{"id":1577,"date":"2011-02-01T15:01:00","date_gmt":"2011-02-01T13:01:00","guid":{"rendered":"http:\/\/hardouvelis.gr\/?p=1577"},"modified":"2023-10-16T18:00:08","modified_gmt":"2023-10-16T15:00:08","slug":"world-crisis-s-e-e-challenges-prospects-2","status":"publish","type":"post","link":"https:\/\/hardouvelis.gr\/el\/world-crisis-s-e-e-challenges-prospects-2\/","title":{"rendered":"The world after the crisis: S.E.E. challenges &#038; prospects"},"content":{"rendered":"<p class=\"qtranxs-available-languages-message qtranxs-available-languages-message-el\">\u0395\u03b3\u03b3\u03c1\u03b1\u03c6\u03ae \u03b4\u03b9\u03b1\u03b8\u03ad\u03c3\u03b9\u03bc\u03b7 \u03c3\u03c4\u03b1 <a href=\"https:\/\/hardouvelis.gr\/en\/wp-json\/wp\/v2\/posts\/1577\" class=\"qtranxs-available-language-link qtranxs-available-language-link-en\" title=\"English\">English<\/a>. For the sake of viewer convenience, the content is shown below in the alternative language. You may click the link to switch the active language.<\/p><p><strong>Author: Gikas Hardouvelis<\/strong><br \/>\n<em>Publication: BANK OF GREECE, Economic Research Department \u2013 Special Studies Division, Special Conference Paper, February 2011<\/em><\/p>\n<p><strong>Abstract:<\/strong><br \/>\nTwo and a half years have passed since the beginning of the financial crisis in July 2007\u00a0but the economic crisis it caused is still with us. Regulators counteracted the crisis with\u00a0drastic monetary and fiscal expansion and are currently designing a stricter and more\u00a0stable future financial system that would ensure less wild economic fluctuations and,\u00a0hopefully, no repetition of the adverse events we are living through today. Over the next\u00a0decade, as economic and political power shifts to the developing world, global growth\u00a0will slow down due to higher real interest rates, public and private deleveraging and a\u00a0natural decline in global imbalances. The SEE region imported the crisis at the end of\u00a02008 through a sudden shrinkage of capital inflows and a concomitant collapse of export\u00a0markets, which caused significant output losses and immense pressure in local asset and\u00a0currency markets. The region was found to be overheating with rising current account\u00a0deficits, inflation and huge credit growth, partly financed by foreign inflows. Yet, the\u00a0SEE financial system proved stable and well capitalized and domestic regulators acted\u00a0swiftly to avert a total collapse of output. While the recession is coming to an end, it is\u00a0difficult to see a rapid future expansion without a simultaneous departure from the old\u00a0demand-driven model of growth. There is a crying need in SEE for a more balanced\u00a0growth model and an emphasis on improving the domestic savings rate, shifting demand\u00a0from consumption to investment, focusing more on export markets and fostering\u00a0domestic competitiveness and total factor productivity via the rule of law, the quality of\u00a0institutions, domestic infrastructure, as well as the matching of human capital\u00a0development and job training with the modern needs of an increasingly globalized world\u00a0economy. The current crisis can be turned into an opportunity for change.<\/p>\n<p>JEL classification: G01, O52, F3<\/p>\n<p>Keywords: SEE, economies, financial and economics crisis, financial system<\/p>\n<p><a href=\"http:\/\/hardouvelis.gr\/wp-content\/uploads\/2018\/02\/SCP201001.pdf\">Download The world after the crisis: S.E.E. challenges &amp; prospects in pdf<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>\u0395\u03b3\u03b3\u03c1\u03b1\u03c6\u03ae \u03b4\u03b9\u03b1\u03b8\u03ad\u03c3\u03b9\u03bc\u03b7 \u03c3\u03c4\u03b1 English. For the sake of viewer convenience, the content is shown below in the alternative language. You<\/p>\n","protected":false},"author":1,"featured_media":4399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3266],"tags":[],"yst_prominent_words":[293,828,89,840,48,483,694,835,230,668,419,693,72,206,1196,841,811,670,839],"class_list":["post-1577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other-academic-publications"],"acf":[],"_links":{"self":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/1577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/comments?post=1577"}],"version-history":[{"count":4,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/1577\/revisions"}],"predecessor-version":[{"id":4648,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/1577\/revisions\/4648"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/media\/4399"}],"wp:attachment":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/media?parent=1577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/categories?post=1577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/tags?post=1577"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/yst_prominent_words?post=1577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}