 230–231
Protected Geographical Indication (PGI), 230–231
Protection of Free Competition, 169
Provisions of competition law. See also Enforcement of competition law
abuse of dominant position, 171–172
merger control or control of concentrations, 172
public undertakings and undertakings with special or exclusive rights, 173
restrictive practices and concerted actions, 171
State aid, 172–173
Public enforcement of competition law, 174–175
anti-competitive agreements and abuse of dominance, 174
merger control, 174
State aid, 175
Public investment, 35
Public Service Obligation, 310–311
Public services, 123–124
Public undertakings and undertakings with special or exclusive rights, 173
Purchasing power parity (PPP), 88
Purchasing power standards (PPS), 95
Quantile regression estimator for clustered data, 149
Rail transport, 307–308
Real convergence, 61–65
Regulatory Authority for Energy (RAE), 174
Regulatory Authority for Railways (RAS), 308
Regulatory quality, 107
“Repositioning Greece” initiative, 275
Research and development (R&D), 156, 291–292
Residential investment, 35
Residual testing, 48
Restrictive practices, 171
Return to growth, 196
Revenue per Available room (Rev Par), 271–272
Road transport, 308–310
Root Mean Square Error (RMSE), 48–50, 59
Rule of law, 107
SARIMA models, 54
Schwarz Information Criterion (SIC), 54
Seasonal ARIMA model, 47–49
Seeds, fertilizers and pesticides (SFP), 236
Shadow economy, 18
Single European Railway Area, 307–308
Small and medium-sized enterprises (SMEs), 17, 155
data and methodology, 158–160
determinants of firm productivity, 156–158
empirical results, 160–165
methodology, 158–160
productivity, 156
survey data, 158
Social cohesion, 1
Social infrastructure, 112
Social policy, 119
collapsed “welfare system”, 121–124
crisis to endless crisis, 125–127
underdevelopment, 120–121
Social Solidarity Income (SSI), 126
Social state, 109
Solidarity, 124
Sports tourism, 266
Standstill requirement, 175
State aid, 172–173, 175
Static forecasting, 48–49
Stationarity testing, 51–53
Stress test of Greek banking sector, 201
Structure of Earnings Survey (SES), 132–133
Survival strategy, 111–112
System of National Accounts (SNA), 291–292
Telecommunications, 287
Theil Inequality Coefficient, 48–50, 59
Total factor productivity (TFP), 64–65, 225, 227
Tourism for Greek economy, 263
importance, 263–265
potential, 273–276
special features/characteristics, 267–273
subsectors, 265–267
TRAINOSE, 308
Trans-European Transport Network (TEN-T), 304–306
Transparency International, 109
Transportation, 301
Treaty of Rome, 169
Treaty on the European Union (TEU), 61–62, 176
Treaty on the Functioning of the European Union (TFEU), 169
Troika, 67–68
UN Sustainable Development Goals, 246
Unemployment, 124
United Nations Development Program (UNDP), 88
United Nations Educational, Scientific and Cultural Organization (UNESCO), 275
United Nations World Tourism Organization (UNWTO), 263, 265–266
Utilized Agricultural Area (UAA), 222
Value added (VA), 283–287
Value added tax (VAT), 73
Voice and accountability, 107
Wage inflexibility, 131
Wald chi-squared test, 138
Window of opportunity, 124
World Bank, 105–106
World Food Program (WFP), 237–238
World Travel and Tourism Council (WTTC), 267
Worldwide Governance Indicators project, 107
X-factor, 239–241
Maastricht criteria, 79
Maastricht rules, 66
Maastricht Treaty. See Treaty on the European Union (TEU)
Machine learning, 281
Maritime transport, 310–311
Market-enhancing governance, 108
Marquardt algorithm, 49–50
Mean Absolute Error (MAE), 48–50, 59
Mean Absolute Percentage Error (MAPE), 48–50, 59
Medical tourism, 266
Medium-Term Fiscal Strategy 2013–2016, 68
Meetings and Incentives tourism (MICE tourism), 266
Memorandum of understanding (MoU), 195–196
Merger control, 172, 174
Minimum income, 126
Moving average (MA), 48
Multi-step ahead forecast. See Dynamic forecasting
Multiannual Financial Framework (MFF), 231
Multimodality, 306
National bankruptcy, 128
Natural resources, 45
Nautical tourism, 265
Neoclassical growth models, 64
New Democracy Party, 69–70
Nominal convergence, 61–65
Non-performing loans (NPLs), 20–21, 197–198
Non-seasonal ARIMA model, 47
Non-tariff barriers (NTBs), 63–64
North American Free Trade Agreement (NAFTA), 63–64
Oil and Gas Climate Initiative (OGCI), 259–260
OLS results, 160
Organization for Economic Co-operation and Development (OECD), 20–21, 264
“Orient East-Med” corridor, 306
Overall development, 109
Panel data approaches, 2
Partial factor productivity (PFP), 225–227
PASOK, 66
Phillips and Perron test (PP test), 51
Political integration, 13
Political macrostructure, 110
Political stability and absence of violence/terrorism, 107
Political system, 110
Portugal, Italy, Greece, and Spain (PIGS), 65
Poverty rate, 39
Price competitiveness, 272
Price Water House Coopers (PWC), 270
Private enforcement of competition law. See also Public enforcement of competition law, 175
Private sector involvement (PSI), 195
restructuring of Greek sovereign debt through, 198–200
Production function, 45
Protected Designation of Origin (PDO), 230–231
Protected Geographical Indication (PGI), 230–231
Protection of Free Competition, 169
Provisions of competition law. See also Enforcement of competition law
abuse of dominant position, 171–172
merger control or control of concentrations, 172
public undertakings and undertakings with special or exclusive rights, 173
restrictive practices and concerted actions, 171
State aid, 172–173
Public enforcement of competition law, 174–175
anti-competitive agreements and abuse of dominance, 174
merger control, 174
State aid, 175
Public investment, 35
Public Service Obligation, 310–311
Public services, 123–124
Public undertakings and undertakings with special or exclusive rights, 173
Purchasing power parity (PPP), 88
Purchasing power standards (PPS), 95
Quantile regression estimator for clustered data, 149
Rail transport, 307–308
Real convergence, 61–65
Regulatory Authority for Energy (RAE), 174
Regulatory Authority for Railways (RAS), 308
Regulatory quality, 107
“Repositioning Greece” initiative, 275
Research and development (R&D), 156, 291–292
Residential investment, 35
Residual testing, 48
Restrictive practices, 171
Return to growth, 196
Revenue per Available room (Rev Par), 271–272
Road transport, 308–310
Root Mean Square Error (RMSE), 48–50, 59
Rule of law, 107
SARIMA models, 54
Schwarz Information Criterion (SIC), 54
Seasonal ARIMA model, 47–49
Seeds, fertilizers and pesticides (SFP), 236
Shadow economy, 18
Single European Railway Area, 307–308
Small and medium-sized enterprises (SMEs), 17, 155
data and methodology, 158–160
determinants of firm productivity, 156–158
empirical results, 160–165
methodology, 158–160
productivity, 156
survey data, 158
Social cohesion, 1
Social infrastructure, 112
Social policy, 119
collapsed “welfare system”, 121–124
crisis to endless crisis, 125–127
underdevelopment, 120–121
Social Solidarity Income (SSI), 126
Social state, 109
Solidarity, 124
Sports tourism, 266
Standstill requirement, 175
State aid, 172–173, 175
Static forecasting, 48–49
Stationarity testing, 51–53
Stress test of Greek banking sector, 201
Structure of Earnings Survey (SES), 132–133
Survival strategy, 111–112
System of National Accounts (SNA), 291–292
Telecommunications, 287
Theil Inequality Coefficient, 48–50, 59
Total factor productivity (TFP), 64–65, 225, 227
Tourism for Greek economy, 263
importance, 263–265
potential, 273–276
special features/characteristics, 267–273
subsectors, 265–267
TRAINOSE, 308
Trans-European Transport Network (TEN-T), 304–306
Transparency International, 109
Transportation, 301
Treaty of Rome, 169
Treaty on the European Union (TEU), 61–62, 176
Treaty on the Functioning of the European Union (TFEU), 169
Troika, 67–68
UN Sustainable Development Goals, 246
Unemployment, 124
United Nations Development Program (UNDP), 88
United Nations Educational, Scientific and Cultural Organization (UNESCO), 275
United Nations World Tourism Organization (UNWTO), 263, 265–266
Utilized Agricultural Area (UAA), 222
Value added (VA), 283–287
Value added tax (VAT), 73
Voice and accountability, 107
Wage inflexibility, 131
Wald chi-squared test, 138
Window of opportunity, 124
World Bank, 105–106
World Food Program (WFP), 237–238
World Travel and Tourism Council (WTTC), 267
Worldwide Governance Indicators project, 107
X-factor, 239–241
Oil and Gas Climate Initiative (OGCI), 259–260
OLS results, 160
Organization for Economic Co-operation and Development (OECD), 20–21, 264
“Orient East-Med” corridor, 306
Overall development, 109
Panel data approaches, 2
Partial factor productivity (PFP), 225–227
PASOK, 66
Phillips and Perron test (PP test), 51
Political integration, 13
Political macrostructure, 110
Political stability and absence of violence/terrorism, 107
Political system, 110
Portugal, Italy, Greece, and Spain (PIGS), 65
Poverty rate, 39
Price competitiveness, 272
Price Water House Coopers (PWC), 270
Private enforcement of competition law. See also Public enforcement of competition law, 175
Private sector involvement (PSI), 195
restructuring of Greek sovereign debt through, 198–200
Production function, 45
Protected Designation of Origin (PDO), 230–231
Protected Geographical Indication (PGI), 230–231
Protection of Free Competition, 169
Provisions of competition law. See also Enforcement of competition law
abuse of dominant position, 171–172
merger control or control of concentrations, 172
public undertakings and undertakings with special or exclusive rights, 173
restrictive practices and concerted actions, 171
State aid, 172–173
Public enforcement of competition law, 174–175
anti-competitive agreements and abuse of dominance, 174
merger control, 174
State aid, 175
Public investment, 35
Public Service Obligation, 310–311
Public services, 123–124
Public undertakings and undertakings with special or exclusive rights, 173
Purchasing power parity (PPP), 88
Purchasing power standards (PPS), 95
Quantile regression estimator for clustered data, 149
Rail transport, 307–308
Real convergence, 61–65
Regulatory Authority for Energy (RAE), 174
Regulatory Authority for Railways (RAS), 308
Regulatory quality, 107
“Repositioning Greece” initiative, 275
Research and development (R&D), 156, 291–292
Residential investment, 35
Residual testing, 48
Restrictive practices, 171
Return to growth, 196
Revenue per Available room (Rev Par), 271–272
Road transport, 308–310
Root Mean Square Error (RMSE), 48–50, 59
Rule of law, 107
SARIMA models, 54
Schwarz Information Criterion (SIC), 54
Seasonal ARIMA model, 47–49
Seeds, fertilizers and pesticides (SFP), 236
Shadow economy, 18
Single European Railway Area, 307–308
Small and medium-sized enterprises (SMEs), 17, 155
data and methodology, 158–160
determinants of firm productivity, 156–158
empirical results, 160–165
methodology, 158–160
productivity, 156
survey data, 158
Social cohesion, 1
Social infrastructure, 112
Social policy, 119
collapsed “welfare system”, 121–124
crisis to endless crisis, 125–127
underdevelopment, 120–121
Social Solidarity Income (SSI), 126
Social state, 109
Solidarity, 124
Sports tourism, 266
Standstill requirement, 175
State aid, 172–173, 175
Static forecasting, 48–49
Stationarity testing, 51–53
Stress test of Greek banking sector, 201
Structure of Earnings Survey (SES), 132–133
Survival strategy, 111–112
System of National Accounts (SNA), 291–292
Telecommunications, 287
Theil Inequality Coefficient, 48–50, 59
Total factor productivity (TFP), 64–65, 225, 227
Tourism for Greek economy, 263
importance, 263–265
potential, 273–276
special features/characteristics, 267–273
subsectors, 265–267
TRAINOSE, 308
Trans-European Transport Network (TEN-T), 304–306
Transparency International, 109
Transportation, 301
Treaty of Rome, 169
Treaty on the European Union (TEU), 61–62, 176
Treaty on the Functioning of the European Union (TFEU), 169
Troika, 67–68
UN Sustainable Development Goals, 246
Unemployment, 124
United Nations Development Program (UNDP), 88
United Nations Educational, Scientific and Cultural Organization (UNESCO), 275
United Nations World Tourism Organization (UNWTO), 263, 265–266
Utilized Agricultural Area (UAA), 222
Value added (VA), 283–287
Value added tax (VAT), 73
Voice and accountability, 107
Wage inflexibility, 131
Wald chi-squared test, 138
Window of opportunity, 124
World Bank, 105–106
World Food Program (WFP), 237–238
World Travel and Tourism Council (WTTC), 267
Worldwide Governance Indicators project, 107
X-factor, 239–241
Quantile regression estimator for clustered data, 149
Rail transport, 307–308
Real convergence, 61–65
Regulatory Authority for Energy (RAE), 174
Regulatory Authority for Railways (RAS), 308
Regulatory quality, 107
“Repositioning Greece” initiative, 275
Research and development (R&D), 156, 291–292
Residential investment, 35
Residual testing, 48
Restrictive practices, 171
Return to growth, 196
Revenue per Available room (Rev Par), 271–272
Road transport, 308–310
Root Mean Square Error (RMSE), 48–50, 59
Rule of law, 107
SARIMA models, 54
Schwarz Information Criterion (SIC), 54
Seasonal ARIMA model, 47–49
Seeds, fertilizers and pesticides (SFP), 236
Shadow economy, 18
Single European Railway Area, 307–308
Small and medium-sized enterprises (SMEs), 17, 155
data and methodology, 158–160
determinants of firm productivity, 156–158
empirical results, 160–165
methodology, 158–160
productivity, 156
survey data, 158
Social cohesion, 1
Social infrastructure, 112
Social policy, 119
collapsed “welfare system”, 121–124
crisis to endless crisis, 125–127
underdevelopment, 120–121
Social Solidarity Income (SSI), 126
Social state, 109
Solidarity, 124
Sports tourism, 266
Standstill requirement, 175
State aid, 172–173, 175
Static forecasting, 48–49
Stationarity testing, 51–53
Stress test of Greek banking sector, 201
Structure of Earnings Survey (SES), 132–133
Survival strategy, 111–112
System of National Accounts (SNA), 291–292
Telecommunications, 287
Theil Inequality Coefficient, 48–50, 59
Total factor productivity (TFP), 64–65, 225, 227
Tourism for Greek economy, 263
importance, 263–265
potential, 273–276
special features/characteristics, 267–273
subsectors, 265–267
TRAINOSE, 308
Trans-European Transport Network (TEN-T), 304–306
Transparency International, 109
Transportation, 301
Treaty of Rome, 169
Treaty on the European Union (TEU), 61–62, 176
Treaty on the Functioning of the European Union (TFEU), 169
Troika, 67–68
UN Sustainable Development Goals, 246
Unemployment, 124
United Nations Development Program (UNDP), 88
United Nations Educational, Scientific and Cultural Organization (UNESCO), 275
United Nations World Tourism Organization (UNWTO), 263, 265–266
Utilized Agricultural Area (UAA), 222
Value added (VA), 283–287
Value added tax (VAT), 73
Voice and accountability, 107
Wage inflexibility, 131
Wald chi-squared test, 138
Window of opportunity, 124
World Bank, 105–106
World Food Program (WFP), 237–238
World Travel and Tourism Council (WTTC), 267
Worldwide Governance Indicators project, 107
X-factor, 239–241
SARIMA models, 54
Schwarz Information Criterion (SIC), 54
Seasonal ARIMA model, 47–49
Seeds, fertilizers and pesticides (SFP), 236
Shadow economy, 18
Single European Railway Area, 307–308
Small and medium-sized enterprises (SMEs), 17, 155
data and methodology, 158–160
determinants of firm productivity, 156–158
empirical results, 160–165
methodology, 158–160
productivity, 156
survey data, 158
Social cohesion, 1
Social infrastructure, 112
Social policy, 119
collapsed “welfare system”, 121–124
crisis to endless crisis, 125–127
underdevelopment, 120–121
Social Solidarity Income (SSI), 126
Social state, 109
Solidarity, 124
Sports tourism, 266
Standstill requirement, 175
State aid, 172–173, 175
Static forecasting, 48–49
Stationarity testing, 51–53
Stress test of Greek banking sector, 201
Structure of Earnings Survey (SES), 132–133
Survival strategy, 111–112
System of National Accounts (SNA), 291–292
Telecommunications, 287
Theil Inequality Coefficient, 48–50, 59
Total factor productivity (TFP), 64–65, 225, 227
Tourism for Greek economy, 263
importance, 263–265
potential, 273–276
special features/characteristics, 267–273
subsectors, 265–267
TRAINOSE, 308
Trans-European Transport Network (TEN-T), 304–306
Transparency International, 109
Transportation, 301
Treaty of Rome, 169
Treaty on the European Union (TEU), 61–62, 176
Treaty on the Functioning of the European Union (TFEU), 169
Troika, 67–68
UN Sustainable Development Goals, 246
Unemployment, 124
United Nations Development Program (UNDP), 88
United Nations Educational, Scientific and Cultural Organization (UNESCO), 275
United Nations World Tourism Organization (UNWTO), 263, 265–266
Utilized Agricultural Area (UAA), 222
Value added (VA), 283–287
Value added tax (VAT), 73
Voice and accountability, 107
Wage inflexibility, 131
Wald chi-squared test, 138
Window of opportunity, 124
World Bank, 105–106
World Food Program (WFP), 237–238
World Travel and Tourism Council (WTTC), 267
Worldwide Governance Indicators project, 107
X-factor, 239–241
UN Sustainable Development Goals, 246
Unemployment, 124
United Nations Development Program (UNDP), 88
United Nations Educational, Scientific and Cultural Organization (UNESCO), 275
United Nations World Tourism Organization (UNWTO), 263, 265–266
Utilized Agricultural Area (UAA), 222
Value added (VA), 283–287
Value added tax (VAT), 73
Voice and accountability, 107
Wage inflexibility, 131
Wald chi-squared test, 138
Window of opportunity, 124
World Bank, 105–106
World Food Program (WFP), 237–238
World Travel and Tourism Council (WTTC), 267
Worldwide Governance Indicators project, 107
X-factor, 239–241
Wage inflexibility, 131
Wald chi-squared test, 138
Window of opportunity, 124
World Bank, 105–106
World Food Program (WFP), 237–238
World Travel and Tourism Council (WTTC), 267
Worldwide Governance Indicators project, 107
X-factor, 239–241
- Prelims
- Chapter 1 Determinants of and Obstacles to Economic Growth in Contemporary Greece
- Part 1 Dynamics of the Greek Economy
- Chapter 2 Competitive Position and Dynamics of the Greek Economy
- Chapter 3 An Odyssey with a Happy End? Growth Challenges, Successes and Failures of Greece during COVID-19 Era
- Chapter 4 Forecasting Greek Real GDP Based on ARIMA Modeling
- Chapter 5 Nominal or Real Convergence with the EMU Criteria: The Case of Greece
- Part 2 Policies, Institutions, and Markets
- Chapter 6 The Interactions between Governance Quality and Economic Development
- Chapter 7 Social Policy in Dribs and Drabs for the Greek Crisis
- Chapter 8 The Greek Labor Market during the Crisis: New Evidence on the Evolution of Wages, Employment, and Unemployment
- Chapter 9 SME Productivity in Greece: The Role of Human Capital, ICT Adoption, and Innovation
- Chapter 10 The Impact of Competition Law on the Greek Economy
- Part 3 Characteristics and Performance of Selected Industries
- Chapter 11 Greek Banking System during the Crisis and Beyond
- Chapter 12 The Agri-food Sector in Greece: Prospects and Possibilities
- Chapter 13 Energy Resources, Local Content Policies and Economic Growth: The Case of Hydrocarbons Exploration in Greece
- Chapter 14 The Importance of Tourism for the Greek Economy: Traits and Development
- Chapter 15 The Greek ICT Sector and Its Contribution to Innovation and Economic Growth
- Chapter 16 Issues, Policies, and Contribution of the Greek Transport Industry to Economic Growth
- Index