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Yunanistan Krizinin Post-Keynesyen Analizi

Year 2018, , 1 - 25, 07.05.2018
https://doi.org/10.25294/auiibfd.420794

Abstract

Bu
çalışmanın amacı Yunanistan borç krizinin nedenlerini analiz etmek ve
Yunanistan ekonomisi icin olası çözüm önerilerini Post - Keynesyen bir bakış
açısıyla incelemektir. Bu çerçevede, ilk olarak, Avrupa Para Birliği’nin
kuruluşu ve gelişimi incelenecektir. İkinci olarak, para birliğinin Yunanistan
ekonomisi üzerine olan etkileri irdelenecektir. Daha sonra, krizin ardından öne
sürülen kurtarma paketi kapsaminda alınan tedbirler dahilinde, kriz için olası
çözümler Post-Keynesyen bir bakış açısıyla incelenecektir. Bu noktada, Hyman
Minsky’nin finansal istikrarsızlık hipotezi ve de Michal Kalecki’nin kar
fonksiyonundan yararlanılarak, krizin nedenleri analiz edilecektir. Son olarak,
devletin çalışmaya istekli ve de çalışabilecek durumda olan herkese iş olanağı
sağlaması anlamına gelen devletin nihai işveren olma rolü, ekonomik toparlanma
için bir çözüm önerisi olarak tartışılacaktır.

References

  • Antonopoulos, R., Adam, S., Kim, K., Masterson, T. and Papadimitriou D. B. (2014). Responding to the Unemployment Challenge: A Job Guarantee Proposal for Greece. Levy Economics Institute of Bard College.
  • Artavanis, N., Morse, A. and Tsoutsoura, M. (2015). Tax evasion across industries: soft credit evidence from Greece. National Bureau of Economic Research, w21552.
  • Beshenov, Sergey & Rozmainsky, Ivan, 2015. Hyman Minsky's financial instability hypothesis and the Greek debt crisis, Russian Journal of Economics, Elsevier, vol. 1(4), pages 419-438.
  • Bibow, J. (2012). The euro debt crisis and Germany’s euro trilemma. Levy Economics Institute of Bard College Working Paper, No. 721.
  • De Grauwe, P. (2016). Economics of Monetary Union. United States of America: Oxford University Press.
  • European Central Bank. (n.d.). Retrieved September 11, 2017, from https://www.ecb.europa.eu/mopo/intro/objective/html/index.en.html
  • Goda, T., Onaran, Ö. and Stockhammer, E. (2017). Income inequality and wealth concentration in the recent crisis. Development and Change, 48(1), 3-27.
  • Güngen, A. R. (2013). Devletin Finansallaşması: Avro Bölgesi Krizi ve Yunanistan Örneği. Atilim Sosyal Bilimler Dergisi, 3 (1-2), 47-62.
  • Harari, D. (2015). Greek debt crisis: Background and developments in 2015. House of Commons Library Briefing, No. 7114.
  • http://www.lisbon-treaty.org/wcm/the-lisbon-treaty/treaty-on-the-functioning-of-the-european-union-and-comments/part-3-union-policies-and-internal-actions/title-viii-economic-and-monetary-policy/chapter-1-economic-policy/390-article-122.html
  • https://europa.eu/european-union/sites/europaeu/files/docs/body/treaty_on_european_union_en.pdf
  • https://www.esm.europa.eu/efsf-overview
  • Işık, S. (2009). Tam İstihdam Ve Fiyat İstikrarı Kapsamında Neo-Liberal Yaklaşımlara Post-Keynesyen Karşı Duruşlar: Devletin Nihai İşveren Olma Rolü. Ekonomik Yaklasim, 20(70), 61-88.
  • Işık, S. (2012). Minsky's Public Employment Strategy Against Poverty. AMME IDARESI DERGISI, 45(2), 1-28.
  • Kalecki, M. (2013). Theory of economic dynamics (Vol. 6). Routledge.
  • Klaffenböch, P. (2008). Reforming the Global Financial Architecture: A Comparison of Different Proposals. Retrieved April 29, 2011, from Single Global Currency Association: http://www.singleglobalcurrency.org/documents/DAReformingtheGlobalFinancialArchitecturehyper.pd
  • Kostzer, D. (2008). Argentina: A case study on the Plan Jefes y Jefas de Hogar Desocupados, or the employment road to economic recovery. Levy Economics Institute of Bard College Working Paper, No. 534.
  • Kouretas, G. P. and Vlamis, P. (2010). The Greek crisis: causes and implications. Panoeconomicus, 57(4), 391-404.
  • Köse, Y. and Karabacak, H. (2011). Yunanistan ekonomik krizi: Nedenleri, etkileri ve alınan tedbirlere ilişkin bir değerlendirme. Maliye Dergisi, 160, 289-306.
  • Kregel, J. (2012). Six Lessons from the Euro Crisis. Levy Economics Institute of Bard College Policy Note, No. 10.
  • Lucarelli, B. (2011). German neomercantilism and the European sovereign debt crisis. Journal of Post Keynesian Economics, 34(2), 205-224.
  • Makrydakis, S., Tzavalis, E. and Balfoussias, A. (1999). Policy regime changes and the long-run sustainability of fiscal policy: an application to Greece. Economic Modelling, 16(1), 71-86.
  • Minsky, H. P. (1992) The financial instability hypothesis. Levy Economics Institute of Bard College Working Paper, No. 74.
  • Mundell, R.A. (1961) A Theory of Optimum Currency Areas. American Economic Review, 51(4): 657–675.
  • OECD (2016) Revenue Statistics http://www.oecd.org/tax/tax-policy/revenue-statistics.htm
  • Oltheten, E., Pinteris, G. and Sougiannis, T. (2004). Greece in the European Union: policy lessons from two decades of membership. The Quarterly Review of Economics and Finance, 43(5), 774-806.
  • Papadimitriou, D. B., Nikiforos, M. and Zezza, G. (2015). Greece: conditions and strategies for economic recovery. Levy Economics Institute of Bard College Strategic Analysis.
  • Papadimitriou, D. B., Nikiforos, M., & Zezza, G. (2016). How long before growth and employment are restored in Greece? Levy Economics Institute of Bard College Strategic Analysis.
  • Perez-Caldentey, E. and Vernengo, M. (2012). The Euro Imbalances and Financial Deregulation: A Post-Keynesian Interpretation of the European Debt Crisis. Levy Economics Institute of Bard College Working Paper, No. 702.
  • Schneider, F. and Buehn, A. (2012). Shadow economies in highly developed OECD countries: what are the driving forces? Institute for the study of labor Discussion Paper Series, No. 6891.
  • Sondermann, D. (2014). Productivity in the euro area: any evidence of convergence? Empirical Economics, 47(3), 999-1027.
  • Stockhammer, E. (2011). Peripheral Europe's debt and German wages: the role of wage policy in the Euro area. International Journal of Public Policy, 7(1-3), 83-96.
  • Tcherneva, P. R. (2012). Beyond full employment: the employer of last resort as an institution for change. Levy Economics Institute of Bard College Working Paper, No. 732.
  • Treaty on European Union (Maastricht text), July 29, 1992, 1992 O.J. C 191/1
  • Tymoigne, E. (2008). Minsky and Economic Policy:'Keynesianism'All Over Again? Levy Economics Institute of Bard College Working Paper, No.547
  • Vasconcelos, D. D. S. (2014). Minsky on" Big Government". Revista de Economia Política, 34(1), 15-38.
  • Wray, L. R. (2000). The employer of last resort approach to full employment. Center for Full Employment and Price Stability Working Paper, No. 9.

A Post - Keynesian Analysis of The Greek Crisis

Year 2018, , 1 - 25, 07.05.2018
https://doi.org/10.25294/auiibfd.420794

Abstract

The purpose
of this study is to analyze the causes of the Greece debt crisis and discuss
about possible solutions for the Greek economy in Post - Keynesian perspective.
In this framework, first, the establishment and evolution of the European
Monetary Union will be briefly examined. Second, the effects of the monetary
union on the Greek economy will be discussed. Then, the remedies for the crisis
along with the measures taken within the scope of the rescue package adopted
will be examined from a Post Keynesian perspective.  At this point, Hyman Minsky’s Financial
Instability Hypothesis and Michal Kalecki’s profit function will be used to analyze
the reasons behind the crisis. Last but not least, Employer of the Last Resort
Programme, which can be summarized as a program where the government takes into
employment of anyone who is willing and able to work, will be discussed as a
cure for the recovery.

References

  • Antonopoulos, R., Adam, S., Kim, K., Masterson, T. and Papadimitriou D. B. (2014). Responding to the Unemployment Challenge: A Job Guarantee Proposal for Greece. Levy Economics Institute of Bard College.
  • Artavanis, N., Morse, A. and Tsoutsoura, M. (2015). Tax evasion across industries: soft credit evidence from Greece. National Bureau of Economic Research, w21552.
  • Beshenov, Sergey & Rozmainsky, Ivan, 2015. Hyman Minsky's financial instability hypothesis and the Greek debt crisis, Russian Journal of Economics, Elsevier, vol. 1(4), pages 419-438.
  • Bibow, J. (2012). The euro debt crisis and Germany’s euro trilemma. Levy Economics Institute of Bard College Working Paper, No. 721.
  • De Grauwe, P. (2016). Economics of Monetary Union. United States of America: Oxford University Press.
  • European Central Bank. (n.d.). Retrieved September 11, 2017, from https://www.ecb.europa.eu/mopo/intro/objective/html/index.en.html
  • Goda, T., Onaran, Ö. and Stockhammer, E. (2017). Income inequality and wealth concentration in the recent crisis. Development and Change, 48(1), 3-27.
  • Güngen, A. R. (2013). Devletin Finansallaşması: Avro Bölgesi Krizi ve Yunanistan Örneği. Atilim Sosyal Bilimler Dergisi, 3 (1-2), 47-62.
  • Harari, D. (2015). Greek debt crisis: Background and developments in 2015. House of Commons Library Briefing, No. 7114.
  • http://www.lisbon-treaty.org/wcm/the-lisbon-treaty/treaty-on-the-functioning-of-the-european-union-and-comments/part-3-union-policies-and-internal-actions/title-viii-economic-and-monetary-policy/chapter-1-economic-policy/390-article-122.html
  • https://europa.eu/european-union/sites/europaeu/files/docs/body/treaty_on_european_union_en.pdf
  • https://www.esm.europa.eu/efsf-overview
  • Işık, S. (2009). Tam İstihdam Ve Fiyat İstikrarı Kapsamında Neo-Liberal Yaklaşımlara Post-Keynesyen Karşı Duruşlar: Devletin Nihai İşveren Olma Rolü. Ekonomik Yaklasim, 20(70), 61-88.
  • Işık, S. (2012). Minsky's Public Employment Strategy Against Poverty. AMME IDARESI DERGISI, 45(2), 1-28.
  • Kalecki, M. (2013). Theory of economic dynamics (Vol. 6). Routledge.
  • Klaffenböch, P. (2008). Reforming the Global Financial Architecture: A Comparison of Different Proposals. Retrieved April 29, 2011, from Single Global Currency Association: http://www.singleglobalcurrency.org/documents/DAReformingtheGlobalFinancialArchitecturehyper.pd
  • Kostzer, D. (2008). Argentina: A case study on the Plan Jefes y Jefas de Hogar Desocupados, or the employment road to economic recovery. Levy Economics Institute of Bard College Working Paper, No. 534.
  • Kouretas, G. P. and Vlamis, P. (2010). The Greek crisis: causes and implications. Panoeconomicus, 57(4), 391-404.
  • Köse, Y. and Karabacak, H. (2011). Yunanistan ekonomik krizi: Nedenleri, etkileri ve alınan tedbirlere ilişkin bir değerlendirme. Maliye Dergisi, 160, 289-306.
  • Kregel, J. (2012). Six Lessons from the Euro Crisis. Levy Economics Institute of Bard College Policy Note, No. 10.
  • Lucarelli, B. (2011). German neomercantilism and the European sovereign debt crisis. Journal of Post Keynesian Economics, 34(2), 205-224.
  • Makrydakis, S., Tzavalis, E. and Balfoussias, A. (1999). Policy regime changes and the long-run sustainability of fiscal policy: an application to Greece. Economic Modelling, 16(1), 71-86.
  • Minsky, H. P. (1992) The financial instability hypothesis. Levy Economics Institute of Bard College Working Paper, No. 74.
  • Mundell, R.A. (1961) A Theory of Optimum Currency Areas. American Economic Review, 51(4): 657–675.
  • OECD (2016) Revenue Statistics http://www.oecd.org/tax/tax-policy/revenue-statistics.htm
  • Oltheten, E., Pinteris, G. and Sougiannis, T. (2004). Greece in the European Union: policy lessons from two decades of membership. The Quarterly Review of Economics and Finance, 43(5), 774-806.
  • Papadimitriou, D. B., Nikiforos, M. and Zezza, G. (2015). Greece: conditions and strategies for economic recovery. Levy Economics Institute of Bard College Strategic Analysis.
  • Papadimitriou, D. B., Nikiforos, M., & Zezza, G. (2016). How long before growth and employment are restored in Greece? Levy Economics Institute of Bard College Strategic Analysis.
  • Perez-Caldentey, E. and Vernengo, M. (2012). The Euro Imbalances and Financial Deregulation: A Post-Keynesian Interpretation of the European Debt Crisis. Levy Economics Institute of Bard College Working Paper, No. 702.
  • Schneider, F. and Buehn, A. (2012). Shadow economies in highly developed OECD countries: what are the driving forces? Institute for the study of labor Discussion Paper Series, No. 6891.
  • Sondermann, D. (2014). Productivity in the euro area: any evidence of convergence? Empirical Economics, 47(3), 999-1027.
  • Stockhammer, E. (2011). Peripheral Europe's debt and German wages: the role of wage policy in the Euro area. International Journal of Public Policy, 7(1-3), 83-96.
  • Tcherneva, P. R. (2012). Beyond full employment: the employer of last resort as an institution for change. Levy Economics Institute of Bard College Working Paper, No. 732.
  • Treaty on European Union (Maastricht text), July 29, 1992, 1992 O.J. C 191/1
  • Tymoigne, E. (2008). Minsky and Economic Policy:'Keynesianism'All Over Again? Levy Economics Institute of Bard College Working Paper, No.547
  • Vasconcelos, D. D. S. (2014). Minsky on" Big Government". Revista de Economia Política, 34(1), 15-38.
  • Wray, L. R. (2000). The employer of last resort approach to full employment. Center for Full Employment and Price Stability Working Paper, No. 9.
There are 37 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Articles
Authors

Zeynep Erünlü 0000-0003-0310-3403

Barbaros Güneri 0000-0003-1341-9380

Publication Date May 7, 2018
Submission Date April 18, 2017
Acceptance Date October 21, 2017
Published in Issue Year 2018

Cite

APA Erünlü, Z., & Güneri, B. (2018). A Post - Keynesian Analysis of The Greek Crisis. Akdeniz İİBF Dergisi, 18(37), 1-25. https://doi.org/10.25294/auiibfd.420794
AMA Erünlü Z, Güneri B. A Post - Keynesian Analysis of The Greek Crisis. Akdeniz İİBF Dergisi. May 2018;18(37):1-25. doi:10.25294/auiibfd.420794
Chicago Erünlü, Zeynep, and Barbaros Güneri. “A Post - Keynesian Analysis of The Greek Crisis”. Akdeniz İİBF Dergisi 18, no. 37 (May 2018): 1-25. https://doi.org/10.25294/auiibfd.420794.
EndNote Erünlü Z, Güneri B (May 1, 2018) A Post - Keynesian Analysis of The Greek Crisis. Akdeniz İİBF Dergisi 18 37 1–25.
IEEE Z. Erünlü and B. Güneri, “A Post - Keynesian Analysis of The Greek Crisis”, Akdeniz İİBF Dergisi, vol. 18, no. 37, pp. 1–25, 2018, doi: 10.25294/auiibfd.420794.
ISNAD Erünlü, Zeynep - Güneri, Barbaros. “A Post - Keynesian Analysis of The Greek Crisis”. Akdeniz İİBF Dergisi 18/37 (May 2018), 1-25. https://doi.org/10.25294/auiibfd.420794.
JAMA Erünlü Z, Güneri B. A Post - Keynesian Analysis of The Greek Crisis. Akdeniz İİBF Dergisi. 2018;18:1–25.
MLA Erünlü, Zeynep and Barbaros Güneri. “A Post - Keynesian Analysis of The Greek Crisis”. Akdeniz İİBF Dergisi, vol. 18, no. 37, 2018, pp. 1-25, doi:10.25294/auiibfd.420794.
Vancouver Erünlü Z, Güneri B. A Post - Keynesian Analysis of The Greek Crisis. Akdeniz İİBF Dergisi. 2018;18(37):1-25.
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