The determinants of unemployment dynamics in Greece
In: Bank of Greece Economic Bulletin, Issue 42, Article 2
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In: Bank of Greece Economic Bulletin, Issue 42, Article 2
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In: Bank of Greece Working Paper No. 181
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In: Bank of Greece Working Paper No. 171
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In: Bank of Greece Working Paper No. 186
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In: Bank of Greece Working Paper No. 179
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In: European Journal of Political Economy, Band 29, S. 197-213
In: Bank of Greece Working Paper No. 169
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In: Bank of Greece Working Paper No. 167
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In: Bank of Greece Working Paper No. 152
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In: European journal of political economy, Band 29, S. 197-213
ISSN: 0176-2680
The recent financial crisis was characterized by the sizeable fiscal cost of banking sector bail out operations and the significant automatic and discretionary fiscal policy response to shrinking output, which have put increased pressure on public finances in many industrialized countries. This paper tries to evaluate the impact of financial crisis episodes on debt developments. The findings indicate that severe financial crisis episodes increase the stock of debt by 2.7%-4.0% of GDP, on average in the 20 OECD countries examined. In countries with big financial sectors it ranges from 4.2%-5.3% of GDP and in countries with smaller financial sectors it is about 1.4%-1.7% of GDP. The primary balance and the cyclically adjusted fiscal policy stance ease by about 2.6% of GDP and 1.6% of potential GDP, respectively, in the event of a severe financial market crash. Expansionary fiscal interventions are more pronounced in countries with sizable financial sectors. I find significant evidence that a financial market collapse paves the way for a subsequent deterioration in debt ratios. [Copyright Elsevier B.V.]
In: Bank of Greece Working Paper No. 145
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In: Bank of Greece Working Paper No. 133
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In: Bank of Greece Working Paper No. 116
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In: Bank of Greece Working Paper No. 104
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