Journal of Economic and Social Measurement - Volume 38, issue 1

Authors: Bitros, George C.

Article Type: Other

DOI: 10.3233/JEM-130365

Citation: Journal of Economic and Social Measurement, vol. 38, no. 1, pp. 1-4, 2013

Authors: Bitros, George C.

Article Type: Research Article

Abstract: The economic and social progress achieved by Greece in the post war decades decelerated after 1974 because all institutions sustaining the efficient operation of democracy and free markes were deliberately and gravely eroded. Under the impetus of hard core socialist …provisions introduced in the 1975 constitution, economic policies extended further in the direction of unfettered statism and the international competitiveness of the Greek economy was destroyed. Some researchers have attributed the economic decline of Greece to its entry into the EU. I examine these allegations and find that they have little or no basis in terms of the available evidence. Show more

Keywords: Economic development, economic decline, institutions, markets, economic policies

DOI: 10.3233/JEM-130370

Citation: Journal of Economic and Social Measurement, vol. 38, no. 1, pp. 5-39, 2013

Authors: Theofilakou, Nancy K. | Stournaras, Yannis

Article Type: Research Article

Abstract: This paper provides a comprehensive discussion on the compilation and the dissemination of Greek external sector statistics. We compare them with international statistical standards and examine their potential limitations. Our statistical analysis indicates increased consistency of the various trade …statistics and improved comparability over time. The empirical findings vindicate the wide use of Greek external sector statistics by academics and in economic policy. Show more

Keywords: External trade statistics, statistics quality indicators, economic policy

DOI: 10.3233/JEM-130368

Citation: Journal of Economic and Social Measurement, vol. 38, no. 1, pp. 41-56, 2013

Authors: Tsakanikas, Aggelos | Vassiliadis, Michail

Article Type: Research Article

Abstract: This paper is a comprehensive examination of the methodological evolution of the Annual Industrial Survey from its initiation in 1958 until 2010. Emphasis is given to the compliance of the survey with international methodological standards and to its conformity to …relevant widely stipulated and accepted regulations. The existing literature using AIS data highlights its contribution to studies in several fields of economic research, going beyond those concerning the manufacturing sector, as well as to policy making. Show more

Keywords: Manufacturing statistics, economic policies, industrial policies

DOI: 10.3233/JEM-130369

Citation: Journal of Economic and Social Measurement, vol. 38, no. 1, pp. 57-77, 2013

Authors: Loizides, John

Article Type: Research Article

Abstract: The aim of this paper is to analyze the statistical properties of the Greek government deficit and debt figures compiled and reported to the European Commission since 1994 for the period 1991 to 2012. On the basis of successive revisions …in reported data, it assesses the reliability of budgetary statistics and derives a number of reliability indicators. According to the standard deviations of revisions between the first outturn and final data, Greece have reported the least reliable deficit figures and have had the largest dispersion of revisions. The paper has also shown that data on the yearly changes in debt have been less reliable than those on the deficit. Whatever the cause of these findings, we believe that they create problems for users of the data. Show more

Keywords: Data revisions, reliability, vintage, noise-to-signal ratio

DOI: 10.3233/JEM-130367

Citation: Journal of Economic and Social Measurement, vol. 38, no. 1, pp. 79-95, 2013

Authors: Yfantopoulos, John

Article Type: Research Article

Abstract: The size and trends of the Greek underground economy are examined over the period of 1958 to 2011. Estimates vary according to the method used and the time period under investigation. Overall, more than one quarter to one third of Greek …economic activities have been either unrecorded or hidden from official statistics. Tax evasion, labour market rigidities, lack of competition and over-regulation are among the contributing factors. The underground economy is often viewed as a serious obstacle to economic growth. However, the empirical results are ambiguous. Dynamic models are explored to examine the relationship between the underground economy and economic growth. In the short run, one percentage point increase in the rate of economic growth would reduce the underground economy by 0.13, and in the long run by 1.26. The Greek Government is currently introducing structural reforms pursuing fiscal consolidation, transparency and e-governance strategies to combat tax evasion, and monitoring strategies in the statistical system to produce valid and reliable data sets. Show more

Keywords: Underground economy, economic growth, Greece, performance of government, crisis management

DOI: 10.3233/JEM-130366

Citation: Journal of Economic and Social Measurement, vol. 38, no. 1, pp. 97-112, 2013

Authors: Papaioannou, Sotiris

Article Type: Research Article

Abstract: The purpose of this paper is to provide an estimate of the medium term trend growth rate of real GDP for the Greek economy, for the period 2011–2015. The analysis is based on the GDP identity, according to which, real GDP is …decomposed into five components, which are labor productivity, hours worked per employee, employment rate, labor force participation rate and population rate. By using the filtering techniques of the HP and Kalman filters, the trend growth rate of GDP is estimated at −1.65% over the five year period, as the sum of the trend growth rates of its individual components. Show more

Keywords: Economic growth, Kalman filter, Greek economy

DOI: 10.3233/JEM-130371

Citation: Journal of Economic and Social Measurement, vol. 38, no. 1, pp. 113-125, 2013