Index

Modeling Economic Growth in Contemporary Greece

ISBN: 978-1-80071-123-5, eISBN: 978-1-80071-122-8

Publication date: 4 November 2021

This content is currently only available as a PDF

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