Dionysis G Valsamis

• PhD in Economics
• Adjunct lecturer at University of the Aegean

This book presents an overview of the economics and politics implemented in the European Union and especially the Eurozone during the crisis of 2008-2012. Although it focuses on these four years, the analysis starts from the establishment of the European Union and covers the period up to the outbreak of the Cypriot banking crisis in mid-2013. The l...

An optimal growth pattern requires pro-growth optimal institutions and culture. In an optimal growth pattern, entrepreneurship and innovation are facilitated. In contrast, in case of distortions in the development of institutions and culture and distortions in their coevolution, a permanent growth stagnation prototype can appear, with distorted cre...

The entry of Greece into the euro area created a challenge for the nation’s future economic course allowing Greece to benefit from a strong currency. However, the problems of the modern Greek economy have hindered the effective exploitation of the benefits. Intervention in the Greek economy in May 2010 sought to realize two strategic goals: first,...

High levels of uncertainty regarding macroeconomic aggregates indicate that the overall efficient functioning of economies is worsening. This paper examines the extent to which uncertainties lurking in the formulation of economic policy and the decisions made by policy makers are major constraints to Eurozone periphery countries (Portugal, Italy, G...

The interconnection of attitudes, behaviors and cultural background in general with the opinions about taxation is an issue that has not been particularly interlinked in the relevant literature. This chapter presents the views and attitudes on the role of the state, taxation and state welfare. In addition to linking these views to a number of varia...

The purpose of the chapter is to highlight important aspects and attitudes of human behavior in Greek society. Through them we can outline personal behaviors that shape the way decisions are made, both at individual and collective level. More specifically, the chapter presents aspects for the development of human personality as well as the concept...

This chapter presents the attitudes of Greek society regarding the social attitudes that are developing and how they have evolved over the last two decades. More specifically, the chapter presents the human approach, in the sense that the emphasis is given on the society’s attitudes toward human friendship, human closeness, sociability and ease of...

This chapter focuses on presenting a series of concepts related to happiness, life satisfaction, health and political self-determination. Based on the relevant literature, it seems that people’s happiness is associated with all these concepts. Thus, a theoretical analysis is presented for the above concepts, and also a description of the evolution...

The scope of the chapter is to presents the main attitudes of Greek society and how they are positioned compared to the rest of the world, based on Global Preferences Survey. Most theories of human behavior agree that a set of preferences guide individuals in decision-making. These include risk-taking preferences, positive and negative reciprocity...

The size of the Greek public sector is considered by many to be the main culprit for the long-term accumulation of deficits, which led to the debt crisis that the Greek economy was called upon to face over the last decade. As a result, the public sector has been the target of adjustment programs. At the same time, the prolonged period of economic c...

This chapter concerns the notion of identity theory and its reflection on human behavior. Every identity—personal or collective identity of a nation—reflects to specific actions and provides an explanatory framework for decision-making. Therefore, the chapter examines issues such as the theoretical background of personal identity and correspondingl...

Greek society is characterized by a peculiar cultural background that directs its development potential, since, in combination with its correspondingly peculiar institutional background, leads to the perpetuation of a stagnant model of economic development. In Greece, the cultural background has a long-term homocyclic effect. This chapter presents...

Hofstede’s research came to fill a significant gap in the field of transnational research on values, presenting a set of characteristic values that could be used to measure cultural background. In addition, the GLOBE Study complemented Hofstede’s study by adding additional dimensions that can capture human behavior. Schwartz’s theory of cultural va...

This chapter examines the mechanism under which human needs are generated and take place as human actions. This process is a result of two effects; the individuals’ internal characteristics, and the society’s views and cultural background where the individuals live and evolve. That been the case, the chapter examines issues such as the creation of...

The main aim of the chapter is to outline how political beliefs are related to citizens’ views on the role of the state and the conduct of economic policy, rationalism and human happiness. More specifically, the chapter presents the voting intention per political party. In addition, the voting intention is distinguished based on the level of ration...

This chapter aims to identify the changes that have been observed in the personality traits of the modern Greeks. All personality traits have two opposite poles, and each person is characterized by a portfolio of personality traits which is more or less comprehended by each personality trait. We can, therefore, claim that each person is characteriz...

Loss aversion, as well as the degree of rationality of individuals, are projections of human behavior in decision-making. Elements of human behavior, which at the individual level influence the way the individual makes decisions, are an integral part of the macroeconomic growth models. Different preferences can be associated with apparent differenc...

In recent decades, developments have been observed—especially in the developed economies of the Western world—leading to a gradual change in the cultural background of these societies from traditional to post-materialistic values. It is a silent revolution of social attitudes and is based on developments such as generational replacement, increased...

This chapter develops issues related to the satisfaction of Greek society with the state of the economy, democracy and the euro, as well as the attitude of Greek society regarding the state interventions and the economic policy implemented in Greece. Specifically, there are issues related to attitudes about whether or not state interventions are go...

This book studies the evolution in human thought, action, and behavior as a result of the 2008 fi nancial crisis and the Covid-19 crisis. Through the presentation and analysis of data, as recorded for at least a decade, and using the Greek economy as a case study, the authors examine the changes in social and human capital, increasingly risk-averse...

The definitions of entrepreneurship might vary, but it is a fact that a clear conceptual framework which correlates entrepreneurship with the economic outcome does not exist. One possible explanation—this chapter suggests—derives from neoclassical theory, which does not consider entrepreneurship as a separate variable of its models. At the same tim...

In the modern and globalized economic environment, the need for structural reforms is imperative for economies to adapt to modern conditions and structural changes. The purpose of this chapter is to analyse the causes leading to this need, focusing on supply-side policies, and the changes taking place globally, which structurally affect the way eco...

The scope of the chapter is to understand the modulation of past growth and to evaluate the conditions that will shape the future, in terms of the relation of policy formation with social welfare and evolutionary perspectives. Policy-makers have to consider several fundamental issues presented in this chapter, which have always been at the heart of...

Μodern economic science has to revise and adjust to emerging conditions its key notions about the sources of economic growth and to provide a new framework of refined theory and more effective policies. Accordingly, this chapter gathers the basic theoretical assumptions formed over time by major economic schools of thought, related to policies for...

The influence of the cultural background on economic growth has stimulated the interest of sciences such as economics, sociology and psychology. The functioning of economies depends strongly on the interconnection of the main institutions and cultural background. When these are activated in an optimal growth path, innovation and entrepreneurship ar...

The design and implementation of economic policy are highly correlated with the actual basis on which it has to be applied. This chapter argues that applied policy which aims at promoting economic efficiency is linked to the particular circumstances prevailing in an economy, making it unique every time. Although economic thinking has been reinforce...

This chapter highlights the importance of and the relationship between targets and policy instruments in the conduct of economic policy, as critical to understanding the process of policy-making and change. Specifically, the analysis includes the contribution of Tinbergen and Theil, concerning the number of instruments available in relation to the...

Politics is the area in which the shaping of economic policy is developed and most of the relevant decisions are taken. Different political institutions shape different economic institutions, resulting in winners and losers and, therefore, representing a different balance of forces. Ιn this context, this chapter emphasizes the need to analyse the i...

Innovative activities are considered to be one of the most important means for economies to compete in the wider globalized environment. The concept of innovation consists of a complex set of processes, as it is linked to many factors—mostly, though, to creativity. Thus, the purpose of this chapter is to highlight the concept of innovation and its...

A country’s wealth and prosperity over time depend almost entirely on its ability to increase productivity, an affirmative answer might seem reasonable. Economists have long puzzled over the factors that enhance productivity and the relationship between productivity and growth. This chapter has an introductory character and surveys the sources of g...

Investment diversification is a prerequisite for dynamic growth performance. It is intuitively accepted that cultural background affects investment behavior and investment decision making, but does cultural change affect investment diversification? This paper assesses whether cultural background shapes growth performance through investment diversif...

This book provides the theoretical and analytical background necessary to understanding the process of growth and the implementation of economic policies. First, it presents the growth theory landscape and the evolution of growth as well as modern growth theory arguments where the policy implications of the theoretical approaches are set. The book...

Το βιβλίο αυτό βοηθά τον αναγνώστη να καταλάβει τις βασικές και σημαντικές έννοιες της ανάπτυξης και της μεγέθυνσης όπως έχουν κατανοηθεί στην παγκόσμια οικονομική σκέψη στις αρχές του 21ου αιώνα. Οι αρνητικές συνέπειες του κατακερματισμένου τρόπου επιστημονικής σκέψης κατά τον τελευταίο αιώνα, δηλαδή η εμφάνιση πολλών επιστημονικών υποπεδίων στην...

The paper argues that the co-evolution requirements of institutional and culture change are critical for the growth process of an economy. The need for transformation from a stagnated to an optimal growth model usually requires structural reforms referring to institutions and culture. However the process of the required reorganization of institutio...

The recent economic crisis has brought back on the focus of the debates, issues of developmental nature for the European economies. The future development of Europe does not seem to be brilliant because of a complex mix of debt in the Eurozone countries (public and private debt that lead to malfunctions of the financial sector and especially of the...

The recent economic crisis has brought back on the focus of the debates, issues of developmental nature for the European economies. The future development of Europe does not seem to be brilliant because of a complex mix of debt in the Eurozone countries (public and private debt that lead to malfunctions of the financial sector and especially of the...

According to the authors, the basic traits that comprise the Greek productive model include the following: (a) a limited share of the tradable sector relative to total production, (b) high debt, (c) low growth, and (d) high unemployment. Despite the crisis, the Greek economy remains introvert, with entrepreneurial activity limited to sectors not su...

This study examines whether there are differences between domestic and foreign owned firms operating in Greece, and in particular it focuses on financial management characteristics of the firms under investigation. The data come from the individual companies’ balance sheets for the year 2008. The firms under investigation are grouped into two categ...

The European Union (EU), in its current structure, does not constitute a formed state; at least not in the way we perceive such an entity with formalized institutions and procedures relating to economic and social activities. Hence, existing EU institutional procedures and functions (e.g., allowing for the clear implementation of current economic p...

The implementation of fiscal policies in the Eurozone and the European Union (EU) is critically restrained by: (a) The lack of effectiveness of collective bodies (i.e., there is no single governance or single legislature, and there are many levels of decisions). (b) The dominance of national economic policies. (c) The small scale of the resources m...

A useful initial examination of the European financial crisis can be based on a stock and flow analysis of critical variables, and on a short and long-term time analysis. The main issues shaping the crisis are: weak actual and potential growth; competitive weakness; liquidation of banks and sovereigns; large debt-to-GDP ratios; and considerable lia...

Austerity and structural readjustment are not necessarily the same. There can be austerity aimed at lowering the debt to GDP ratio or, more generally, the net international investment position (NIIP) to GDP. There can be structural readjustment aimed at altering the business model of an economy by lifting rigidities in its functioning and increasin...

This chapter acts as an introduction to how both European development and the current crisis have evolved. The significant differences within Europe – at economic, political and social levels – reflect the different experiences of the peoples of Europe’s past with those of its present and future. Current European developments are shaped to a great...

Europe and, more specifically, the Eurozone, is a special example of a unification of states. It comprises entities with strong individual identities, histories and cultures. It is, in fact, a mosaic of nations and cultures with intense resistance to the surrendering of their national rights. Hence, the governance of Europe is a rather difficult un...

The differences in the economic growth rates of the European and (United States) US economies have raised many questions relating to the European growth model. The most important of these are: (a) why does the US represent the frontier of economic performance? (b) why has Europe failed to reach US growth levels, as the growth models suggest? (c) wh...

This chapter discusses the position of Europe in the medium-term future world that is being created. The basic trends that will dominate at a global level are expected to have a direct impact on the determination of the position of Europe in the medium term. These trends concern the social, economic and international developments expected to take p...

Not all countries of the European Union (EU) have the same levels of critical stock variables and thus exhibit stock asymmetries. Individual economies have different starting points for separate critical processes, such as economic growth. Hence, the issue of debt levels in relation to growth will have serious consequences on the intensification of...

Monetary policy behavior falls under the remit of the European Central Bank (ECB). It aims to control interest rates and the stability of prices. Since the establishment of the European Monetary Union (EMU), the Eurosystem succeeded in maintaining price stability on a medium-term basis, reaching 2 % on average for the first 12 years of the single c...

The European banking system ran into significant difficulties when dealing with the current problematic European economy. Because of the swollen systematic risk, contagion was rife, resulting in the fragmentation of the financial and banking markets. The financial health of the banking system worsened. This resulted in two different, yet interrelat...

This chapter describes the shaping of the Great European Recession from three perspectives. The first presents the economic and social costs of the great recession. The second addresses the redistribution consequences of the crisis among, and within, EU member states (debtor/creditor countries, southern/northern countries). The third compares Europ...

As the basic institutional body of the monetary union, with its duty being the preservation of price stability, the European Central Bank (ECB) proved weak in quickly and effectively confronting the crisis. The tools at its disposal did not provide for such an eventuality. Hence, precious time was lost during the first stages of the crisis onset. I...

Flow imbalances in Europe mainly result from two sectors, public deficit and account imbalances, emphasizing current accounts and the external balance of payments. This chapter presents an overview of the main flow variables in Europe. It focuses on public deficits and the current foreign trade situation with an emphasis on current accounts. Furthe...

The International Monetary Fund (IMF) is an international organization comprising 187 member-states and running an exceptionally large number of intervention programs; on 30 April 2012 there were 51 arrangements in force. The IMF always had a notable presence in Europe, but its international role after the bailouts of Greece, Portugal and Ireland,...

The European Synthesis, in response to the crisis, is a set of new rules on governing the economic space of the Eurozone that covers three main areas: the fiscal and macro management; the financial stabilization within a deleveraging schedule and the banking reorganization; and the reorganization of competitiveness. These new rules were developed u...

This chapter provides our concluding thoughts on economic and political level developments amidst the Great European Crisis, as of early 2013. It describes an integrated approach to the crisis, while it includes an analysis of the European crisis political economy. This analysis identifies certain basic geostrategic issues and economic nationalism...

This paper aims to explore the connections between transaction costs and economic institutions on the one hand, and the group of variables describing cultural background on the other. By improving transaction characteristics and economic institutions, we can increase the entrepreneurship rates of the society. The paper tries to explore this relatio...

The book monitors the evolution of economic thinking and the conduct of economic policy as they evolved over time during the crisis, in parallel with the evolution of the crisis itself. It thus depicts the interinfluence of the triptych reality-theory-politics that provides an integrated level of reference for shaping the future. It reviews the Gre...