Michael Chletsos

• Professor at University of Piraeus

Call for Papers 1st International Conference on Applied Economics and Financial Issues: Policy Implications (AEFI) 28-29 August 2025, Thessaloniki, Greece The University of Piraeus in collaboration with The Aristotle University of Thessaloniki, is pleased to announce the 1st International Conference on Applied Economics and Financial Issues (AEFI),...

This paper provides crosscountry evidence on the relationship between immigration-induced diversity and economic performance, as evaluated by the Economic Fitness metric. To address endogeneity concerns, we use gravity-based predictors of migrant diversity as a source of exogenous variation. Using data for 129 countries over the period 1990-2000, w...

Education is the basic condition for social development. Education is responsible for the integration of an individual’s personality, the cultivation of moral values and the acquisition of knowledge. The prosperity of the education sector relies on the proper organization and performance of educational organizations, the proper management of human...

This chapter analyses the production process of the educational services. It uses the tools of the microeconomics in order to present and explain how public and private schools produce education. It is presented and analyzed the production function of educational services in both short run and long run period. It short run period the quantity of ed...

Human resources are the driving force behind the efficient operation of educational organizations. The most effective performance of educational organizations is conditioned by the strategic planning of human resources, while the determination of strategic planning requires a series of specific steps as well as a rational perception of an education...

The education system offers educational services to society. People seek these services, or education, in order to acquire new skills and knowledge, as well as to enhance existing ones. They anticipate the possibility of securing better employment opportunities and higher wages. The objective of this chapter is to employ economic tools to comprehen...

This chapter analyses the role of education into the society. Education affects the decision of natives regarding their professional status taking into account that low skills jobs are hold by immigrants. As far as the number of immigrants increases, more and more natives decide to demand for education in order to increase their skills. Education a...

Leadership and strategy are two concepts that have a direct connection and a strong correlation. An organization is not created to stand still; it has a mission and a dynamic to grow and be sustainable. Strategy is the action to achieve organizational goals. Leaders, through their leadership, play a key role in shaping strategy and are responsible...

The climate of an organization, which creates stimuli and evokes emotions (whether positive or negative), is influenced by that organization’s characteristics, such as organizational structure and leadership behavior, which signal the degree of the organization’s effectiveness. Within this context, the governance of an educational organization is a...

This chapter analyses the labour market for educators. We explain how educators decide to supply their labour and how do they react to the change of wages. We also present the decisions of the owners of the private schools regarding the demand for labour. We will explain how the wage of educators is fixed taling into account the structure of the la...

Education has a significant impact on social and economic development since it contributes in a substantial way to the strengthening of social justice and equality although we must bear in mind that any changes in society are not made easily (Fallows & Steven, 2000; Morley, 2001). Moreover, aligning education with social and economic needs has a si...

This chapter analyses the relationship between education and socio-economic inequalities. Education is the determinant factor of the human capital and therefore has a strong impact on the labour productivity. Therefore, education affects wages inequalities through the different levels of human capital. More educate people have greater possibilities...

An educational system consists of several interdependent elements that combine to achieve clearly defined goals. In order to achieve those goals, the needs of both the family and the wider social environment are taken into account. This is because education systems are accountable to society while the reason for their existence is to serve social n...

The purpose of this chapter is to explain the behavior of the individual who decides to receive education. The basic assumption of this chapter is that each person wants to do the best for oneself taking into account the economic, non-economic and time constraints one faces. The methodological approach of this chapter is the micreoconomic approach...

This chapter presents the human capital theory which suggests that education and training are investments that make individuals more productive. The concept of human capital is analyzed and human capital is considered as public or private investment. We show how investing in education leads to higher economic growth and better well-being. We also s...

The purpose of this chapter is to analyze the different ways of financing education and its impacts on the socio-economic variables. We present all different methods of financing education regarding public and private sources and we determine the optimal level of financing. We analyze the decisions of public and private agents regarding the optimal...

This study delves into the influence of civil society participation on income inequality, a topic that has received limited scholarly attention. Civil society participation refers to the activities of citizens who organize into various groups, known as civil society organizations, to pursue common interests and goals. These organizations span a wid...

Over the past three decades, Greece has attracted a considerable number of female immigrants who are mostly engaged in the provision of domestic services. This article addresses intensive and extensive margin responses by native women to these developments in the Greek labour market, using data for the period 2001-2011. To overcome the usual endoge...

This survey studies hope in emerging adulthood during the Greek socio-economic crisis. It highlights intergenerational echoes at the level of the economic antecedents of the crisis, recollected parental school involvement, and perceived parental hope. Participants were 468 young females and males, mostly university students, but also graduates. The...

Intergenerational social mobility and its associations with youth well-being has scarcely been examined in Greece. This study examines educational and income mobility across generations, its relations with emerging adults’ well-being, and the impact of interpersonal and contextual factors on this relationship, such as parental school involvement an...

The paper investigates whether the imposition of a higher minimum wage cut on very young adults (17-24) differentiates their self-perceived health status compared to that of young adults (25-29). We use data from the Hellenic Statistical Authority over the period between 2010 and 2014 in Greece. Our results are clear: a higher decrease of the minim...

The voluminous empirical research on the effect of financial development on income inequality has yielded mixed results. In this paper, we collect 2127 estimates reported in 116 published studies that investigate the effect of financial development on income inequality. Although our initial tests for publication bias (which do not account for moder...

The fundamental mission of the International Monetary Fund (IMF) is to ensure global financial stability and to assist countries in economic turmoil. Although there is a consensus that IMF-supported programs can have a direct effect on the labor market of recipient countries, it remains unclear how IMF participation decision and conditionalities at...

Purpose This paper aims to provide new insights regarding the impact of International Monetary Fund (IMF) programs on income inequality. Design/methodology/approach The paper uses a novel methodological approach proposed by Acemoglu et al. (2019), using (1) the regression adjustment, (2) the inverse probability weighting and (3) the doubly robust...

By explicating the mechanisms through which International Monetary Fund (IMF) programs operate, this study investigates the effect of IMF intervention on the shadow economy. Using a panel of 141 countries from 1991 to 2014 we examine the impact of both IMF participation and conditionality on the informal economy. Our analyses address sources of end...

Financial fragility increases economic uncertainty and restricts credit to firms, leading to lower economic growth and employment. Despite voluminous research on the relation between financial fragility and growth, the effect of financial fragility on employment is understudied. Using a global panel for the period 1998–2017, we identify a negative...

In this paper, we analyze the impact of immigration on Greek politics over the 2004–2012 period, exploiting panel data on 51 Greek regional units. We account for the potential endogenous clustering of migrants into more “tolerant” regions by using a shift-share-imputed instrument, based on their allocation in 1991. Overall, our results are consiste...

The Greek labor market has undergone dramatic changes during the past 10 years. Wage inequality, especially at the bottom end of the earnings distribution, increased sharply. Simultaneously, and despite a massive emigration wave of mainly highly educated employees, the ratio of skilled to unskilled labor has further increased. In this paper, we ana...

Over the last decade, Greece has been the dominant receiver of large waves of both migrants and refugees. Taking into consideration that (a) immigration (and the displacement of people from their homes in general) is a social phenomenon, (b) education has a significant influence on the development process and access to education is absolutely a fun...

This article, through an empirical investigation, examines (a) the attitudes toward entrepreneurship among those of a productive age, and (b) the effect of the economic and political characteristics of a country on an individual’s tendency toward entrepreneurship. An anonymous questionnaire was designed and administered to a random sample of 180 pe...

The proper function of a public or private organization requires the formulation of a competitive framework that responds to basic parameters related to strategic issues, organizational models, and processes. This is because international competition and rapid scientific and technological developments force the management of these organizations to...

Organizations have a particular purpose to achieve which, to a great extent, helps them to survive and prosper. They are regarded as open systems because they cannot exist without exchanging information with their environment. Both the internal and external environments of an organization create uncertainties for the organization. Therefore, one wa...

The challenges concerning hospital performance in recent years have been the motivation to improve the quality of the health-care services they provide, to improve the efficiency of their operation, to reduce their costs, and to better cover the social needs of health-care services. There are different types of hospital ownership which all coexist...

A hospital is a supplier of healthcare services and is therefore an economic unit. It uses factors of production to produce healthcare services. The typical microeconomic theory on production and cost is also applied in the case of healthcare service production. In a short-term period, the production of healthcare services is determined by the size...

Analyzes the terms “change” and “innovation” and presents the various types of change as well as the reasons for an organization to introduce change

This book offers significant managerial and economic knowledge on hospitals, and will serve as a valuable tool for explaining complicated managerial and economical problems, and for facilitating decision-making processes. It bridges management and economic sciences - two complementary sciences that feed the process of making rational decisions. Wit...

The use of resources to produce hospital services raises three questions, the first of which is: how do you make efficient use of these resources to satisfy “unlimited” needs with limited services? The second is: how equal and equitable is the health system? The third is: what kind of relationship is there between efficiency, equality, and equity?...

Analyzes and defines the term “environment”

provides the economic approaches to hospital efficiency

Analyzes the nature of strategic planning and programming

This chapter seeks to present the basic concepts that are often encountered within the framework of strategic management—such as mission, vision, and policy—thus introducing the key elements of strategic management. This will provide the best possible understanding of these specific terms from the perspective of those who are highly experienced in...