EconPapers    
Economics at your fingertips  
 

The Effects of the Economic Adjustment Programmes for Greece: A Quasi-Experimental Approach

Julio Revuelta ()
Additional contact information
Julio Revuelta: Department of Economics, University of Cantabria, 39005 Santander, Spain

Sustainability, 2021, vol. 13, issue 9, 1-15

Abstract: Three Economic Adjustment Programmes (EAPs) were implemented in Greece, between 2010 and 2015, without achieving the proposed economic objectives. This article analyses the impact of the EAPs in Greece using the synthetic control method (SCM) and has three main contributions. First, it identifies a long-term negative impact worth 35.3 per cent of the Greek GDP per capita caused by the application of the EAPs. Second, it finds that three-quarters of the estimated negative and unsustainable impact accumulated over the 2010–2012 period. Third, it identifies a regressive effect of the EAPs on income distribution, the Greek population with lower incomes experienced a greater negative effect caused by the adjustment programmes. These results underscore the need to review and correct the conditional financial assistance framework currently in force in the European Union.

Keywords: conditionality; debt crisis; economic adjustment programme; financial assistance; Eurozone; Greece (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
https://www.mdpi.com/2071-1050/13/9/4970/pdf (application/pdf)
https://www.mdpi.com/2071-1050/13/9/4970/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:13:y:2021:i:9:p:4970-:d:545574

Access Statistics for this article

Sustainability is currently edited by Prof. Dr. Marc A. Rosen

More articles in Sustainability from MDPI, Open Access Journal
Bibliographic data for series maintained by XML Conversion Team ().

 
Page updated 2021-09-11
Handle: RePEc:gam:jsusta:v:13:y:2021:i:9:p:4970-:d:545574