Theodore Pelagidis

Theodore Pelagidis
BANK OF GREECE

Professor
First Deputy Governor, Bank of Greece. Professor of Economics, University of Piraeus

About

161
Publications
16,216
Reads
How we measure 'reads'
A 'read' is counted each time someone views a publication summary (such as the title, abstract, and list of authors), clicks on a figure, or views or downloads the full-text. Learn more
770
Citations

Publications

Publications (161)
Article
Over the past two years, financial markets have been heavily affected by central banks’ unconventional monetary policies, in particular quantitative easing (QE). Accommodative monetary policies have also brought interest rates down to zero and/or negative territory as a mean to stimulate business investments. The recent rise of cryptocurrencies (Th...
Article
Full-text available
Abstract: One of the main topics highlighted in the field of economic policy applications is the impact of taxation on labor. In an era in which macroeconomic stability, technological change and globalization pressure the job market, there exists no strong consensus in the literature on how exactly taxation influences growth, choice between work an...
Chapter
The deficiency of the country regarding its manufacturing base is related with a series of facts that show how in a changing world a balanced corporate landscape is directly related with key dimensions of governance and institutional quality, as well as the efficiency of public policies like education. It is argued that only with the establishment...
Article
Full-text available
It is widely accepted that the highly volatile Panamax market has many peculiarities; for example, Panamax vessels transport the major and the minor dry bulk cargoes worldwide. In contrast, the variety of cargoes and the flexibility in various trade routes, which the Panamax vessels follow, create a broad market with a relatively open structure. Th...
Article
Full-text available
In spite of the controversies found in the literature, there exists sufficient empirical evidence to suggest that increasing taxes on labor leads to a slowdown in economic growth and a decline in employment, as well as an encouragement of undeclared work
Article
Full-text available
Abstract It is a matter of fact that COVID-19 pandemic has brought significant changes in political, economic and social level worldwide. The aim of this paper is to examine the potential impact of the pandemic on the launching of large scale energy projects in Southeast Mediterranean region, and in particular the construction of EastMed Pipeline....
Book
This expanded and enlarged third edition of Theodore Pelagidis and Michael Mitsopoulos’ popular Who’s to Blame for Greece? covers almost a decade of Greece's economic crisis from 2009 to 2019, as well as recent developments in the first months of 2020. It provides an overview of recent developments in the Greek economy and outlines the most importa...
Chapter
Long before the crisis, the dominant theory of an Optimum Currency Area (OCA) was that there are necessary conditions or properties for success (Mundell, A Theory of Optimum Currency Areas. American Economic Review 51 (4): 657–665, 1961; McKinnon, Optimum Currency Areas. American Economic Review 53 (3–5): 17–25, 1963; Kenen, Monetary Problems of th...
Chapter
The strategic failure in the approach to deal with the problems of the Greek economy, namely the disproportionate internal devaluation of the private sector and the tax base with respect to the milder internal devaluation of the government expenditure, has certainly taken place in the context of a country that was asked to undertake one of the most...
Chapter
In this book, after a necessary introduction to the economics of monetary unions and the relative debate in the academic literature regarding the difficulties that the weaker member states might face specifically in an incomplete union, we have examined the parliamentary debate in Greece ahead of the ratification of the Maastricht Treaty. We also e...
Chapter
As Greece has reacquired some sense of normality, everybody in Athens, Washington, and Brussels hopes to put the Greek affair in the rear view mirror, possibly because everybody knows that, at the height of the crisis, neither Greece nor Europe did what they had to do to deal with their respective weaknesses. But how can this be, when so much has b...
Chapter
At a critical EU-China summit on April 9, 2019, in Brussels, EU members and China agreed on a road map for specific bilateral trade arrangements aimed at drastically reducing unfair trade practices and subsidies. A possible final trade-related agreement involving the WTO will follow soon. Adjudicated by the WTO, that agreement may satisfy Europeans...
Chapter
A relatively recent IMF publication is not the only voice that suggests the possibility of achieving prosperity and growth in the modern age without the need to have a strong manufacturing base. Like agriculture before the industrial revolution, “making things” appears to take the back seat as services, and in particular knowledge-intensive service...
Chapter
The victory of liberal-conservatives in the snap elections of July 7, 2019, with 39.6% of the votes sealed the completion of Greece’s transformative journey from radical populism back to a systemic normality. The economic climate has significantly improved by the end of 2019, although at odds with the one prevailing in Europe but it remains to be s...
Chapter
The high taxes are not by themselves a problem. They become a problem because of their very low reciprocity and the impact of uncertainty, itself often a result of poor institutional quality and governance inadequacy. High taxes should be reflected not only in corresponding social services, but also in the quality of government services, from licen...
Chapter
Greece’s economy has a disproportionally large number of self-employed, a small average size of companies, a small number of private sector employees when compared to public sector employment (Pelagidis and Mitsopoulos, Greece: From Exit to Recovery? Washington, DC: Brookings Institution Press, 2014), and a low level of private sector average wages...
Chapter
Full-text available
The need for “more Europe” stands out today in an international environment contaminated by populism, authoritarianism, and demagogy. Consequently, one has to specify the domains that henceforth Europe has to concentrate on in a positive way, explaining practically and with pragmatism the reasons for “more Europe” when confronting destructive polit...
Chapter
It is true that political risk has been significantly lowered after the victory of Liberal-conservatives in the July 7 elections of 2019. It is reminded that the populist ex-government of A. Tsipras was planning in the first semester of 2015 to leave the Euro, an effort which ended up with a dramatic referendum, capital controls, and a third bail-o...
Book
This book analyses several aspects on the efficient resource allocation in the aftermath of the global financial crisis and the European sovereign debt crisis. The main focus of the volume is on recent European Union (EU) experience highlighting the interrelation between inherent structural rigidities and practical limitations in the conduct of sou...
Article
Full-text available
One of the main topics highlighted in the field of economic policy applications is the impact of taxation on labor. In an era in which macroeconomic stability, technological change, and globalization pressure the job market, there exists no strong consensus in the literature on how exactly taxation influences growth, choice between work and leisure...
Article
The importance of reliable statistical data is even more urgent in the context of the coronavirus crisis, in terms of managing the risks for public health, restarting the world economy and addressing the long-term economic and social impact of the pandemic. Government lockdowns, social distancing and work from home restrictions, imposed to contain...
Article
Full-text available
It has been more than a decade since the Southeast Mediterranean region came to the forefront after the discovery of significant gas reserves in offshore fields located within the maritime territories of Egypt, Cyprus and Israel (Levantine Basin). Gradually, the region drew the attention of major oil companies (Total, Statoil, ENI, Exxon Mobil, BP,...
Article
Shipping leads the ‘dance’ on the way up and if this is indeed true, the post-COVID-19 economic recovery should not be long, if one is to judge from the relative prosperity of containerised shipping as of Q2, 2020. Most EU member states may face a new risk ahead: ‘Japanification’, an unwillingness to increase household spending and often business e...
Article
Full-text available
Abstract It is widely accepted that the highly volatile capesize market has many peculiarities. Its importance has been recently highlighted by an increase in contribution of the Baltic Capesize Index (BCI) to the Baltic Dry Index (BDI), affecting the progress of the BDI more than any other dry bulk index. This paper investigates the behavior of th...
Book
The book explores secular stagnation in Greece's economy before and after the COVID-19 lockdown.
Article
Is Greece's economy back to Normal after the victory of the liberal-conservative party in last summer's elections? What will be the effect of covid-19?
Chapter
Coasts are geographical areas that house many diverse activities, with direct impacts on the environment and the sustainable development of these regions. The concentration of these activities in a small spatial coastal zone creates significant pressures on marine ecosystems threatening further damage to habitats followed by potential loss of speci...
Article
Full-text available
It has been a decade since the Southeastern Mediterranean region came to the forefront after the discovery of significant gas deposits in offshore fields located within the Exclusive Economic Zones (EEZ’s) of Egypt, Cyprus and Israel. Gradually, the region drew the attention of major oil companies (Total, Statoil, ENI, Exxon Mobil, BP, Rosneft Qata...
Article
We identify two ‘missing links’ of BRI: a) connecting the Caspian- to the Black Sea, from ‘Turkmenistan to Romania (branching to Istanbul), and from there – through the port of Constanza and the Danube-Rhine fluvial corridor- all the way up to the North sea, to Rotterdam in particular; b) connecting the Upper Persian Gulf port system to the Mediter...
Article
Full-text available
We investigate the connection between the trading of Forward Freight Agreements (FFAs) and its microstructure effects in the volatility of the spot freight market in the Capesize dry-bulk sector of oceangoing vessels. Conditional volatility models are used to capture the volatility effects in the freight market. A connection with the trading of FFA...
Article
Full-text available
Recent research shows that a 10% improvement in connectivity between countries along the “Maritime Silk Road” would deliver a 3% decrease in Chinese trade costs which would in turn boost China’s imports and exports by around 6% and 9% respectively. The latest studies by the World Bank and other international institutions suggest that BRI cooperat...
Article
Full-text available
Regional Science Inquiry, June 2019 The aim of this paper is to investigate the correlation between the Baltic Dry Index (BDI) and certain leading economic indicators. We follow a different path than the existing literature follows. In particular, using a multi-linear regression method and defining the BDI index as a dependent variable, we seek to...
Article
The paper critisizes a recent IMF publication regarding the importance of manufacturing compared to the services sector
Article
Full-text available
The need for ‘more Europe’ stands out today in an international environment that is contaminated by populism, authoritarianism and demagogy. Consequently, when confronting political radicalism, the domains that the EU should henceforth concentrate on in a positive way must be specified, explaining practically and with pragmatism the reasons for ‘mo...
Article
The article compares Greece and Italy as they both face increasing costs in financing their debts.
Article
Full-text available
A series of analyses were conducted on samples of an austenitic type 304 stainless steel that exhibited a high degree of sensitization (DOS) after being subjected to a solution annealing treatment at 1050°C. The DOS was detected by electrochemical potentiokinetic tests. Examination by scanning electron microscopy of etched samples revealed the pres...
Conference Paper
Coasts are geographical areas that house many diverse activities, with direct impacts on the environment and the sustainable development of these regions. The concentration of these activities in a small spatial coastal zone creates significant pressures on marine ecosystems threatening further damage to habitats followed by potential loss of speci...
Article
An assessment of the importance of Greece's potential Grexit during the recent crisis is made. Subsequently, the case of the independence movement of Quebec is examined to argue that once perceptions about the separation from a Union take root, they may propagate themselves for long periods of time entrenching an uncertainty that leads to concrete...
Article
Abstract: The ten-year anniversary of the 2008 crash and the unprecedented length of the bull (stock) market since then is an opportunity to reflect on the crash’s roots. A result of the bear market between 2000 and 2002 was the Sarbanes–Oxley Act that separated the business of consulting from the conflicting one of auditing. Unfortunately regu...
Article
Full-text available
Abstract Container terminal efficiency is a critical factor in the contemporary global trade. We apply the DEA and SFA methods to evaluate efficiency of 6 major ports in the West Africa region to investigate whether these ports can become the main hubs of container transport to African inland in the future. The DEA and SFA methods were applied to a...
Article
Free trade benefits consumers, but has harmed less-skilled workers in western countries fuelling polarization and the rise of nationalistic populism. Despite U.S. President Trump’s contradictory stance on tariffs, trade policy is closely connected with the level of the dollar as well. Policy actions which reduce the value of the dollar might fuel a...
Article
Full-text available
The aim of this paper is to investigate both the feasibility and the viability of the prospective South-East Energy Corridor and the cumulative effects for the region and the countries involved. In less than a decade the Southeastern Mediterranean is at the center of the global oil industry's concern by shaping new geopolitical balances due to new...
Article
Full-text available
We analyze the importance of certain financial indicators that provide important information for both potential investors and the management of a company. We reach to a conclusion regarding the effect, negative or positive, of selected financial indices particularly on a public listed shipping company’s stock return. We consider these indices criti...
Article
As it is widely known, the populist Prime Minister A. Tsipras made a 180o U-turn in the summer of 2015 and reached an agreement – a 3rd bail-out programme- with the creditors, substantially surrendering to their demands. We called that deal, at the time, “reform austerity”, arguing that substantial preconditions for a viable solution are this time...
Article
Full-text available
We examine how some attributes of proportional democracies lead both to policy decisions that ensure a higher congruence with the preferences of the electorate, which reduces incentives to seek corrupt practices, and at the same time introduce more accountability, which further discourages corrupt practices. Our theoretical setup verifies the intui...
Article
Full-text available
This paper investigates empirically the Uncovered Interest Parity puzzle, highlighting the weak relationship between exchange rates and interest rates in particular, using data for the exchange and interest rates from four countries, in different time horizons, running from 3 to 60 months. The analysis in particular focuses on the deviations from r...
Chapter
Full-text available
This paper assesses the proposals in the 5 Presidents’ Report on the future of the EMU. The evolution of EU institutions during the crisis is assessed along with the proposals concerning in particular fiscal policy and economic policy decisions. A discrepancy in the concreteness of the mapping for the final move towards common decision taking is do...
Book
Το βιβλίο διαπραγματεύεται τις οικονομικές πολιτικές του πολιτικού κέντρου στην Ελλάδα, όπως αυτό εκφράζεται σήμερα από τη ΝΔ του Κυριάκου Μητσοτάκη.
Article
Full-text available
For the past few years, major breakthroughs have been achieved in the fight against tax evasion and tax fraud. SDOE has carried out audits on freelancers, companies and individuals, using data from the bank accounts of the audited persons or legal entities. The results of these audits are significant, both numerically and qualitatively. This paper...
Article
Full-text available
Summary of the article The rise of populism in Greece can be attributed to economic and political uncertainty due to years of austerity and bailout programs. Only a focus on freeing up markets and strengthening Greece’s weak institutions can help combat further economic downturn.
Chapter
Full-text available
The importance given constantly to debt sustainability exercises by the official lenders of Greece at this point underlines, above all, the importance of the debt-to-GDP ratio as it juxtaposes all the malfunctions and short comings of both the private economy and state apparatus. During the period of strong growth, the denominator in the ratio coul...
Chapter
Much has been said about the results of the austerity program implemented in Greece by the “Troika.” The official creditors initially sanctioned an implementation of the agreed conditionality program (included in the MoU that also provisioned the official loans to the Greek government) that principally focused on increasing taxes and labor market r...
Chapter
Christine Lagarde, in her reaction to the Internal Evaluation Office report (IEO 2016) regarding the International Monetary Fund’s (IMF’s) response to the crisis in Greece, Ireland, and Portugal, stressed that Greece is, or proved to be, a special case. Reading carefully both the report and her comments, one can easily see that the political econom...
Chapter
Full-text available
Long before the crisis, the dominant theory of an Optimum Currency Area (OCA) was that there are necessary conditions or properties for success (Mundell 1961; McKinnon 1963; Kenen 1969). The basic premise was that the fundamental requirement for a successful currency area is wage/price flexibility and mobility of factors of production as well as ha...
Chapter
This chapter proceeds with an assessment of IMF Article IV missions to Greece, and in particular the chairman’s summing up of them, for the 1990–2009 period.
Chapter
There is no particular need to describe how the compromise on which the birth of the European common currency was based formed the foundation of the current crisis: the common monetary policy was accepted easily by national politicians but turned out to be incompatible with the maintenance of the national control over structural and fiscal policies...
Chapter
Euclid Tsakalotos, Greece’s British-educated, Marxist finance minister, often describes economic activity in Greece as akin to a suppressed spring: after eight years of almost uninterrupted recession and a cumulative loss of a quarter of pre-crisis gross domestic product (GDP), he contends, the country is past due for a robust recovery. The Greek g...
Chapter
In this chapter, the narrative regarding the developments up to now in two main policy areas, private sector access to finance and the level and structure of taxation, will be linked with policy proposals that could lead to a turnaround of Greece. The focus of this chapter on private sector access to finance, with a disproportional emphasis on deta...
Chapter
The dangers to the Greek society in general, and in particular to the prospect of joining the EMU as an able and equal member, that stemmed from the extreme imbalances and inefficiencies introduced during the ’80s, were accurately assessed and a plan to address them was devised and quite consistently executed.
Book
Praise for the first edition: 'The new book by Michael Mitsopoulos and Theodore Pelagidis offers insightful analysis of the Greek drama. It makes fascinating reading and well demonstrates that the blame is widely shared.' André Sapir, University Professor, Université libre de Bruxelles, Belgium, and former Economic Advisor to the President of the E...
Chapter
Full-text available
In this chapter, we offer a historical analysis of the Greek political market and Greek politicians’ views in particular, on the issue regarding the costs and benefits of Greece’s economy joining the euro area. We used material from various sources (e.g., archives of the Greek Parliament, interviews with prominent politicians of the time, published...
Chapter
The documented intentions of, as implied from the policy statements in the Parliament and other public occasions, and the policy initiatives taken by the Greek government that ratified the Maastricht Treaty demonstrate, in a nutshell, the following: • The dangers to the Greek society in general, and in particular to the prospect of joining the EMU...
Chapter
Full-text available
The importance given constantly to debt sustainability exercises by the official lenders of Greece at this point underlines, above all, the importance of the debt-to-GDP ratio as it juxtaposes all the malfunctions and shortcomings of both the private economy and state apparatus. During the period of strong growth, the denominator in the ratio could...
Chapter
Full-text available
In this chapter,1 we offer a historical analysis of the Greek political market and Greek politicians’ views in particular, on the issue regarding the costs and benefits of Greece’s economy joining the euro area. We used material from various sources (e.g., archives of the Greek Parliament, interviews with prominent politicians of the time, publishe...
Chapter
There is no particular need to describe how the compromise on which the birth of the European common currency was based formed the foundation of the current crisis: the common monetary policy was accepted easily by national politicians but turned out to be incompatible with the maintenance of the national control over structural and fiscal policies...
Chapter
Much has been said about the results of the austerity program implemented in Greece by the “Troika.” The official creditors initially sanctioned an implementation of the agreed conditionality program (included in the MoU that also provisioned the official loans to the Greek government) that principally focused on increasing taxes and labor market r...
Chapter
Full-text available
The causes of the Greek crisis have been widely documented now, as well as the profligacy of its political elite along with its preference for closed markets that create rents, which it can then distribute as part of a horse-trading game. A well-documented need to cut waste in the general government and to deregulate the economy, that was initially...
Chapter
Full-text available
Long before the crisis, the dominant theory of an Optimum Currency Area (OCA) was that there are necessary conditions or properties for success (Mundell, 1961; McKinnon, 1963; Kenen, 1969). The basic premise was that the fundamental requirement for a successful currency area is wage/price flexibility and mobility of factors of production as well as...
Chapter
Full-text available
This chapter proceeds with an assessment of IMF Article IV missions to Greece, and in particular the chairman’s summing up of them, for the 1990–2009 period.
Book
Greece's economy symbolizes in many ways the Eurozone's economic problems and divergent interests as it amasses most of the economic disadvantages characterizing the Eurozone's economy itself. This book presents the economic and political challenges to Greece and the EU member states.
Book
Full-text available
https://repository.kallipos.gr/handle/11419/1187
Article
Full-text available
The correct understanding of Greece’s debt can only be obtained by using international accrual accounting standards rather than the cash-basis future face value definition. Changing the terms of debt changes the value of the debt in Greek governmental financial statements correctly prepared according to internationally promulgated accounting and st...
Article
Full-text available
The current complicated economic situation in Greece — and the rising political uncertainty that once again accompanies it — has important repercussions for growth, incomes, employment and the banking system in both the short and long term. The new Greek government is trying to perform a balancing act that will on the one hand satisfy its electorat...
Article
Full-text available
The policies imposed on Greece by the troika of the European Commission, the International Monetary Fund, and the European Central Bank failed to recognize the low wage share of Greece and to address important existing and new problems. Forcing wages down to make the country's exports competitive while failing to promote other necessary reforms, ar...
Chapter
The emergence of the current crisis and the way it has been handled by successive Greek governments once the crisis had resulted in the loss of the confidence by the markets in the Greek government, has caused many opinion leaders and academics to doubt the wisdom of the Greek participation in the final stage of the European Monetary Union (EMU). S...
Chapter
This section follows sectorial developments, particularly with respect to wage costs, for the purpose of investigating the extent to which the success of the “internal devaluation” strategy depended not only on quantitative averages, but also on qualitative aspects related to the composition of the implementation thereof. While the apparent success...
Chapter
In most statistical surveys Greece appears to perform poorly in innovation, R&D and related activities. The European Commission Innovation Scoreboard and the INSEAD Global Innovation Index are only two of the many publications that essentially identify Greece as a below-average innovator. Most of these studies agree on the weaknesses of the country...
Article
Full-text available
Deposits in domestic financial institutions, by households, businesses and the general government in Greece, declined by about 100 billion Euros between December 2009 and the summer of 2012, as shown in figure 1. This outflow can be linked to uncertainties with regard to the possible bankruptcy of the state, exit from the euro area, rumors that und...
Article
Full-text available
Two Greek economic analysts explain the Greek financial crisis-from beginning to end. The first section of Greece: From Exit to Recovery? explores the lead up to to Greece’s adoption of the euro. Authors Theodore Pelagidis and Michael Mitsopoulos believe that the ensuing challenges were foreseeable. In fact, the authors posit that it was Greece’s d...
Book
Πρόκειται για την μετάφραση στα Ελληνικά της δεύτερης έκδοσης του βιβλίο Understanding the Crisis in Greece, Macmillan Palgrave 2012, από τις εκδόσεις Ψυχογιός
Chapter
How the Crisis unfold and How the Greek Government Reacted
Article
Full-text available
Purpose – This paper seeks to contribute to an understanding of the organizational culture of the spin‐off knowledge‐based enterprises, which operate within the science and technology parks in Greece. In this context, a critical number of questionnaires have been distributed to the spin‐offs to examine whether firms born within the parks have devel...
Article
Full-text available
This paper deals with Europe's effort to proceed to the third stage of EMU and establish a common currency.
Article
Full-text available
In this paper, we deal with theoretical propositions and empirical evidence that are needed to explain the paradox of rapid GDP growth in the face of the dismal competitiveness of the Greek economy during 1995-2008. We show how Greece’s economy structural weaknesses have hit the domestic economy and we investigate their impact on the current turmoi...
Article
Full-text available
We consider the relative effects of globalisation and regionalism in the context of recent developments in the world economy. We extent and advance the analysis of Chortareas and Pelagidis (2004) using the recently updated Penn World Tables data. This allows considering the recent ‘golden era’ of globalisation, great moderation and the ‘Washington...
Article
Full-text available
We consider the relative effects of globalisation and regionalism in the context of recent developments in the world economy. We extend and advance the work of Chortareas and Pelagidis using the recently updated Penn World Tables data. This allows consideration of the recent ‘golden era’ of globalisation, great moderation and the ‘Washington consen...
Article
Full-text available
When things are good nobody asks why. When things are too good to be true, only a few realise that it is true. When things finally turn bad everybody finds out that the emperor has no clothes on. Then, promising politicians take over the crisis to save the world. Is this process just human nature where the system works always in favour of the rulin...
Article
Full-text available
Greece has the lowest public receipts of all the Eurozone members, and this contributes significantly to the annual budget defi cits and the extremely high level of public debt. The source of this shortfall is personal income taxation. The following article analyses the distortions in the labour market and in the taxation system which have led to t...
Article
Full-text available
Greek Banks and Their Prospects. WORLD ECONOMICS, VOL.12(1), Jan.March., 2011