Analyzing Greece 2010 Memorandum’s Impact on Macroeconomic and Financial Figures through FCM

Stavros P. Migkos, Damianos P. Sakas, Nikolaos T. Giannakopoulos, Georgios Konteos and Anastasia Metsiou
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Stavros P. Migkos: Department of International & European Economic Studies, School of Economic Sciences, University of Western Macedonia, 501 00 Kozani, Greece
Damianos P. Sakas: Department of Agribusiness and Supply Chain Management, School of Applied Economics and Social Sciences, Agricultural University of Athens, 118 55 Athens, Greece
Nikolaos T. Giannakopoulos: Department of Agribusiness and Supply Chain Management, School of Applied Economics and Social Sciences, Agricultural University of Athens, 118 55 Athens, Greece
Georgios Konteos: Department of Business Administration, School of Economic Sciences, University of Western Macedonia, 511 00 Grevena, Greece
Anastasia Metsiou: Department of International & European Economic Studies, School of Economic Sciences, University of Western Macedonia, 501 00 Kozani, Greece

Economies, 2022, vol. 10, issue 8, 1-19

Abstract: The financial crisis of 2008 has caused a series of drawbacks to economies around the world. Greek economy has been hit twice at 2009, since its credibility worsened, provoking the implication of harsh fiscal measures from the 2010 Memorandum of Understanding (MoU). The effects of these measures to Greek macroeconomic figures have been widely criticized. Authors aim to estimate these effects at the macroeconomic figures of Greece through utilization of Decision Support Systems, and propose accurate insights regarding their efficacy. By capitalizing on regression analysis and Fuzzy Cognitive Mapping processes, specific results from 2010 Memorandum’s measures arise. It has been calculated that measures implied by 2010 Memorandum have been harsh and posed a negative effect on key Greek macroeconomic figures like GDPR, public debt, etc., especially with the ongoing 2008 financial crisis.

Keywords: 2010 memorandum; macroeconomics; financial crisis; monetary policy; regression analysis; fuzzy cognitive mapping; decision support systems (search for similar items in EconPapers)
JEL-codes: E F I J O Q (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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