Greek Economy

‘Grexit’: Who would pay for it?

by Alessandro Giovannini

CEPS Policy Brief, co-authored with Daniel Gros and Cinzia Alcidi

The eurozone countries are currently sitting on an aggregate exposure to Greece exceeding €300 billion. If the country... more The eurozone countries are currently sitting on an aggregate exposure to Greece exceeding €300 billion. If the country were to exit the eurozone, it would certainly not be able to service its debt in the short run when the exchange rate overshoots.
Over the longer run, however, the exchange rate is likely to return to a longer-run equilibrium and growth is likely to slowly resume closing the output gap. Moreover, exports are likely to grow by more than GDP, thus increasing over time the capacity of the country to service foreign debt. Therefore, the authors conclude, whether or not an exit from the eurozone is followed by default on the official debt depends decisively on the willingness (and ability) of Greece’s European partners to wait and finance the bridge between the short and the long run.

Manumission and the Supply of Labour

by Cam Hawkins

Forthcoming in Alain Bresson, Elio lo Cascio and Francois Velde, eds., The Oxford Handbook of Economies in the Classical World (

Animal Husbandry

by Geoffrey Kron

in G. Campbell (ed.), Oxford Handbook of Animals in Classical Thought and Life (Oxford: Oxford University Press) (in press)

Classical Athenian trade in comparative perspective

by Geoffrey Kron

in E.M. Harris, D. Lewis (eds.), Beyond self-sufficiency: Households, city-states and markets in the ancient Greek world (Cambridge: Cambridge University Press) (forthcoming)

I examine the importance of maritime trade in the Greek world of the Classical and Hellenistic periods, arguing that... more I examine the importance of maritime trade in the Greek world of the Classical and Hellenistic periods, arguing that it played a role in the economy of many Greek poleis comparable to that of the highly urbanized and prosperous civilizations of Renaissance Northern Italy or 17th century Holland, and significantly greater than in England, the early Modern world's other major international trading power, in the early 19th century. Two important indices of trade activity will be examined first: the taxes levied on maritime trade in the harbours of Athens, Delos, Rhodes and the member states of Athens' Delian league; and evidence for the size and cargo capacity of merchant ships. The rest of the paper will offer a synthesis of recent archaeological research, which corroborates this literary and epigraphic evidence for a high level of trade activity. Leaving aside agricultural products and transport amphoras, which are the subject of other papers, I will briefly discuss the evidence for the trade in commodities such as timber, metals and building stone, and discuss in greater depth a series of recent studies, which show how Greek manufactured goods, including painted or glazed fineware pottery, stone and terracotta statuary, jewelry, gold and silver plate, metalwork, furniture and housewares were imported and exported throughout the Mediterranean.

The Distribution of Wealth at Athens in Comparative Perspective

by Geoffrey Kron

Zeitschrift für Papyrologie und Epigraphik 179 (2011) 129–138

Kaldorian approach to Greek economic growth

by Stavros Drakopoulos

Published in Applied Economics, vol.23, 1991
Co-Author, I. Theodossiou

In the last 30 years, Greece has experienced a rapid rate of economic growth which has
transformed the economy... more In the last 30 years, Greece has experienced a rapid rate of economic growth which has
transformed the economy and enabled it to become a member of the EEC. Specifically,
Greece transformed itself from an agricultural economy with virtually no industrial
base to an economy with a significant industrial sector and consequently a relatively
high income per capita. One can explain this on the lines of a Kaldorian framework. In
this paper we provide an outline of Kaldor's growth model and test its relevance to the
economic experience of Greece during the 1967-1988 period. The empirical results
suggest that the model can adequately explain the developments in the economy to a
considerable degree.

TURKISH-GREEK ECONOMIC RELATIONS: To Conflict Resolution Through Economic Interdependence

by Nazli Usta

Presented in the "International Symposium on Common Governance Culture & Restructuring Problems in Three Seas Basin Countries", 13-16 October 2011, Istanbul Aydin University, Istanbul. Written in Turkish.

In this study, the economic relations between Turkey and Greece are examined in the context of its influence on the... more In this study, the economic relations between Turkey and Greece are examined in the context of its influence on the conflict resolution. On the conduct of the study the opinions which claim that economic interdependence will bring conflict resolution have been included in the study and they are tried to apply to the Turkish-Greek relations. The analysis was tried to make with the status of trade between the countries and foreign direct investments with the data after 1996. Accordingly, when imports, exports and foreign direct investments are examined, it is seen that the existing economic relations are less then intended and awaited. However, despite all these, after the year 1980 with the management of Ozal, Cem-Papandreou detente, and finally with the JDP Government, it can be said that the process is getting better with each passing day and the two countries have been getting through security concerns and making efforts to establish a dialogue.

L'Antiquité à l'épreuve des sciences sociales. Les liturgies athéniennes

by Martin Degand

Published in 'L'Antiquité Classique' 80 (2011), pp. 95-106.

Dinero y moneda en la Antigüedad clásica: W.V. Harris ed., The Monetary Systems of the Greeks and Romans, Oxford 2008.

by Joaquín de la Hoz Montoya

published in "Annali dell’Istituto Italiano di Numismatica, 55, 2009, 259-290".

Hadrian and the Athenian Oil Law, in: O.M. Van Nijf – R. Alston (Hg.), Feeding the Ancient Greek city. Groningen- Royal Holloway Studies on the Greek City after the Classical Age, vol. 1, Louvain 2008, 127-141

by Kaja Harter-Uibopuu

Bronze Drinking Vases Bearing Dedicatory Inscriptions

by Athanasios Sideris

L'Asie Mineure aux époques Archaïque et Classique

by Koray Konuk

in A Survey of Numismatic Research 1996-2001, Commission Internationale de Numismatique (Madrid, 2003), p. 113-132.

Les monnaies: Les hautes terres de Carie

by Koray Konuk

in P. Debord and E. Varinlioğlu (eds), Les hautes terres de Carie. Ausonius Publications – Mémoires 4 (Bordeaux, 2002), p. 77-79.

The Electrum Coinage of Samos in the Light of a Recent Hoard

by Koray Konuk

in E. Schwertheim (ed.), Neue Forschungen aus Ionia, Asia Minor Studien 54 (Bonn, 2005), p. 43-56.

Quelques réflexions sur le monnayage des satrapes hécatomnides de Carie

by Koray Konuk

in T. Hackens, G. Moucharte et al. (eds), Actes du 11e Congrès International de Numismatique (Louvain-la-Neuve, 1993 [1994]), I, p. 237-42.