Greece: Selected Issues

International Monetary Fund

No 2003/157, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: 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 (search for similar items in EconPapers)
Pages: 50
Date: 2003-06-11
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