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Challenging the Raison d’etre of Internal Devaluation in the Context of the Greek Economy

Constantinos Alexiou and Joseph G. Nellis ()
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Joseph G. Nellis: School of Management, Cranfield University, UK

Panoeconomicus, 2013, vol. 60, issue 6, 813-836

Abstract: This paper provides a critical assessment of the austerity measures that are being implemented in the crisis-stricken countries of the Eurozone, and in particular, the implications of internal devaluation for the Greek economy. The theoretical underpinnings and phases of internal devaluation are explored. A detailed statistical analysis of key macroeconomic indicators pertaining to the Greek economy is carried out. Alternatives to internal devaluation are proposed in this paper, laying the foundations for a reassessment of the policy of austerity and the implications for recovery and sustainability of economic activity in Greece and other countries of the Eurozone.

Keywords: Internal devaluation; Greek economic crisis; Austerity; Eurozone (search for similar items in EconPapers)
JEL-codes: E62 E66 (search for similar items in EconPapers)
Date: 2013
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Handle: RePEc:voj:journl:v:60:y:2013:i:6:p:813-836