Financialization and the Financial and Economic Crises: The Case of Greece

Yanis Varoufakis and Lefteris Tserkezis
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Yanis Varoufakis: National & Kapodistrian University of Athens
Lefteris Tserkezis: National & Kapodistrian University of Athens

FESSUD studies from Financialisation, Economy, Society & Sustainable Development (FESSUD) Project

Abstract: The present essay analyzes the changing relationship between the real and the financial sector in the course of the long-run development of the Greek economy, focusing on the effects of financialization and on its connection to the current economic crisis. The first section offers a brief discussion of the basic tendencies characterizing the long-run development of the Greek economy over the past three decades. The second section examines the effect of financialization on several aspects of the real economy, including income distribution, gross capital formation, consumption and the evolution of the current account. In the third section, the results of the preceding analysis are linked to the outbreak of the current crisis, in an attempt to explain the reasons behind this crisis’ excessive severity in the case of the Greek economy, while the fourth section concludes.

Keywords: capital flows; current account deficit; debt crisis; financialization; Greek economy; trade imbalances (search for similar items in EconPapers)
JEL-codes: E25 E62 E63 F34 F40 F45 H21 H62 H63 (search for similar items in EconPapers)
Pages: 68 pages
Date: 2014-12-01
New Economics Papers: this item is included in nep-acc, nep-mac and nep-opm
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