{"id":508,"date":"2009-11-19T00:18:23","date_gmt":"2009-11-18T22:18:23","guid":{"rendered":"http:\/\/hardouvelis.gr\/?p=508"},"modified":"2023-10-27T17:11:48","modified_gmt":"2023-10-27T14:11:48","slug":"world-crisis-s-e-e-challenges-prospects","status":"publish","type":"post","link":"https:\/\/hardouvelis.gr\/el\/world-crisis-s-e-e-challenges-prospects\/","title":{"rendered":"The World after the Crisis: S.E.E Challenges &#038; Prospects"},"content":{"rendered":"<p><strong>The World after the Crisis: S.E.E Challenges &amp; Prospects<\/strong><br \/>\nVenue:3rd South Eastern Economic Research Workshop, Bank of Greece, Athens<br \/>\n<em>November 19, 2009<\/em><\/p>\n<p><strong>Abstract:<\/strong><\/p>\n<p><span class=\"fontstyle0\">Two and a half years have passed since the beginning of the financial crisis in July<br \/>\n2007 but the economic crisis it caused is still with us. Regulators counteracted the crisis<br \/>\nwith drastic monetary and fiscal expansion and are currently designing a stricter and more<br \/>\nstable future financial system that would ensure less wild economic fluctuations and,<br \/>\nhopefully, no repetition of the adverse events we live today. Over the next decade, as<br \/>\neconomic and political power shifts to the developing world, global growth will slow down<br \/>\ndue to higher real interest rates, public and private deleveraging and a natural decline of<br \/>\nglobal imbalances.<br \/>\nThe SEE region imported the crisis at the end of 2008 through a sudden shrinkage of<br \/>\ncapital inflows and a concomitant collapse of export markets, which caused significant<br \/>\noutput losses and immense pressure in local asset and currency markets. The region was<br \/>\nfound overheating with rising current account deficits, inflation and huge credit growth,<br \/>\npartly financed by foreign inflows. Yet, the SEE financial system proved stable and well<br \/>\ncapitalized and domestic regulators acted swiftly to avert a total collapse of output. While<br \/>\nthe recession is coming to an end, it is difficult to see a rapid future expansion without a<br \/>\nsimultaneous departure from the old demand-driven model of growth.<br \/>\nThere is a crying need in SEE for a more balanced growth model and an emphasis on<br \/>\nimproving the domestic savings rate, shifting demand from consumption to investment,<br \/>\nfocusing more on export markets and fostering domestic competitiveness and total factor<br \/>\nproductivity via the rule of law, the quality of institutions, domestic infrastructure, as well<br \/>\nas the matching of human capital development and job training with the modern needs of<br \/>\nan increasingly globalized world economy. The current crisis can be turned into an<br \/>\nopportunity for change.<\/span><\/p>\n<p><a href=\"http:\/\/hardouvelis.gr\/wp-content\/uploads\/2017\/12\/BoG_NOV_19_Hardouvelis_essay.pdf\">Download The World after the Crisis: S.E.E Challenges &amp; Prospects pdf<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>The World after the Crisis: S.E.E Challenges &amp; Prospects Venue:3rd South Eastern Economic Research Workshop, Bank of Greece, Athens November<\/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":[3251],"yst_prominent_words":[852,89,838,833,840,48,835,230,668,72,206,837,841,839,834,831],"class_list":["post-508","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other-academic-publications","tag-academic-publications"],"acf":[],"_links":{"self":[{"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/508","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=508"}],"version-history":[{"count":4,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/508\/revisions"}],"predecessor-version":[{"id":4663,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/posts\/508\/revisions\/4663"}],"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=508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/categories?post=508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/tags?post=508"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/hardouvelis.gr\/el\/wp-json\/wp\/v2\/yst_prominent_words?post=508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}