, , ,

,
2016

04.2016

, ,
, ,

2016


, , ,
,
2016

, ,

, ,

, ,

, ,

Version: 240416_1


, , ,
,
2016

.................................................................................................................................................................................5

20 .............................................................................................................................................................7
A1. 1995-2007: .............................................................................9
A2. 2008: .........................................13
A3. 2009 ...................................................................................................................14

A3.1. ......................................14

A3.2. .. ................................................................................................................................15

:
, ,
....................................................................................................17
B1. ...............................................................................................................................................18
B2. .....................................................................................................................................23
B3. .........................................................................................................25
B4. ...................................................................................................................................27
B5. - ....................................................................................................................................29
B6. 2010-2014....................................................................................................................................................30
B7. 2014.....................................................................................................................................................34
..................36
1. ..........................................................38

1.1. .......................40

2. ...................................................................................................................................................................................................41

2.1. .................................................................................................41

2.2. ...................................................................................42

3. ....................................................................44


, , ,
,
2016

.............................................................................................................................46
1. ............................................................................49

1.1. ...............................................................................................................................................49

1.2. ..............................................................55

1.3. .............................................................................................................................................61

2. ..........................................................................................................................68

2.1. ..............................................................................................................68

2.2. .....................................................................................................................74

2.3. ....................................................................................................84

2.4. ........................................87

3. .........................................................................................95

3.1. .....................................................................................................................................................95

3.2. ....................................................................................................................................105

3.3. ..............................................................................................................................................................119

3.4. , ..........................................................130

3.5. .................................................................................................................................................................................139

:
..................................................................................................................................................149
1. .................................................................................................................151
2. ................................................................................................................153
3. ...............................................................................................................................155
4. : A ........................................................157
...........................................................................................................................................................................158


, , ,
,
2016

,
0,15%
0,3% ,
, ,
. ,

.
,
- .

, ,
.

. ,

.


. ,

, , ,
.
.
,


, ,
- .
, ,
.

,


, , ,
,
2016

,
.
,
, ,
.

,
.



, ,
, ,

2016

20


, , ,
,
2016

.

20

, ,

,
, , (

).
, , ,
2008, ,
, ,
.

. ,



,
2010,
.
( )
2015,
.
,
.
,
,
.


, , ,
,
2016

1. 1995-2007:

, 1995 ,

(...),
, ,

70 .
(
, )


.
.

, ,

(..) (higher economic
integration).
,

(financial liberalization)

. ,
,
, ,
,
. , , 1990
2000,
, , ,
, .
,
,
, ,


, , ,
,
2016

10

, , . ,
,
- ,
.

.. (structural
funds, ),
2004.

,
.
(bubble)
,
( ),
..

2007,
1.
, ,

(demand-driven growth),
. ,
,
,
( rent-seeking activities)2.

1. 2000, . EC
Forecasts, Spring 2011, Table 1.
2. . .. Acemoglu (2006)
Acemoglu (2009)
.

.. Angelopoulos et al.
(2009),

rent seeking .

, ,
(real asset prices),
3.
.
,
30%
1990 2000.

, .
,
,
4.

3. . .. EEAG Report, 2012, Figure

2.4, EEAG Report, 2015, Figure 1.26.
, .
Sinn, Rescuing Europe, 2010, Figure 8.
4. . EEAG Report, 2015, Table 1.2.

,
,
,
,


, , ,
,
2016

,

. ,
,
2000 -, .

, 5.
,
,
,
,

. , , ,
, .

2000. ,
.

,
,
,
.
, ,

.
,
,


6.

, ,

,

. ,
,
.
.
, ,
2000
,

11

5. . EC forecasts, Spring 2011, Tables

35 40, EEAG Report, 2015, Table
1.1.

6. . EC Forecasts, Winter 2015, Table

50. , . EEAG Report, 2012,
Figures 2.5, 2.6, 2.7, EEAG Report,
2014, Figure 3.2 (by sector).


, , ,
,
2016

, , .

, ,
2008, .
,
,

.

,
,
2008, .
, ,
1990 2000,
,
. ,
, ,
,
.
,
,
. ,

..,
- .
,
, ,
,
( ) ,
1970 .

12


, , ,
,
2016

13

2. 2008:

2008

Lehman Brothers
,

.
,
,
,
.
,
.
, , , ,
.

,
(snowball effect)7. ,
, ,
,
.
,
8.
, 2008
,
.
,

. ,
,
,
,
,
. ,
.

7.

. EC Forecasts, 2015, Table 1.
8.
. EC Forecasts, Winter 2015,
Tables 36 42.


, , ,
,
2016

14

3. 2009

(shock)
, ,
, .
/,

,
, 9.

9. . EEAG Report, 2015, Figures 1.1

(GDP) 1.7 (unemployment).

,
, ,
, ,

10.

, , ,

. , ,
, ,

11. ,
,
,
, ,
, .
, , ,
12.

10. . EEAG Report, 2015, Table 1.1.

11. . EEAG Report, 2014, Figure 3.7.
12.
. EEAG Report, 2014, Figure
3.12,
. EEAG Report, 2015,
Table 1.2.

3.1.
2014 ,
,
,
13.
, ,
, 14.

13. . EEAG
Report, 2015.
14. . The Economist, October 25,
2014.


, , ,
,
2016

2015 .., ,

,
: ()
. ()
,
. ()
,
.
()
. ()

,

15.
, ,
,
. ,
(
,
capital exporting countries)
,
(
, capital importing countries)
. , ,
.. ,
(.. ), ,

(.. ).
3.2. ..
, , , , ,
, .
, ,
.
,
.


,
. ,
,
.
(capital flight) ,

15

15. . EEAG Report on the European

Economy 2015.


, , ,
,
2016

16

. ,
,
.
.
, , ,
,
,

. ,
,
(EC),
(ECB) (IMF).

,
,

,

.
, ,
,
,
.
(bailout) 2010,
2012 2015. ,
2010, 2011 2013, .
2012,
.
(
),
, ,

.
, ,
16.
( )
,

.
,


.

16. (Memoranda of Understanding)

. EMU Public Finances, 2013, pp.
16-17.


, , ,
,
2016

17

, ,
, ,

2016

:

, ,


, , ,
,
2016

1.

,
,
.

.

2010,
, 2001,

.
,
, ,
, .
2001
, , ,
. ,

...,
. 1996-2007,
,
3,9%, 2,3% ( 2.1). ,
,
,

.

18

19

, , ,
,
2016

2.1:
150

138

135132

132

126

121121

120

114

105
90

130

101

99

98

85

96
86

84
70

93

70

60

30

: Eurostat

,
, ,
(
). , 2.2, 2000
, 2008
14,5% 17.

17. ,
1985
,

6,5% .

2.2: (% )
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

0
-2
-4
-6

-3,5
-4,9

-8

-4,1
-5,1
-7,5

-6,9

-6,3

-5,6
-6,4
-7,4

-10
-12

-10,8

-10,9

-14
-14,0

-16

: IMF World Economic Outlook 2015

-14,5

20

, , ,
,
2016

, 2.3,
, ,
, , ,
,
.
2002,
, 2009 15,2% .

, 2009 10,2% ,

.

2008-2010,
.
,
,
127% (
2.4) ( 2.5).
2.3: (% )
4

2.1

2.2

1.4

1.8

2.7

0.8

-0.4

-2.9

-2

-1.5

-1.5

-2.2

-4.0

-5.4

-4
-6

-6.1

-8
-10

-6.3

-5.8

-4.1

-5.5

-6.0

-6.2
-7.8

-8.2

-12

-5.9
-10,2%

-6.7

-8.8

-10.2

-14

-15,2%

-16
-18

1996 1997 1998 1999

: Eurostat

2000

2001

2002 2003

2004

2005

2006

2007

2008

2009

21

, , ,
,
2016

2.4: , 1995-2010 (% )
140

127

120
100

93

95

92

89

89

1995

1996

1997

1998

1999

80

100

100

2000

2001

107
98

94

95

2003

2004

103

103

109

60
40
20
0
2002

2005

2006

2007

2008

2009

: Eurostat, Statistical Annex of the European Economy 2015

2.5: , 1995-2009 (% )
140

114

117

102

120

93
86

100
80

61

65

69

74

53

60

36

36

1995

1996

37

40

44

40
20
0

1997 1998

1999

2000

2001

: Eurostat, Statistical Annex of the European Economy 2015

2002

2003

2004

2005

2006

2007

2008

2009


, , ,
,
2016

2010 , ,

. ,
.
, , (2010, 2012
2015). .
,
. ,
. ,
, ,
(liquidity).

, .

(solvency).
,
.

300 .
( Reinhart and Rogoff,
2009)18.

22

18. ,
2012
(
Reinhart and Rogoff, 2009).


, , ,
,
2016

23

2.

, ,
,
,
,
.
;
,

19.

19.
,

. ., ,
Christodoulakis (2015), Galenianos
(2015), Ioannides and Pissarides (2015),
Arghyrou (2015) Pelagidis and
Mitsopoulos (2016).

, . ,
(
2.6). 10,2% 2009,
,
0,4% . , ,
. ,
, 16,2%,
- ..
2009-2014, 2.720.

20.
,
.


, , ,
,
2016

2.6: , 2009-2014 (% )

(19)
.. (28)

-4

-2

10

12

: Eurostat

2.7:

, 2009-2014 (% )

-4

: European Commission, AMECO database

11

16

24

25

, , ,
,
2016

3.

, ,
,
(
),
. ,
, 14,5%
2008, 2013 0,6%
( 2.8). 1948
.
2.8: (% )
2

0.6

0.9

0
-2

-3.5

-4

-4.1

-2.5
-5.1

-4.9

-5.6

-6.3

-6
-8

-7.5

-7.4

-6.4

-6.9

-9.9

-10

-10.8

-10.9

-12
-14

-14

: IMF World Economic Outlook 2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

-14.5
1996

-16

-10.1

26

, , ,
,
2016

Eurostat, 2010-2014,
11%,
10%. , ,

()
2014
.
2.9:

(2005-2014)

140

130

120

110

100

90
2005

2006

2007

2008

2009

: Eurostat IMF World Economic Outlook 2015

2010

2011

2012

2013

2014


, , ,
,
2016

4. M

,
,
. ,
. 2010
. ,
.
, ,

(OECD 2013a, 2014,
2015)
,

. , 2015,
2007-2014,
,
(2007-2009) . ,
2010-2014,

.

27

28

, , ,
,
2016

0.250
TUR

0.175

DEU

0.146

0.262

0.220

0.279

0.273

NLD

0.214

0.280

FRA

GBR

SWE

ITA

JPN

CHE

0.295

DNK

0.289

AUT

KOR

0.326

0.320

AUS

CAN

0.359

0.333

MEX

FIN

0.375

0.372

SVK

0.302

0.380

POL

0.300

0.390

0.389

HUN

0,2

0.431

0.415

ESP

0,3

0.450

0.439

NZL

0,4

EU

0.462

IRL

0,5

CZE

0.522

PRT

0.500

0.610

0,6

0,7

GRC

2.10: (2007-2014)

0,1

: OECD Economic Policy Reforms 2015: Going for Growth

, ,
, ,

.. , Doing
Business , 2009
56% , 2013 31%.
Lisbon Council (2015) ,
,
- ..,
.

ISL

LUX

NOR

BEL


, , ,
,
2016

5. -O K

, -
. 2008 (
) 2013, .
,
( 2.11).

,
(
Matsaganis and Leventi, 2014). ,
7% 2008 27% 2013.

( ),
25 60%.
,
: ,
20,1% 2008 23,1% 2013,
, ,

2008, 44,3% 2013.


.
2.11:

: IMF, Reinhart and Rogoff (2009) and Eurostat

29

30

, , ,
,
2016

6. 2010-2014

; , ,

. .

2009,

, .
.

. Ex ante, 2010-2014
30% ,

.
,
.
2.12: , 2010-2014

(% )

9
8
7
6
5

4.7

5.1

4.4
2.9

4
3
2

3.3

3.6

1
0

1.4
3.1
0.8

2011

2010

: Eurostat, Ameco Database

2012

2013

-0.1

2014


, , ,
,
2016

;

.


(Blanchard and Leigh, 2013),
.

, ,

,
(Orphanides, 2015).

2010, , ,
.
,
,

,
.
,
timing ,

,
, ,
,
. ,
Grexit , ,
,
,
,
, ,
,
,
. , ,
,

.
, ,

. ,

,
(, , ),

31

32

, , ,
,
2016

,
, .
,

( ),

, Grexit,

( 2.13), ,

,

-.. (
2.14). .
2.13: Repos

(. )
260
240
220
200
180
160
140
120

. 15

. 14

. 14

. 13

. 12

. 11

. 11

. 10

. 09

. 08

. 08

. 07

. 06

. 05

. 05

100

33

, , ,
,
2016

2.14: ,

2006-2013 (% )
30

25

20

15

10

2006

EL

2007

2008

EU

2009

EU

2010

2011

2012

2013

EL

: Eurostat

,

. 2013 , ,
2014. 2013 ,
, 2014
.
, ,
. , ,
. 2013
,
.
, ,
. 2014,
21,

(
).
2015.

21.
Reinhart and Rogoff (2009).


, , ,
,
2016

7. 2014

, 2014,
.
,
,
,
2015 .
,
,
,
,
spreads
( 2.15),
.

2.15: Spread (bps)

3000
2500
2000
1500
1000
500
0.0

2/1/2008

: Bloomberg

2/1/2009

2/1/2010

2/1/2011

2/1/2012

2/1/2013

2/1/2014

2/1/2015

34


, , ,
,
2016

2015,
,
(capital controls)
.

,
, 2016.
2015
,
.

,
2018.

2016
.

35


, , ,
,
2016

, ,
, ,

2016

36


, , ,
,
2016

(a blueprint for the rebirth of the Greek economy).
,
: , ,
.
, ( )
,
,

.
,
, ,
.

37


, , ,
,
2016

38

1.

(fundamentals)
,
: () H
,
, , ,
, 2008. () H
, ,
, FDI, 200822.

2000.
() H ,
23 /
24 . () H
.

. () H
, ,
, ,

, ,

(
).
,
,
,
, . () H

,

. () H


. ()

22. FDI . , ..
Global Competitiveness Report
2014-15, World Economic Forum.
,
(
) (i)

,
, (ii)

().
24. /
,


. ,
(..
)
.


, , ,
,
2016

39

, , 25,
-
. () (institutions)
(social capital).
, , , ,
-.
,
, , ,
,
.

25. . , .., Global

Competitiveness Report 2014-15,
World Economic Forum.

. ,
(weak property rights)26,

,
,
,
... ,
, ,
(rule of law),
27,
(credibility) ,
(trust) 28,
,
- , ,
(,
, ).

26. . , .., Global

Competitiveness Report 2014-15,
World Economic Forum.
27. . , .., Global
Competitiveness Report 2014-15,
World Economic Forum.
28. . , .., Global
Competitiveness Report 2014-15,
World Economic Forum.

, ,
, ,

.
,
,
,
, .

, -,
(ownership),
(competition among public agencies)
(..
, , ),
(..
, ) ..29.

29. . , .., Global

Competitiveness Report 2014-15,
World Economic Forum.

40

, , ,
,
2016

1.1.

(institutional quality)

30. ,
( )
,
. .

.
,
, , 31.
,
,
(
,
), /

(.. )
/ ,
(..
). .
,
.
.

, ,
. ,

, .

30. . .. Jones (2002).

31. . .. Drazen (2000).


, , ,
,
2016

2.

,
, : ()
(ultimate targets)
() - (intermediate
targets) .

,

. , ,
,
,

.
2.1.
,
: ()
( )
, () ,
, ,
, , ,
()
.

, ,
,

. :


,
. , ,

41

42

, , ,
,
2016

,
2015,

, .
()
,
32. ,

(
).

32. ,
, ,
,
.

, , (), ,
(),
.
33. ,
, ,

. ,
, , ,
.

33.
,
,
,

,
, (),

, ,
,
.
,
,
. ,

,
.
2.2.
1996-2007 ( ,
,
, ,
,
),
(
) 197034.
,
,

34. . Gogos et al. (2014).


, , ,
,
2016

35. ,
,
. ,
, ,
,
36.
,
,
,
, ,

, ,
, , ,

,
,

( .. Sala-i-Martin, 2010).

. ,

.

(FDI)
37.
,

.

43

35. ,

.
16.
36. ,


, ,
,
. . Aghion and
Howitt (2009) Sala-i-Martin (2010).

37.
,
,


, .

44

, , ,
,
2016

3.

, ,
/,
.

, ,

38:
() ( )
;
() ,
;
()
;
() ,
( ) ,
, (
) . ,

,
,

,
. () ,

, (learning by
doing), . ,
,

, ,
(, ,
)
. , ()
()

38. . Drazen (2000, . 13).


, , ,
,
2016

.
, () ,


,

.
(.. )
.

45


, , ,
,
2016

, ,
, ,

2016

46


, , ,
,
2016

47

. M

, .
,

.
.

.
.
,

:
,
,
.
,
, ,

.
,
, , ,
, 39.

, .


. ,
,
.
, .

39.

, .
Papageorgiou and Vourvachaki (2015)
Terzi (2015).


, , ,
,
2016

. ,
,
, , .

. ,
status quo,
(, 2000). ,
,

. ,
, ,
, .

.


.

. ,
(Ioannides and
Pissarides, 2015),
(.. ). ,

,
. ,
. ,

, .

48


, , ,
,
2016

1.

1.1.
( )

. ,

. ,
,
:
() ,
() ,
,
()
,
()
,
() ,
() ,
()
() (European
Commission, 2010a; European Commission, 2010b).
,

,
.
,
,
,
. ,
2010-2014,

,

49


, , ,
,
2016

, ,
.
,
,
, : ()
,
, ,
,
()
,
,

()
,
/
()
,
(European Commission, 2012;
European Commission, 2014a).


,
. , :
()
,
. ()
. ()
,
. ()
,
. ()
(),
. ()
( )
(European
Commission, 2012; European Commission, 2014a).
2016, ()
. (
2014)
31% 2009-2014 ( 4.1).

50

51

, , ,
,
2016

4.1:
1.000.000

650.393

400.000

675.530

500.000

735.561

600.000

772.460

700.000

866.658

800.000

942.625

900.000

300.000
200.000
100.000
0.0

2009

2010

2011

2012

2013

, ,
,
, -
, .
: ()
opengov,
. ()

. ()
. ()
(e-procurement)
(central purchasing bodies),
. ()


.
()
,


. ()
,

. ()

() .
()

2014

52

, , ,
,
2016

25% 13 , .
()
( ,
, e-, ,
..). ()
.
4.2: : ,
150

134

133
122

120

109

112

117

144

143

141

138

136

129

123

120
97

131

128
118
92

88

90

60

30

2011-2012
(142 )

2012-2013
(144 )

2013-2014
(148 )

2014-2015
(144 )

2015-2016
(140 )

: World Economic Forum

,
, ()
( 4.2),
, ,
,

.

, , ,
:
()
,

, ,

. ()


, , ,
,
2016

( ),
,
. ()

,

,
. ()
,
,
,
. ()

,
,
.. ()
,
, .
, ,
:
()
,
,
,

. ()
,
,
,
,

. ()
,
,
,
,
. ()

, ,
, ,

. ()
(
),

53


, , ,
,
2016

,
. ()
,
,
, ,

. ()
, , ,
- /,
,
,
.
() ,
(
, , , ,
..), ()
. ()

,
,

.
, ,
,
:
()
,

. ()

, ,
,
,
,
(
). ()


(outsourcing),
.
()
( 2012),
,
. ()

54


, , ,
,
2016

55

(
) ,
,
. ()
,
( )
, ,
.. () ( ) ,
front-office,
(, , ..)

. ()

,
..,
.
1.2.

, ,
( ,
)40 , ,
.

,
,

41. , , ,
,
. ,
,
, ,
,
, ,
,
. , :
,
,
.
2008,
,
..

40. . ,


, ..


. ,
,
.
41. ., , Tabellini
(2005), Angelopoulos et al. (2007),
Angelopoulos et al. (2008), Cingano
(2014), Afonso and Jalles (2015).


, , ,
,
2016

,
.
, , .
, ,
, .
,
,

,
,
,

.
42,
2015
34,96%,
, 40,30%.
(direct taxes)
8,96%,
(indirect taxes) 15,93%,
12,53% 13,12%,
. , (social contributions)
10,22% ,
14,23%43. , (VAT)
, 44.
, 2014 (VAT revenue ratio)
36,3%,
48,1%. ,

. , o o
,
,
, 2010 ,
4.3, effective tax rates
, .
,
,
,
, 45.

56

42. . Tax Reforms in EU Member

States 2015, European Commission,
Directorate-General for Economic and
Financial Affairs and Directorate-General
for Taxation and Customs Union.
43.

.
44.
,
,
(. Tax Reforms
in EU Member States 2015, European
Commission, Directorate-General for
Economic and Financial Affairs and
Directorate-General for Taxation and
Customs Union). , ,
.
45.
: ,
(.. , , ,
, )

,
, ,

.

,
,
.

,


. ,

, , .


,

. ,

.
,

,
. ,


.

57

, , ,
,
2016

4.3:
0.45
0.4
0.35
0.3
0.25
0.2
0.15
0.1
0.05
0
2006

2007

2008

EFF. TAX RATE ON C

2009

2010

2011

EFF. TAX RATE ON L

2012

2013

2014

2015

EFF. TAX RATE ON K

: Eurostat. effective tax rates . Papageorgiou (2014).

, ,
,
46 ,
47.
, Schneider (2003)
( )
30% 2000, rtavanis et al (2015)
45%
48.
,
: ()
(tax fraud and evasion), ()
()
- ,
(,
, ,
).
, : ()
, ()
() ,
.

,

, ,


(


). ,
,
,
. ,
,

,
.
46. . .. Schneider (2003)
Artavanis et al. (2015).
47. . .. Matsaganis and Flevotomou
(2010).
48.

.



;


, , ,
,
2016

. ,

,

,
(labour and corporate taxes),
,
,
. ,
,

.

2013-2014
,
,
,

. ,

. ,
,
.

,
. , :
()

,
, ()
()
,

(, , )

,
(real estate).
,
.
,
, .
, ,
, ,
. ,

58


, , ,
,
2016

59

.

(),
()


.
,

. ,

,
.
,
,
.

,
.

.
,

.
, ,
,

.


49. ,

,
,
.

.
,

(impure public goods) user prices.

49. ,
, .


, , ,
,
2016

50,
, ,
,

, ,
,
,
. ,
, (
) ,

/ .

(.. ) , , .
,
,
,

.
, ,
51.
,

, ,
.
-
,
. ,

. ,
,
,
.

,
()
,
, ()
,

.

,

60

50. . OECD (2012, Fiscal

consolidation: How much, how fast
and by what means?, Economic Policy
Papers, no 1).
51. . .. Barro and Sala-i-Martin
(2004) Aghion and Howitt (2009).


, , ,
,
2016

61

.


.
,

(R&D) . ,

,
, .
1.3.

,
,
, , ,
. ,
-
- :
() ,
, ,

, ,
,
,
,
.
() ,
52
53
.
() ,
,
,
,
.
() ,

, ,
54 (Mitsopoulos and
Pelagidis, 2010; Papaioannou, 2011; European Commission, 2011;
Papaioannou and Karatza, 2015).

52. . , ,
..
53. . , ,

..
54. . , ,
..


, , ,
,
2016

, ,
(World
Bank, 2014).
, ,
,
. ,
,

,
status quo.
2011,
, ,
,
. ,
,

,

.
, 2010-2014,

,
,
(e-justice),
.

(,
) ,
: ()

, ()
, ()
, , ()
,
,
(European Commission, 2012; 2014).

(
), European Justice
Scoreboard (2015)
2010-2013 ( 4.1).
, ,
,
.

62

63

, , ,
,
2016

4.1.
(, 100
)
( /
)

2010

2012

2013

4,0

5,8

6,2

190

469

407

( / )

2.003

1.520

1.148

( / %)

78,9%

57,7%

80,1%

( / %)

80,2%

143,2%

153,4%

(, 100
)

1,7

4,3

5,6

(, 100 )

3,7

3,5

3,1

: European Justice Scoreboard (2015)

: ()
,

. ()
,
. ()
,
. () (pilot
case),
. ()
, ,

(European
Commission, 2012; 2014). ,
European Justice Scoreboard,

, ,
. 2010-2013,

,
,
( 4.1).

64

, , ,
,
2016

4.2.
2011
183
( )

2012
185

2013
189

2014
189

2015
189

90

87

98

131

132

819

819

1.300

1.580

1.580

( % )

14,4

14,4

14,4

14,4

14,4

: World Bank (2011, 2012, 2013, 2014 and 2015)

: 2015 (132) 2014 (131),
, 155.

, ,
,
Doing Business 2016 2015,

(enforcing contracts), ,
132 87 2012,

(freedom
of contract). , 2014 2015,
2012,
1.580 ( 4.2).

: ()
. ()
,
. ()

, , .
() . ()

(European Commission, 2012; 2014).
,

, .
, : ()
(e-justice),

. ()
(e-filing) . ()
(e-registration)
(e-tracking)

(e-filing). ()

65

, , ,
,
2016

(European Commission, 2012; 2014).

,
2015 ,

.
4.4:
150

138

135132

105

132

126

121121

120

90

130

114
98

85

101

99

96
86

84
70

93

70

60

30

: World Economic Forum

( 4.1 4.4). ,
, ,
.

.

, :
()
()
, (
) ()

,
()


, , ,
,
2016

66

( )
()

()
(European Commission, 2014a;
Papaioannou and Karatza, 2015).
,
:
()
,
( ) ()

55 ()
.

55. . , ,
..

,

,
, ,
,
. ,

,
,
56
57.

56. . , ..
57. .
,
..

, :
()
() -,
(Papaioannou and Karatza,
2015) ()
(outsourcing) ()
58.
, :
() ,
,

,

, ()

58. ,
, ..


, , ,
,
2016

67

,
, ,
one-stop-shop ,
.


,
,

(European Commission, 2014a).
, ,

, :
()
()

()
59.
, ,
(e-justice), :
()
,
()
()
.

,
,
, ,
..
,
,
(.. , ..),
,

(Papaioannou and Karatza, 2015).

59. . ,
,
..


, , ,
,
2016

68

2.

2.1.


.


,
60. .
, ,
,

, .
,

,
, ,

,
. ,
, ,

,
, ,
,
,
, . , ,
, .
4.5-4.861,
2013
: ()
(Economy-wide
Product Market Regulation)62, ()
(State control), ()

60. ., , Aghion and

Howitt (2009, chapter 12), Bouis and
Duval ( 2011), Bourls et al. (2010),
Conway et al. (2006), Nicoletti and
Scarpetta (2005).

61. . Koske et al. (2015).

62.


: ()
(state
control), () (barriers to
entrepreneurship) ()
(barriers
to trade and investment).

69

, , ,
,
2016

(Barriers to entrepreneurship) ()
(Barriers to trade and investment),
( )
. ,
,

,
.
( 4.5)
,
.

, ,
.
2013 (
, )

, ,

.
,


.
.
4.5:

(2013)
2.5
2.0
1.5
1.0

Least
restrictive

0.5

Most
restrictive

: OECD, Product Market Regulation Database for OECD, non-OECD EU and BRIICS countries; OECD-WBG, Product
Market Regulation Database for Argentina, Colombia, Costa Rica, Dominican Republic, El Salvador, Honduras, Jamaica,
Nicaragua and Peru.

0.0

70

, , ,
,
2016

4.6:

(2013)
3.5
3.0
2.5
2.0

Least
restrictive

0.5

1.0

1.5

Most
restrictive

0.0

: OECD, Product Market Regulation Database for OECD, non-OECD EU and BRIICS countries; OECD-WBG, Product
Market Regulation Database for Argentina, Colombia, Costa Rica, Dominican Republic, El Salvador, Honduras, Jamaica,
Nicaragua and Peru.

4.7:

(2013)
3.5
3.0
2.5
2.0
1.5
1.0

Least
restrictive

0.5

Most
restrictive

: OECD, Product Market Regulation Database for OECD, non-OECD EU and BRIICS countries; OECD-WBG, Product
Market Regulation Database for Argentina, Colombia, Costa Rica, Dominican Republic, El Salvador, Honduras, Jamaica,
Nicaragua and Peru.

0.0

71

, , ,
,
2016

4.8:

(2013)
3.0
2.5
2.0
1.5
1.0

Least
restrictive

0.5

Most
restrictive

: OECD, Product Market Regulation Database for OECD, non-OECD EU and BRIICS countries; OECD-WBG, Product
Market Regulation Database for Argentina, Colombia, Costa Rica, Dominican Republic, El Salvador, Honduras, Jamaica,
Nicaragua and Peru.

, (
) .
,

,

. ,
de facto ,
(
.. ). ,


. , ,
, ,
.

, ,
, .


,
.

0.0


, , ,
,
2016

,
,
.


, ,
. ,

(.. , , ).


.
, , ,

,
.
, ,
. , ,
,

,
. ,
,
.
,
. ,
,
,
,
,

,
.
, ,
, ,


,
.
, , .

72


, , ,
,
2016

73

,

. ,

, ,

.
,
,
( )

63.
,
.

,
.
,

, ,

(FDI),
,
-
. 2009

11,8% , ,
, 102,5%, 40,7% 45,4%, . 2012
9,9%, 157,9%, 45,1% 53,9% 64.
, ,
,

,
.

, ,
. ,
,
,
,
,
..65.

63. . .. IMF (2013)

Papageorgiou and Vourvachaki (2015).
64. : Eurostat.
65. . Sala-i-Martin (2010).


, , ,
,
2016

74

2.2.
, ,

.
,
,
,
, . ,

.
-
, .
,
90, ,

, .

193% 2008, 96% 1995. , ,

( ..,
2010). ,
,
-
66
67,

(Pagoulatos, 2014).
,

2008
2010-2015. :
()
. ()
.
()
. ()
. ()
. ()
. ()
( , 2014). ()
, , ()
2015,
,
. , 2008-2015

66. . , , , ,
..
67. . , ,
,
..


, , ,
,
2016

75

,

,
..

:

(, 2015).
2008-2014
,


. ,
: ()


. ()

()68.
()

(
2009). () ,

. ()
(),

()
,
. ()
69 (, 2015).
,
, 2014,
( . 3869/2010)
, ()

()

,
,
( , 2015).
20082014 2015,

68.
20.000 100.000 .

()
/



.
69.

(. ,

, ..).

76

, , ,
,
2016

, .
, : ()
,
,
()
,

,

, ()
,

.
4.9: %
33.8

35

31.9

30

23.3

25
20

14.4

15
10

5.6

7.4

9.1
7

6.3

5.4

5
0

2001

2002

2003

2004

2005

2006

7
4.6

4.7

2007

2008

2009

2010

2011

: IMF (2015)

2015

( 2015),
,
. ,
,
2015


,
( . 3869/2010).
,
, ,

2012

2013

2014

77

, , ,
,
2016

,

,
,
(IMF, 2015). ,
(2015), (nonperforming exposures NPEs)
, 2015, 42,1% ,
39,9% 2014 (
[non-performing loans NPLs] 2014 33,8%
4.9)70, , ,
2015
2 . ,

, ,
(2015),
,
,
, ()
.

70.
,
()
90 ,


.

4.10:
100

70

90
60
80
50

70
60

40

50
30

40
30

20

20
10
10
0

2008

2009

2010

2011

2012

: 5 (%) ()
: ECB (2015)

2013

2014


, , ,
,
2016

,
,
2008. ,

2014 41 66
2008, 21 ( 36 2008) 20
( 30 2008).


, ,
. ,

2014 94% 70% 2008 (
4.10). ,

, 2015,
,
.



.

2008-2015 : ()
,

, 2008
: (i)

5 . (ii)

,
-
, 85 .
(iii)
(), 8 .
, ,
. ()
(Emergency Liquidity
Assistance ELA). ()
, ,


,
(, 2015).

78

79

, , ,
,
2016

4.11: /ELA

& (2014-2015)
170
161

160.5

161

161.4

162.1 163.1

163.2 164.2 164.7 164.5 164.3

160.3

160

148
140.5

138.6

133.7

150

129.9
122.2

120.8

120

90

60

ELA

-15

-15

-15

-15

-15

-15

-15

-14

-14

-14

-14

-14

-14

-14

-14

-14

-14

-14

-14

30

, ,
2008, ELA
,
2012, 2015,
. ,
, 2015
repos
157,8 . , 213,3 .
2014, 55,5 . , 26%.
, ,
, ( 2014-
2015) 43,7 . , 120,8 .
.

, , ,
ELA,
126 . , ,
, repos
( 4.11).


, , ,
,
2016

80

,
,
(
2008), ,
(2012),

(2015). ,
, 2011-2013 ( 4.3),
45 . , 1,3 .
,
, 40 .
3,1 .
,
,
, 8,3 . ,
2014.
201571



,
. ,
2015,
. ,

4,4 . , ,
14,4 . , 72.

,
2015, 5,3 .
, 2,7 .
5,4 .
,

( , 2015).

71. .
,
, ,
..
72.
25 .

.

81

, , ,
,
2016

4.3: (2011-2013)

1.079.000.000

8.677.000.000

9.756.000.000

1.444.000.000

5.891.000.000

7.335.000.000

Alpha Bank

550.000.000

4.021.000.000

4.571.000.000

Eurobank

5.839.000.000

5.839.000.000

3.073.000.000

24.428.000.000

27.501.000.000

2.031.621.860

Proton Bank

862.000.000

1.169.621.860

T Bank

450.000.000

226.956.514

676.956.514

4.232.554.000

4.232.554.000

. -

55.516.733

55.516.733

209.473.992

209.473.992

55.493.756

55.493.756

8.040.717.000

8.040.717.000

524.000.000

524.000.000

FBB

551.970.455

551.970.455

Probank

795.733.502

795.733.502

1.312.000.000

16.288.981.753

17.600.981.753

1.312.000.000

3.073.000.000

40.716.981.753

45.101.981.753

: . ,
, FBB Proton Bank.
: (2014)

,
,
,
,
,

, ,
,
. ,
,
, ,
,
.

.


, , ,
,
2016

, : ()
,
, ,
(
, ..),
(
). ()
,
.
,
( ),
,

( )
, : ()

,
. ()
,
,
,
. ()
,
,
. ()
, (
)

. ,

,
,
, ,
.
,
,
, :
() (
, ,
..), ,
(
)
,

82


, , ,
,
2016

()
,
- (pilot cases),

(
),

.
,
,
,
- , ,
, ,
.
( ,
..) (
)

,

.
,
,
,


( , 2015).
,
,
,

, ,
. , , (
)
.

,
()
(),
,
,

83


, , ,
,
2016

. ,
,
,

,

.
,
,

, , ,

, ,
.
2.3.
,
. ,
:
( ) .

.



. , ,

,

,
.

.
,




. ,

, , .
, ,
,

84


, , ,
,
2016

(Perotti, 1995; Roland 2008).
,


(Skreta, 2015).
.

. ,
,

, .
,
, ,
, .
,
,
. ,

,
management
,
.
,
. ,

,
. , ,
.

,

(, ,
).
, ,
1991-2011, , ,
.. 40 . (Skreta, 2015).

().


.

.

85


, , ,
,
2016

, 2014,
21 , 15
13 . ,
10 , 22
1.000 ,
,
, .
7,7 .
, 3,1 . ,

.
,
.
.
, , (50 . )
.

,
.



, .
, . ,

,
logistics

,
, ...,

.

, .

. ,
,

, . ,
, ,
,
,

. ,

86


, , ,
,
2016

-
-
. ,
,
,
.


.
,


. ,
,
.
,
,
.

, ,
.
(, ..),
.

,
.. ,
,
(
).

.
,
, ,
,
,
-- ,
,
.
2.4.
-

87


, , ,
,
2016

88

.
,
,
,
. , ,
,
. , , ,
,
,

. , , ,

.
,
, .
,
,
.
,

. ,

,

..., .

, ,
,
.
, ,

,

.
,

[McKinsey (2012),
(2013) (2013)]73.

. ,
,
-
. ,
-,

73.
(2013) (2013)
, ,
.


, , ,
,
2016

,
. , ,

, ,

.
.
, , ,
. McKinsey

.
,
. ,
,
, ,
,
,
.
,
-, , ,
, / , ..
,
,
.
,
,
.

.
, ,
home porting .
,

,
,
websites/mobile portals/social networking sites,

.
(, , ).
,
,
,
..
,

89


, , ,
,
2016

.
,
, ,
.
,
,
,
.
, ,
, .

,
.
, ,

,
,

,
.
.

..
. ..,

,
.

,
,
.
, ,
. ,
, ,
,
,
.
,
,
. ,

.
,
, ,

90


, , ,
,
2016

, ,
.
,

. ,
/

,
.
.
, / ,
, .
,
.
,

,
,
.

,
.
, , ,
,
/
.

, ,
,


.

,
. ,

.
.
: ( ),
,
(logistics), , .
, ,
-

91


, , ,
,
2016

.
.. ,
,
.
,

, ,
, ,
. ,


(..
).
.
,
,
.
.. .

,
,
,
.

, ,
( ),

.
,
,
,
,
, .

, ,
,
,
.
.
,
,
,
.

92


, , ,
,
2016

,
, ,
,
( ).

, ,
,
,
. ,

,

.
.
, ,

,
.
(startups)
.
, cloud computing, ,
, e-commerce, e-procurement .. ,

..,
,
,
( outsourcing).


,



,
(.. ).
.
,
.
.


( ).

93


, , ,
,
2016

,
.
,
,
(..
, , ,
, ..)74.


. ,

,
,
. ,
(, , ,
) .
: ()
()
. ,
,
,
. ,
, ,
.

.
, .

. , ,
,
, , ,
.
, ,
.. ,

, ...

94

74.
2009
50%
.

95

, , ,
,
2016

3.

3.1.



.
.
,
. ,
,
.
,

( ).

,
.
, ,
,
.
4.12: , 2007 (, , )
25

20

15

10

: Eurostat.

25

Slovakia

Poland

Portugal

Germany

Spain

Greece

France

Belgium

EU (27)

Hungary

Finland

Bulgaria

Malta

Romania

Latvia

Sweden

Italy

Czech Republic

United Kingdom

Austria

Slovenia

Ireland

Estonia

Lithuania

Netherlands

Cyprus

Luxembourg

Denmark


, , ,
,
2016

, ,
.
status quo. , ,
; 4.12
2007, ,
(3,3%). , ..,
,
,
2007 -8,4%-
..-27. ,
25
.. ,
75.

,
( 4.13). ,
.
, ( 55%
2007 59% 2014),
( 78,1% 76,1%).
4.13: (% 15-64)
80
75
70
65
60
55
50
45
40

EL

2007
: Eurostat

EU 28

2014

EU 28

96

75.
, . Sabethai (2000)
Burtless (2001),
(2010),
Lyberaki, Meghir and Nicolitsas (2015).

97

, , ,
,
2016

,
,


,
.. ,
.

..
( 4.14).
,

.

. ,
,

,
.
4.14:

, 2014 (%)
30

25

20

15

10

: Eurostat

GRC

ITA

ROM

POL

CZE

SPN

CYP

SVK

PRT

NZL

IRL

EU 28

CRO

UKI

MAL

BEL

SLO

FIN

BUL

FRA

LAT

AUT

LIT

HUN

GER

SWE

LUX

EST

DNK


, , ,
,
2016

,
,
, (Mitrakos, Tsakloglou and
Cholezas, 2010)76. ,
,
.
,
.
( )
(
). ,
(Employment Protection Legislation)
.

(insiders) (outsiders).

,

.. ,
. ,
,
,
,
, ceteris paribus, ,

( ) .

.

,
, ,

. ,
,
.
,

,
, ..
. ,
tax wedge (

), :

98

76.
, .
Christopoulou and Monastiriotis (2015).

99

, , ,
,
2016

,
.

(Ioannou, 2012; Lyberaki,
Meghir and Nikolitsas, 2015):
, , ,
.
. 2012
22% 25 32% 25
. (
).
( 5%), tax
wedge. ,
, , ,
, , .

,
.
.
4.15, 2013
2005. ,

.
4.15: (2005=100)
120

110

100

90

80

2001

2002

2003

2004

2005

2006

: Eurostat.

2007

2008

2009

2010

2011

2012

2013

100

, , ,
,
2016

,
.
,
. , .
,

( )
( ).

.. 4.16,
7,8% 2008
27,5% 2013,
- - .

12 ( ). ,

.
,
. 2008
5,1% 11,5%. 2014
23,7% 30,2%, .
25 59,9% 2013.
,
(49,9% 2014).

, ,

( )
. ,
2013 20%.
4.16: (2005-2014)
60
50
40
30
20
10
0

2005

2006

2007

2008

2009

2010

2011

15-24

. . .

: Eurostat.

2012

2013

2014


, , ,
,
2016

,
,

(flexicurity).

,
..
.
(Employment
Protection Legislation) ,
2009 2013,
-
.. ( 9, 10 11
21 ), (
) 17 . ,
,
( 4.17),
.
,
(10
21 ). ,
, ,
. ,
, ,

.
4.17:

- (2013)
80
75
70
65
60
55
50
45
1.25

GR

1.75

2.25

2.75

3.25

: OECD

101


, , ,
,
2016

,
, 2014 tax wedge
(40,4%) 21
.. (42,1%),
(36,0%). ,
,
. ,

,
,
.

-
-,
, .

, ,


,

.
, ,
,

.

(, ,
..) ,
,

. ,
, ,

( 4.18).
,
,

,
. ,
,

.

102

103

, , ,
,
2016

4.18: , 2010 (% )
4.0
3.5
3.0
2.5
2.0
1.5
1.0

: Eurostat

,
,

.
,
, , .


. ,
, ,
,

.
.
,
,
.

,
.
,

,

.. (28)

0.0

0.5

104

, , ,
,
2016

.

..
4.19.
,
,
, (

). , ,

.
4.19:

- (2013)
80

70

60

50

GR

2.0

1.9

1.8

1.7

1.6

1.5

1.4

1.3

1.2

1.1

1.0

0.9

0.8

0.7

0.5

40

: OECD

.
,

..
, ,
,
[Sarris and Zografakis (1999),
(2003) Cholezas and Tsakloglou (2009)].
,
,
..
(brain drain).
,


, , ,
,
2016

,

77. ,
,
.
,
.
,
,

.
,
.
,
, (..
..).
,
, .
,
, .
,

. ,
,
( ),
. ,
,
,
. ,


.
3.2.
,
,
, male breadwinner model.


.
,

.

105

77. brain drain

.

106

, , ,
,
2016

, ,


. ,
. ,
-
-
.
4.20: , 1995-2012 (% )
35

30

25

20

15

2005

2006

2007

2008

2009

2010

E..15

: Eurostat

(, ,
)
, . 18,5%
1995 23,2% 2007.
-
.. (..15,
Eurostat) 25%
. ,
,
(
),
(OECD,
2013b). ,

2011

2012

107

, , ,
,
2016

- , ,
.
,
. , 2012
30,3%
.. .. 27,6%
- 28,5% ( 4.21).
,

( 4.22). 60%
,
, ,
45%. ,
.

. ,
.. 2012,
.
4.21: -
.., 2012 (% )
30
25
20

Denmark

.. 28

: Eurostat

10

15


, , ,
,
2016

4.22: : ..-28 (2012)

100

80

60

40

20

.. 28

: Eurostat

. 9,6% 1995 17,7%
2012 ( 4.23). , ,
- ..,
,
11,6% 12,8%.
, 2012
, ,
.. ( 4.24).
17,7%
(5)
.. 12,8%.

, Eurostat


,
.

108

109

, , ,
,
2016

4.23: , 1995-2012 (% )
18

16

14

12

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

10

..15

: Eurostat

4.24: - .., 2012 (% )

20

15

10

18

.. 28

: Eurostat

110

, , ,
,
2016

.
,
,
.
Eurostat,
60% ,
2014
..

. ,

- .., .
4.25: (
) - ..
40
35
30
25
20
15
10

: Eurostat

.. 28

111

, , ,
,
2016

,
,
. Gini,
28 - ..
4.26: Gini - .. (2014)
40
35
30
25
20
15
10

.. 28

: Eurostat

, .
.

78.
,
, .
.
,
,
. ,

(, 2013). ,

.
.
. ,
, , ,
.

78. O
.

112

, , ,
,
2016

.
2010

(IMF, 2010).

( ,
) (
,
) ()



. ,
65 67 .
2015,
,

.
4.27:
, (2005-2014)
50

40

30

20

10

2005

2006

2007

2008

2009

2010

2011

18 -

18 -

: Eurostat

2012

2013

2014


, , ,
,
2016

, ,


(Koutsogeorgopoulou, Matsaganis, Leventi
and Schneider, 2014). , (
)
.
, ,
(60% ),
( 19,7% 2009 22,1%
2014),
,
( 4.27). ,
2005
, 16,2% 2009
42,7% 2014. ..,
, ,
.

,
( ,

- )
. ,
,
-
.
, .
, ,
( 4.28).
,

. 2014
25,3%, 14,9% 22,1%.

113

114

, , ,
,
2016

4.28: : (1995-2014)
35

30

25

20

16

65

: Eurostat

; .
, ,
,
.
.


, , .
. (
4.29) ,
,
,
24,5% ,
9,5% .
15% ,
,
.
,
-, ,
,
.

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

10

1995

15

115

, , ,
,
2016

4.29: ,

(% )
20%

15%

10%

5%

2012

2017

2022

2027

2032

2037

2042

2047

2010

(Panageas and
Tinios, 2015). ,
.

,
, ,
, ,

,

,
. ,
,

/ .
, ,

,
.
.
.
.

2052

2057


, , ,
,
2016

79. ,
. ,

,
, , .

. ,
,
,
(,
, , .).
,
(
..,
, ,
..),
.
,
( )
. , , ,
.

,
.
, ,


.
( , ),
(
, ). ,

( ,
),
.
,

.
,
.
,
,
.
.

116

79. Ageing Report

Economic Policy Committee ..
(European Commission, 2014b),

2013 1,4
2,1

1,6
. ,
2

65

20% 2013 34% 2050.
,
15-64
65% 53%.


, , ,
,
2016

,
,

. ,
,
, ,
, .
, ,
.
,

. , ,
, ,
,

.
,

, , ,
.
,
,


,
,
(Panageas and Tinios, 2015).

,
(universal
benefits)
(means tested benefits).
, ,
. ,
.
( )
, ,
(
) , ,
. , ,
,

.
.

117


, , ,
,
2016

118

..
,
.
,

.

,
,
.
,
,

. ,


( ..).

100%, .

80.
, .
,
, ,
,
, ,
(.. ).
,


.
,
,

.
,
.



.
. ,
,

80.


,
. Matsaganis, Papadopoulos and
Tsakloglou (2010),
(2007) Matsaganis and
Leventi (2015).


, , ,
,
2016

.
,
.
,
,
.
,
,
, .

( , /
,
).
,
,
.
3.3.
,

.


: , .

,
.


.
,
,
. ,

(OECD, Education at a Glance)
.
2005. ,
.
,
,

, , ,
, , .

119

120

, , ,
,
2016

6,5%

.
, , .

,
, ,

(Koutsampelas and Tsakloglou, 2015).
4.30: ,
.. (% )
6

2006

: Eurostat

2007

.. 19

2008

..28

2009

2010

2011

2012

2013

121

, , ,
,
2016

,
3,5%
2000, 4,0%

,
( 4.30). ,

. 2013 4,5% ,
..-28 4,8% 5,0%, .
,
- .. ( 4.31).
4.31:

- .. (2013)

8
7
6
5
4
3
2

: Eurostat

19

.. 28

122

, , ,
,
2016

,
,
( 4.32). ,
15-64,
2002 11,9%, 2014 ,
24,6% ( .. 26,0%).
4.32: 15-64

(2002-2014)
30

24

18

12

0
2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

..28

: Eurostat

1990 2000. ()
,
, 50%
1990, 90%
2000, . ,
( )
, ,
.
,
,
.
..
.

2014

123

, , ,
,
2016

,

.., ,
, ,
( 4.33).

.

,
.
4.33: (% )

0,0

0,5

: Eurostat

..28

1,0

1,5

2,0

124

, , ,
,
2016

.
PISA (Program for International
Student Assessment)
: ,
.
, .
, ,
.
- .. 2012

4.34.1: PISA - (2012)
520

500

480

460

440

: OECD - PISA

..

400

420

400

: OECD - PISA

..

: OECD - PISA

4.34.3: PISA - (2012)

550

520

490

460

430

..

400

, , ,
,
2016

125

4.34.2: PISA - (2012)

540

510

480

460

430


, , ,
,
2016

, (
4.34.1-4.34.3).
-
. ,

,

(Shanghai List, Times Higher
Education List, QS List ..).
,
.
2013, 83%

. ,

18% ..
2010,
,
,
, .

, ,

, (OECD,
2011).
, .


, , .
(
). ,

.
, ,
. ,
. ,
/
[ OECD (2011)].
,
()
, ()
,
. ,

126


, , ,
,
2016

,
.
, , , ,

,
.
,
.
( )
.
,
.
:


. ,

,
,
(seniority). ,
,
,

(
). ,
,

.
,
, ,
.

,
,
, (Cholezas, Kanellopoulos, Mitrakos and
Tsakloglou, 2013).
,
. ,

.

,
, .

127


, , ,
,
2016

,
,
, ,
, ,
. ,

.

.

.
, ,
.

, . ,

.
,

,
(.. ) ,
. ,

,
.

,
.
, ,
,
.
,
, ,
. ,

, ( 4.35).

,
. ,

( ,
..) .
,

128

129

, , ,
,
2016

4.35:

(2005-06)
10

9
8
7

Average

6
5
4
3
2

(Qu)
(Fl)

(D)

(Ma)
(On)
(.)

()

(Sa)
-
(Bc)
(NB)
-

: OECD (2011)

.

.

.
,
, ,
,

. ,
,

.

.


.

, .
, ,
.
,
,


, , ,
,
2016

,
, ,
.

,
.

, ,

.
,
,
.
.

(Heckman, 2008). ,
.

. ,
.


.

, ,
. , ,
, , ,
. ,
,
.
3.4. ,
,

,
,
, , .
,
. Schumpeter

.

(transmission channel). ,

130


, , ,
,
2016

.
, ,
.., .

, ,
( 4.36).

( 0,4%
1990 0,6%
2000), , ,
.. .


, 2014
(0,83%), .
, 4.37,
4.36: , 2003-2014
6

2006

: Eurostat

2007

.. 19

2008

..28

2009

2010

2011

2012

2013

131


, , ,
,
2016

.. (2,03%
2,11%, ) , ,
( 3%),
( 2,5% 3,0%).

, .
..

.

..-28
.
. , ..
2014 1,30% , 0,28%.

. ,

,
.

(0,31% 0,46%),
.

4.37:
- .., 2014 (% )

: Eurostat

132

133

, , ,
,
2016

( 4.38).
,
,
.
,
4.38:

- .., 2014 (% )
2000

1500

1000

: Eurostat

,

, 4.39

(1,2%
5,7%, 8%).
.

..

..

500

134

, , ,
,
2016

4.39:

- .. (2014)
15

10

: Eurostat

,
( ) ,
,
( 4.40 4.41).
,
.
, ,

..

135

, , ,
,
2016

4.40:

(2012)
2000

1500

1000

..

500

: Eurostat

4.41: 10% ,

2009 (% )
16

12

: Eurostat

..

136

, , ,
,
2016

,
( 2012 17 , 235
291 ..-28 , ).

.

4.42:
, 2012 ( )
300

250

200

150

100

,
(researchers), ,
(entrepreneurs),
, (managers),
.
Innovation Union Scoreboard 2015,
- ..,
, ,
.
4.43. - ..
,
,
.

: Eurostat

.. (28)

.. (18)

50

137

, , ,
,
2016

BE

: European Commission, Innovation Union Scoreboard 2015

4.44: (2007-2014)
0.40

73

0.39

72

0.38

71

0.37

70

0.36

69

0.35

68

0.34

67

0.33

66

0.32

65
2007

2008

Innovation index

2009

2010

2011

2012

2013

Relative to EU

: European Commission, Innovation Union Scoreboard 2015.

Silicon Valley (Kritikos and

Zimmermann, 2014);
.

,
(
). ,
, , . , ,
.

,
(startups) ,

2014

CH

FI

CK

DE

LU

NL

IE

UK

IB

FR

BE

AT

EU

EE

EN

CZ

NO

IT

CY

PT

ES

MT

RS

EL

HU

SK

HR

LT

PL

LV

TR

BG

RO

0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0

MK

4.43: - ..


, , ,
,
2016

(Herrmann and Kritikos,

2013). ,


, . ,

.
, ,
,

.

. ,
,
(
),

(brain drain). ,

,
.
,
(
).
( ,
, , ,
),

.
. ,
,
,
,

. ,
,

.
,
. , ,
,
, ,
. ,

138


, , ,
,
2016

,
(networking),
(clustering), .
, ,
. ,

-
,
Horizon2020,
. , ,
,



, ,
(.. , testing centres ..). ,
, ,
. ,

venture capital, seed capital
-
. , ,
,
,


.
,
.
,

,

.
,
.
3.5.
, ..

.
..-28
1995-2013 ( 4.45).

139

140

, , ,
,
2016

, ..

.., (
3,9% 2008 3,1% 2013). ,

.. 1995 (4,2% 5,5%),
, 2009
(6,8%), , ,
6,0% 2013.
-,


.
90%
4.45: ..,

1995-2013 (% )
10

.. -

.. -

.. -

: OECD

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

141

, , ,
,
2016

.
.
.. .


() ,
( 4.46).
..
4.46: .., 2013 (% )
0
0
(,
)

0.3

0.5
1.8

1.1

0.1
0.1

2.2

1.5

0.2
2.4

0.0

3.8
0.5

: OECD

2.9

0.4
0.4

1.0

..

1.5

2.0

2.5

3.0

3.5

4.0

142

, , ,
,
2016

.

( 4.47 4.48).
,
6 4 1.000 .
0,6:1,
..

2,6:1.
,
(28,3 27,3).
,
4.47: , 2013 ( 1.000 )
8
7
6
5
4
3
2

: OECD

143

, , ,
,
2016

4.48: , 2013

( 1.000 )
20

15

10

: OECD

(..
), ,

(..
, ..),

.
, 26%
,
71%, 95%.
.

144

, , ,
,
2016

4.49: - ..

(2013)
1,0

0,8

0,6

0,4

,
1980, ,
.
,

. , ,
,
( , ..)
.

,

(Kentikelenis et al, 2011; Liaropoulos, 2012; Zavras et al, 2013).
,

(, )
( ,
, ).
,
,
, .

EL

RO

PL

: Eurostat

BG

LV

HU

SK

IT

PT

IE

HR

LT

SI

EU (28)

EE

CY

ES

CZ

SE

UK

FR

DK

LU

NL

DE

FI

AT

MT

0,0

BE

0,2

145

, , ,
,
2016

,
,
,
, . To 4.50
2011,
.
4.50: (2011)

2011
18 .

6 .

5 .

12 .
..
7 .

3 .

2 .

4 .

2 .

: (2013)

, 18 . ,
12 .
6 . . 12 .
, 8 .
(5 .
3 .
), 4 .
( ).
4 . 2% .
, 7,10%
(2,55% 4,55% ).

tax wedge
. ,


. ,


, , ,
,
2016

2%,
,
.
, -
.
,


(
),
.

.

2010. , ,

,
, ,
,
, , . ,

, .

,
.

,
, ,
.

, .
,
,

(
). ,
, -


.

146


, , ,
,
2016

(
).

, (
), ..
.
.. ,
.
( off-patent)

.
,
,
. ,
(
),
,

, ,
.

.


(, , ..).

.
,
, ,
.
(
,
..)

.
,

(

). ,
,
, ,
( ,

147


, , ,
,
2016

, ,
)
.

. ,
,
,
,
.
, ,
,

, ,
(Mossialos, Allin and Davaki, 2005). ,

.

148



, ,
, ,

2016


, , ,
,
2016

. :

H 2016
2008, 2015
2008
.
, 2014
. ,
, 2015 2016

2015,

2015. 2015
2016, 25%,
, ,
,
,
.

150


, , ,
,
2016

1.

,

.
.

( ) 100 . 2020,

(McKinsey, 2012).
, ,
, (
20-64
) 55%,
68% ( 2014)
75%.
,
.

,
, ,
.

.
(
),
40%,


. ,
,
, (
)
.

151


, , ,
,
2016

.
, ,
,
, .
(
, 2009
)
,
,
,
... ,
,
.
, , ,
.
( )
, ,

(sudden stop) ,

. , ,

,
. , ,
,
,
, ,

,
, .
,


Grexit, ,
, ,
,
.

152


, , ,
,
2016

2.

2010 ,
,
.
M, 20092010
.
-
,
,
,
.
( ),
, ,
, ,
.
...,
-
,
,
3%
2005 . 2003
,
2008-2009
.


2010.

,

,
.
( ,
,

153


, , ,
,
2016

, ,
, , , ,
)
. ,

. , ,
,

,
,
, ,
.

,
,

. , ,

2008,

.
,


. ,

, ,
,

.

154


, , ,
,
2016

3.

, 2016
. ,
, , ,
.
, ,

- .
, ,
,

( )
. , ,
.
, ,
,
,
.
, ,
( )
.
(
)
.
,
.
,
. , ,

,
2020,

. , ,
,

155


, , ,
,
2016

,
.
, , ,

,
.

,
( waiver),
,
Juncker,
,

,
.
,
,
, .
,
, .
,

.



, ,

.
.

156


, , ,
,
2016

4. :

O 2010,
,
.

,
.
, ,
, (country risk),
,

,
.
.


,
,
.

,
.
,
.

,

.

.

157


, , ,
,
2016

Acemoglu D. (2006): A Simple Model of Inefficient Institutions.

The Scandinavian Journal of Economics 108, pp. 515-546.
Acemoglu D. (2009): Introduction to Modern Economic Growth. Princeton
University Press.
Afonso A. and J. T. Jalles (2015): Economic performance, government size
and institutional quality, Empirica.
Aghion P. and O. Howitt (2009): The Economics of Growth. The MIT Press,
Cambridge, Mass.
Aghion P. and O. Howitt (1998): Endogenous Growth Theory. Cambridge,
MA: MIT Press.
Angelopoulos K., A. Philippopoulos and M. Tsionas (2008): Does public
sector efficiency matter? Revisiting the relation between fiscal size and
economic growth in a world sample. Public Choice 137(1-2), pp. 245-278.
Angelopoulos K., G. Economides and P. Kammas (2007): Tax-spending
policies and economic growth: Theoretical predictions and evidence from
the OECD. European Journal of Political Economy 23, pp.
885-902.
Angelopoulos K., A. Philippopoulos and V. Vassilatos (2009): The social cost
of rent seeking in Europe. European Journal of Political Economy 25(3),
pp. 280-299.
Arghyrou M.G. (2015): The Greek Crisis and Financial Assistance
Programmes: An Evaluation, CESIFO Working Paper N 5591.
Artavanis N., A. Morse and M. Tsoutsoura (2015): Measuring Income
Tax Evasion using Bank Credit: Evidence from Greece. Chicago Booth
Research Paper o 12-25; Fama-Miller Working Paper.
Barro R. and X. Sala-i-Martin (2004): Economic Growth, 2nd edition. The
MIT Press: Cambridge, Mass.
Blanchard O. and D. Leigh (2013): Growth Forecast Errors and Fiscal
ipliers, IMF Working Paper WP/13/1.
Bouis R. and R. Duval (2011): Raising Potential Growth After the Crisis: A
Quantitative Assessment of the Potential Gains from Various Structural
Reforms in the OECD Area and Beyond, OECD Economics Department
Working Papers, No 835.
Bourls R. et al. (2010): Do Product Market Regulations in Upstream
Sectors Curb Productivity Growth: Panel Data Evidence for OECD

158


, , ,
,
2016

Countries, OECD Economics Department Working Papers, No 791.

Burtless G. (2001): The Greek labor market, in R.C. Bryant, Garganas N.
and Tavlas G. (eds.) Greeces economic performance and prospects, Bank
of Greece and the Brookings Institution, Athens and Washington DC.
CESifo European Economic Advisory Group (2012): EEAG Report on the
European Economy.
CESifo European Economic Advisory Group (2014): EEAG Report on the
European Economy.
Cholezas I. and P. Tsakloglou (2009): The economic impact of immigration
in Greece: taking stock of the existing evidence, Journal of Southeast
European and Black Sea Studies 9, 2009, pp. 77-104.
Cholezas I., N.C. Kanellopoulos, T. Mitrakos and P. Tsakloglou (2013): The
impact of the current crisis on private returns to education in Greece, Bank
of Greece Economic Bulletin 38, pp. 33-63.
Christodoulakis N. (2015): Greek Endgame: From Austerity to Growth or
Grexit, Rowman & Littlefield, London.
Christopoulou R. and V. Monastiriotis (2015): Public-private wage duality
during the Greek crisis, Oxford Economic Papers (forthcoming).
Cingano F. (2014): Trends in Income Inequality and its Impact on
Economic Growth, OECD Social, Employment and Migration Working
Papers, No 163, OECD Publishing.
Conway, P., D. de Rosa, G. Nicoletti and F. Steiner (2006): Regulation,
Competition and Productivity Convergence, OECD Economics
Department Working Papers, No 509.
Drazen A. (2000): Political Economy in Macroeconomics. Princeton
University Press, Princeton.
ECB, (2015): Report on Financial Structures (Frankfurt: European Central
Bank).
European Commission (2010a): The Economic Adjustment Programme
for Greece, European Economy Occasional Papers, No 61 (May 2010).
European Commission (2010b): The Economic Adjustment Programme
for Greece First Review, European Economy Occasional Papers, No 68
(August 2010).
European Commission (2011): The Economic Adjustment Programme for
Greece Fourth Review, European Economy Occasional Papers, No 82
(July 2011).
European Commission (2012): The Second Economic Adjustment
Programme for Greece, European Economy Occasional Papers, No 94
(March 2012).
European Commission (2013): Report on Public Finances in EMU.
Directorate-General for Economic and Financial Affairs.
European Commission (2014a): The Second Economic Adjustment
Programme for Greece Fourth Review, European Economy Occasional
Papers, No 192 (April 2014).
European Commission (2014b): The 2015 Ageing Report, European
Economy 8.

159


, , ,
,
2016

European Commission (2015a): Tax Reforms report in EU Member States

2015. European Commission, Directorate-General for Economic and
Financial Affairs and Directorate-General for Taxation and Customs Union,
European Economy 9/2015.
European Commission (2015b): European Economy Forecasts.
Directorate-General for Economic and Financial Affairs, Spring 2015.
European Economic Advisory Group (2015): EEAG Report on the
European Economy.
Galenianos M. (2015): The Greek Crisis: Origins and Implications,
ELIAMEP Crisis Observatory Research Paper No 16.
Gogos S., D. Mylonidis, D. Papageorgiou and V. Vassilatos (2014): 19792011: A Greek great depression through the lens of neoclassical growth
theory. Economic Modelling 36, pp. 316-331.
Heckman, J. J. (2008): Schools, Skills and Synapses, Economic Inquiry
46(3), pp. 289-324.
Herrmann B. and A.S Kritikos (2013): Growing out of the crisis: hidden
assets to Greeces transition to an innovation economy, IZA Journal of
European Labor Studies 2:14.
IMF (2010): Greece: First Review Under the Stand-By Arrangement,
Country Report No 10/286, IMF, Washington DC.
IMF (2013): Greece: IMF Country Report, o 13/155.
IMF (2015): A Strategy for Resolving Europes Problem Loans, IMF Staff
Discussion Note SDN/15/19 (Washington DC: International Monetary Fund).
Ioannides Y.M. and C.A. Pissarides (2015): Is the Greek debt crisis one
of supply or demand?, Brookings Papers on Economic Activity (
).
Ioannou C.A. (2012): Recasting Greek Industrial Relations: Internal
Devaluation in Light of the Economic Crisis and European Integration. The
International Journal of Comparative Labour Law and Industrial Relations
28(2), pp. 199-222.
Jones C. (2002): Introduction to Economic Growth, 2nd edition. Norton
and Co, New York.
Kentikelenis A., M. Karanikolos, I. Papanicolas , S. Basu, M. McKee and
D. Stuckler (2011): Health effects of financial crisis: omens of a Greek
tragedy, Lancet 378, pp. 1457-1458.
Koske I. et al. (2015): The 2013 update of the OECDs database on
product market regulation: Policy insights for OECD and non-OECD
countries, OECD Economics Department Working Papers, No 1200,
OECD Publishing.
Koutsampelas C. and P. Tsakloglou (2015): The progressivity of public
education in Greece: empirical findings and policy implications, Education
Economics 23(5).
Koutsogeorgopoulou V., . Matsaganis, C. Leventi and J.-D. Schneider
(2014): Fairly Sharing the Social Impact of the Crisis in Greece, OECD
Economics Department Working Paper, No 1106.
Kritikos A.S. and K.F. Zimmermann (2014): A Plan to Revitalize Greece,

160


, , ,
,
2016

Harvard Business Review, 2014/06.

Liaropoulos L. (2012): Greek economic crisis: not a tragedy for health,
British Medical Journal 2012:345:e7988.
Lisbon Council (2015): The 2015 Euro Plus Monitor, Lisbon Council/
Berenberg Bank
Lyberaki A., C. Meghir and D. Nicolitsas (2015): Labor Market Regulation
and Reform in Greece, in C. Meghir, C. Pissarides, D. Vayanos and N.
Vettas (eds.), Crisis in the Euro zone: Policy Options for Greece, MIT Press,
(forthcoming).
Matsaganis M. and C. Leventi (2015): Ex ante poverty and fiscal
evaluation of a guaranteed minimum income programme in Greece, The
World Bank, Social Protection and Labor Markets Global Practice (mimeo).
Matsaganis M., F. Papadopoulos and P. Tsakloglou (2001): Eliminating
extreme poverty in Greece, Journal of Income Distribution, 10(1-2), pp.
40-57.
Matsaganis . and C. Leventi (2014): Poverty and Inequality during the
Great Recession in Greece, Political Studies Review 12(2), pp. 209-223.
Matsaganis, M. and M. Flevotomou (2010): Distributional Implications
of Tax Evasion in Greece, Hellenic Observatory Papers on Greece and
Southeast Europe GreeSE Paper 31, The Hellenic Observatory, LSE,
London.
McKinsey & Company (2012): Greece 10 Years Ahead, Defining Greeces
new growth model and strategy.
Mitrakos T., P. Tsakloglou and I. Cholezas (2010): Determinants of wage
rates in Greece, with an emphasis on the wages of tertiary education
graduates, Bank of Greece Economic Bulletin 34, pp. 7-40.
Mitsopoulos, M. and T. Pelagidis (2010): Greek Appeals Courts Quality
Analysis and Performance, European Journal of Law and Economics,
30(1): pp. 17-39.
Mossialos E., S. Allin and K. Davaki (2005): Analysing the Greek health
system: a tale of fragmentation and inertia, Health Economics 14(S1), pp.
S151-S168.
Nicoletti G. and S. Scarpetta (2005): Product Market Reforms and
Employment in OECD Countries, OECD Economics Department Working
Papers, No 472.
OECD (2011): Education Policy Advice for Greece: Strong Performers and
Successful Reformers in Education, OECD, Paris.
OECD (2013a): Economic Policy Reforms: Going for Growth 2013, OECD,
Paris.
OECD (2013b): Greece: Reform of Social Welfare Programmes, OECD,
Paris.
OECD (2014): Economic Policy Reforms: Going for Growth 2014, OECD,
Paris.
OECD (2015): Economic Policy Reforms: Going for Growth 2015, OECD,
Paris.
Orphanides A. (2015): The Euro Area Crisis Five Years After the Original

161


, , ,
,
2016

Sin, MIT Sloan Working Paper, No 5147-15.

Pagoulatos G. (2014): State-driven in Boom and in Bust: Structural
Limitations of Financial Power in Greece, Government and Opposition,
Vol. 49, No 3, pp. 452-482.
Panageas S. and P. Tinios (2015): Pensions: Arresting a race to the bottom,
in C. Meghir, C. Pissarides, D. Vayanos and N. Vettas (eds.), Crisis in the Euro
zone: Policy Options for Greece, MIT Press (forthcoming).
Papageorgiou D. (2014): BoGGEM: A dynamic stochastic general
equilibrium model for policy simulations, Bank of Greece Working Paper
Series, o 182.
Papageorgiou D. and E. Vourvachaki (2015): Macroeconomic
effects of structural reforms and fiscal consolidations: Trade-offs and
complementarities, mimeo, Bank of Greece.
Papaioannou E. (2011): The Injustice of the Justice System, Greek
Economists for Reform, March 2011.
Papaioannou E. and S. Karatza (2015): The Greek Justice System: Collapse
and Reform, in Meghir C., Pissarides C., Vettas N. and D. Vayanos (eds)
Crisis in the Euro zone: Policy Options for Greece, MIT Press.
Pelagidis T. and M. Mitsopoulos (2016): Whos to Blame for Greece?
Austerity in Charge of Saving a Broken Economy, Palgrave MacMillan,
London, New York and Shanghai.
Perotti E.C. (1995): Credible Privatization, American Economic Review
85(4), pp. 847-859.
Reinhart C.M. and K.S. Rogoff (2009): This time is different: Eight centuries
of financial folly, Princeton University Press, Princeton and Oxford.
Roland G. (ed.) (2008): Privatization: Successes and failures, Columbia
University Press, New York and Chichester.
Sabethai I. (2000): The Greek labour market: features, problems and
policies, Bank of Greece Economic Bulletin 16, pp. 7-40.
Sala-i-Martin X. (2010): The economics behind the world economic
forums global competitiveness index, in P. De Grauwe (ed.) Dimensions of
Competitiveness, The MIT Press and CESifo.
Sarris A.H. and S. Zografakis (1999): A Computable General Equilibrium
Assessment of the Impact of Illegal Immigration on the Greek Economy,
Journal of Population Economics 12, pp. 155-182.
Schneider F. (2003): The development of the shadow economies and
shadow labor force of 21 OECD and 22 transition countries, DICE Report,
CESifo, 1, pp. 17-23.
Sinn H.W. (2010): Rescuing Europe, CESifo Forum, vol. 11 (special issue:
August), pp. 1-22.
Skreta V. (2015): Privatizations: Auction and Market design during a Crisis,
in C. Meghir, C. Pissarides, D. Vayanos and N. Vettas (eds.), Crisis in the Euro
zone: Policy Options for Greece, MIT Press (forthcoming).
Tabellini G. (2005): The role of the state in economic development,
Kyklos, 58, pp. 283-303.
Terzi . (2015): Reform momentum and its impact on Greek growth,

162


, , ,
,
2016

Bruegel Policy Contribution, No 2015/12.

The Global Competitiveness Report 2014-15, World Economic Forum.
World Bank (2011): Doing Business 2012: Doing Business in a More
Transparent World, World Bank Group.
World Bank (2012): Doing Business 2013: Smarter Regulations for Small
and Medium-Size Enterprises, World Bank Group.
World Bank (2013): Doing Business 2014: Understanding Regulations for
Small and Medium-Size Enterprises, World Bank Group.
World Bank (2014): Doing Business 2015: Going Beyond Efficiency, World
Bank Group.
World Bank (2015): Doing Business 2016: Measuring Regulatory Quality
and Efficiency, World Bank Group.
Zavras D., V. Tsiantou, E. Pavi, K. Mylona, J. Kyriopoulos (2013): Impact of
economic crisis and other demographic and socio-economic factors on
self-rated health in Greece, European Journal of Public Health 23(2), pp.
206-210.
(2013): :
2014-2020.
. (.) (2010): :
, 65, , .
(2013): 2020:
, .
. (2000): status quo
, , .
., . . (2010):

, , . (.),
, , .
. (2003): :
, 51, , .
. (2013):

, High Level Conference on Greek
Reforms in the Health Care Sector, , 12-12 2013.
. . (2007):
, 50, , .
. (2013): :
, , ,
, 1/2013.
(2014): .
, , .
(2015): .
, .
. (2015):
: , , 26
(): . 72-81, .

163


, , ,
,
2016

164