OECD economic surveys : Greece 1997-1998 / Organisation for Economic Co-operation and Development.

Format:

Book

Author/Creator:

Organisation for Economic Co-operation and Development, issuing body.

Series:

OECD Economic Surveys: Greece

Language:

English

Subjects (All):

Economic history.

Greece--Economic conditions.

Greece.

Greece--Economic policy.

Physical Description:

1 online resource (200 pages)

Edition:

1st ed.

Place of Publication:

Paris, France : OECD Publishing, [1998]

Language Note:

English

Summary:

Assessment and recommendations I. Recent trends and short-term prospects -Buoyant in 1997, domestic demand has slowed in 1998 -Output growth has been more balanced -Employment has been slow to respond to the recovery -Wages have moderated but disinflation was slowed by the exchange rate adjustment -Trade performance and the balance of payments -Prospects for 1999 and 2000 II. Macroeconomic policies -Monetary policy: meeting the Maastricht inflation criterion -Fiscal policy: continued adjustment is necessary to improve the policy mix further -An evaluation of the anti-inflationary policy options -The medium-term fiscal strategy: an assessment III. Implementing structural reform: a review of progress -Debate on broad-based labour market reform -A small reform of the social security system -Health reform: progress has been slow in introducing the 1997 health care bill -Financial sector reform: restructuring and consolidation propel the sector -A strategy for accelerating and improving the process of structural reform IV. Reforming the public enterprise sector -Key features of the public enterprise sector -Reform of specific sectors -Quantification of the effects of liberalisation -Assessment Glossary of acronyms Bibliography Annexes -I. The Aiginger Index and revealed comparative advantages -II. Calendar of main economic events.

Contents:

Intro

Table of contents

Assessment and recommendations

I. Recent trends and short-term prospects

Buoyant in 1997, domestic demand has slowed in 1998

Figure 1. Conjunctural and leading indicators

Figure 2. Contributions to real GDP growth

Table 1. Public investment: key features

Output growth has been more balanced

Employment has been slow to respond to the recovery

Table 2. Labour market developments

Wages have moderated but disinflation was slowed by the exchange rate adjustment

Table 3. Prices and wages

Figure 3. Prices and wages

Trade performance and the balance of payments

In 1997, the current account was buffered from losses in competitiveness by exogenous developments

Table 4. Balance of payments

Table 4. Balance of payments (cont.)

The devaluation has had mixed impacts on the 1998 current account

Box 1. The structure of the current account and the level of the exchange rate

Table 5. Trade indicators

Figure 4. Revealed comparative advantages and quality versus price competition

Figure 5. Competitiveness and export performance

Capital account developments have reflected international financial turbulence

Table 6. External debt and debt service

Prospects for 1999 and 2000

Table 7. The short-term outlook

II. Macroeconomic policies

Monetary policy: meeting the Maastricht inflation criterion

Figure 6. The exchange rate and private sector credit growth

Figure 7. Interest rates, spreads and yield curves

Fiscal policy: continued adjustment is necessary to improve the policy mix further

The 1997 Budget outturn: a reduction in the deficit but the fiscal stance remains expansionary

Table 8. General government budget adjustment between 1996 and 1997

Table 9. Public sector debt.

The 1998 Budget: meeting the Maastricht criterion and containing primary expenditures

Box 2. Structural reform initiatives of the 1997 and 1998 Budgets

Table 10. General government accounts

The 1998-2001 convergence programme: the road map for EMU entry

Table 11. The 1998-2001 Convergence Programme

The 1999 Budget: the budget for EMU entry required a tightening to dampen inflation

Table 12. Budget plans and outcomes

An evaluation of the anti-inflationary policy options

Figure 8. Fighting inflation: nominal anchors and macroeconomic policies

The medium-term fiscal strategy: an assessment

Table 13. Sensitivity analysis on debt dynamics

III. Implementing structural reform: a review of progress

Figure 9. GDP per capita developments in Greece, Ireland, Portugal and Spain

Debate on broad-based labour market reform

Figure 10. Active labour market policies and the labour force

Table 14. Implementing the OECD Jobs Strategy - an overview

Table 14. Implementing the OECD Jobs Strategy - an overview (cont.)

A small reform of the social security system

Health reform: progress has been slow in introducing the 1997 health care bill

Financial sector reform: restructuring and consolidation propel the sector

Table 15. A cross- country comparison of commercial bank indicators

A strategy for accelerating and improving the process of structural reform

IV. Reforming the public enterprise sector

Key features of the public enterprise sector

Table 16. Main public enterprises by sector

How public enterprises burden the budget

Table 17. Public enterprise accounts

Table 17. Public enterprise accounts (cont.)

Table 18. Debt assumptions from public enterprises

Main factors for the poor financial position of public enterprises

Pricing policy.

Figure 11. Public enterprise prices and underlying inflation

Table 19. Weight of public enterprises in the CPI basket

Inflexible labour arrangements and high labour costs

Figure 12. Public enterprise employment

Table 20. Average compensation per employee

Investment programme

Accounting practices

Current policy objectives

Table 21. Main privatisations of public enterprises

Reform of specific sectors

Network industries

Oil refining and distribution

Figure 13. Institutional structure of the oil sector

Natural gas

Figure 14. Institutional structure of the natural gas sector

Electricity sector

Figure 15. Electricity sector: prices and performance

Telecommunications

Table 22. An international comparison of telecommunications sector indicators

Table 23. A comparison of telephone charges

Figure 16. Tariff rebalancing in telecommunications

Water and sewerage

Figure 17. Water: prices and performance

Potentially competitive sectors

Air transport and Olympic Airways

Figure 18. Air transport: prices and performance

Table 24. An international comparison of airline performance indicators

Television and radio

Enterprises implementing public policy

Rail transport

Figure 19. Rail transport: prices and performance

Table 25. An international comparison of the rail transport sector

Urban transport

Figure 20. Urban transport: prices and performance

Postal service

Table 26. An international comparison of postal service indicators

Figure 21. Postal services: prices and performance

Quantification of the effects of liberalisation

Table 27. Assumptions and effects of sectoral deregulation

Assessment

Notes

Glossary of acronyms

Bibliography

Annex I - The Aiginger Index and revealed comparative advantages.

Table A1. Detailed structure of Greek exports, 1995

Annex II - Calendar of main economic events

BASIC STATISTICS: INTERNATIONAL COMPARISONS

BASIC STATISTICS: INTERNATIONAL COMPARISONS (cont'd)

BOXES

TABLES

Table 9. Public sector debt

Table 25. An international comparison of the rail transport sector.

Table 26. An international comparison of postal service indicators

ANNEX

Table A1. Detailed structure of Greek exports, 1995

FIGURES

Figure 11. Public enterprise prices and underlying inflation

Figure 21. Postal services: prices and performance.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Description based on print version record.

Description based on publisher supplied metadata and other sources.

ISBN:

92-64-15153-2

OCLC:

1132391784