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Is Greece Turning the Corner? A Theory-Based Assessment of Recent Greek Macro-Policy

Michael Arghyrou ()

No 4995, CESifo Working Paper Series from CESifo Group Munich

Abstract: We use a macro-theory framework of analysis to assess Greek macro-policy with emphasis on the period of the Greek debt crisis. The latter is mainly the result of misguided past internal policies deviating from the policy lessons of modern macroeconomics. The current policy, however, provides a credible platform for sustainable growth. Greece has entered the process of economic recovery but this is fragile and exposed to risks. We conclude that although a country’s currency is not per-se determining growth, supply-side reforms and institutional performance are; and for Greece both are better served within the EMU rather than outside.

Keywords: macroeconomics; Greece; euro (search for similar items in EconPapers)
JEL-codes: B22 E00 F40 (search for similar items in EconPapers)
Date: 2014
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