Macroeconomic Theory and Macroeconomic Logic: The Case of the Euro Crisis
The last 7 years have been a tumultuous period for Europe and the unrest is far from over. The global crisis that began in 2007 led to a sharp financial shock in 2008–9, which ushered in a recession across the world. Europe—including Germany—was hit hard
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Anastasios Karasavvoglou Dimitrios Kyrkilis Georgios Makris Persefoni Polychronidou Editors
Economic Crisis, Development and Competitiveness in Southeastern Europe Theoretical Foundations and Policy Issues
Contributions to Economics
More information about this series at http://www.springer.com/series/1262
Anastasios Karasavvoglou • Dimitrios Kyrkilis • Georgios Makris • Persefoni Polychronidou Editors
Economic Crisis, Development and Competitiveness in Southeastern Europe Theoretical Foundations and Policy Issues
Editors Anastasios Karasavvoglou Eastern Macedonia and Thrace Institute of Technology Kavala, Greece Georgios Makris University of Macedonia Thessaloniki, Greece
Dimitrios Kyrkilis University of Macedonia Thessaloniki, Greece Persefoni Polychronidou Eastern Macedonia and Thrace Institute of Technology Kavala, Greece
ISSN 1431-1933 ISSN 2197-7178 (electronic) Contributions to Economics ISBN 978-3-319-40321-2 ISBN 978-3-319-40322-9 (eBook) DOI 10.1007/978-3-319-40322-9 Library of Congress Control Number: 2016951307 © Springer International Publishing Switzerland 2016 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Springer imprint is published by Springer Nature The registered company is Springer International Publishing AG Switzerland
Contents
Part I Macroeconomic Theory and Macroeconomic Logic: The Case of the Euro Crisis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Heiner Flassbeck
3
Economic Crisis and National Economic Competitiveness: Does Labor Cost Link the Two? The Case of the South Eurozone States . . . . . . . . . Dimitrios Kyrkilis, Georgios Makris, and Konstantinos Hazakis
23
‘Compulsory’ Economic Deflation Turned Political Risk: Effects of Austere Decision-Making on Greece’s ‘True’ Economy (2008–2015) and the ‘Eurozone or Default’ Dilemma . . . . . . . . . . . . . . . . . . . . . . . . . Nikitas-Spiros Koutsoukis and Spyros Roukanas Theory of Optimum Curre
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