A Financial Crisis Manual

1. Front Matter

   Pages i-xxi

   PDF

2. Introduction

   1. Introduction

      • Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I. Nikolopoulos

      Pages 1-8

3. The Industry Perspective

   1. Front Matter

      Pages 9-9

      PDF

   2. A Retrospective on the Great Recession: Causes, Effects and Prospects

      • Inachos Lazos

      Pages 11-23

   3. European Public Finances through the Crisis

      • Fabrice Montagné

      Pages 24-38

   4. ECB Monetary Policy and the Euro during the Crisis

      • Athanasios Vamvakidis

      Pages 39-57

   5. The Repression of Financial Markets

      • Ralph Sueppel

      Pages 58-80

   6. Chasing the Tail of Financial Stability? Solutions to the Last Crisis Are the Seeds for the Next One

      • Marcel Kasumovich

      Pages 81-101

4. The Case of Greece

   1. Front Matter

      Pages 103-103

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   2. An Empirical Study on Greece’s Current Account Determinants Before and After the Outbreak of the Global Financial Crisis

      • Platon Monokroussos, Dimitrios D. Thomakos

      Pages 105-129

   3. Greek Fiscal Multipliers Revisited: Government Spending Cuts vs. Tax Hikes and the Role of Public Investment Expenditure

      • Platon Monokroussos, Dimitrios D. Thomakos

      Pages 130-169

   4. The Challenge of Restoring Debt Sustainability in a Deep Economic Recession: The Case of Greece

      • Platon Monokroussos

      Pages 170-188

   5. The Case for a New Reprofiling of Greek Public Debt and Why a Relaxation of the Bailout Program’s Future Fiscal Targets May Prove to Be a Self-Financing Policy Shift

      • Fokion Karavias, Platon Monokroussos

      Pages 189-200

   6. External Debt Evolution When Global Financial Markets Are Incomplete

      • Alexis Anagnostopoulos, Gregorios D. Siourounis

      Pages 201-224

   7. Foreign Direct Investment, Innovation and Brain Drain in Greece: Turning a Problem into an Opportunity

      • Constantina Kottaridi

      Pages 225-254

5. Crisis Economics and the Road Ahead

   1. Front Matter

      Pages 255-255

      PDF

   2. Globalized Finance in Disarray

      • Shanti P. Chakravarty

      Pages 257-280

   3. The Elephant in the Euro Room

      • Alex Patelis

      Pages 281-307

   4. From the Euro-Crisis to a New European Economic Architecture

      • Michael G. Arghyrou

      Pages 308-328

   5. Afterword: The Road Ahead

      • Dimitrios D. Thomakos, Platon Monokroussos, Konstantinos I. Nikolopoulos

      Pages 329-330

The recent financial crisis has generated many structural changes within the economy. Many issues are ongoing, and the question of how to recover from the crisis, and how to avoid another one, are continually addressed by scholars and practitioners everywhere. Where there is much discussion within academic and practitioner circles, there is not always adequate interaction between these schools of research. This book provides a thorough overview of the recent financial crisis from the perspective of both industry practitioners and academics specialising in the area. The first part provides practitioner insight on the crisis, and explores the causes and effects and of the recession, European public financing, ECB monetary policy and the Euro, the repression of financial markets, and financial stability. Part two focuses on the case of Greece, as a country still heavily impacted by the crisis, which has undergone various unorthodox policies imposed by the IMF, the ECB the EU. The third part provides insight from researchers and academics, covering an array of Economic theories and revealing new economics architectures available for the future. With informed views from both financial industry practitioners and academics, this book discusses current issues and implementable solutions for a faster post-crisis recovery.

• crisis
• recession
• maroeconomics
• banking
• ecb
• imf
• monetary policy
• fiscal union
• debt sustainability
• eurozone
• brain drain
• euro
• financial markets
• foreign direct investment
• investment

“This manual we recommend to and for all relevant academic studies, a great reference book, a guide too, needless to say the armoury which can help you avoid and counter similar crises looming in the background as we might well say in the Shipping Industry, this is the ISM (International Safety Management) Code for Nations wishing to survive. … This book has some home truths about disaster planning and remedies too. Indispensable!” (All About Shipping, allaboutshipping.co.uk, April, 2016)

• University of Peloponnese, Greece

  Dimitrios D. Thomakos

• Eurobank Ergasias S.A, Greece

  Platon Monokroussos

• Bangor Business School, UK

  Konstantinos I. Nikolopoulos

Dimitrios D. Thomakos is Professor of Applied Econometrics and Head of the Department of Economics at the University of Peloponnese, Greece, and Senior Fellow and Member of the Scientific Committee at the Rimini Center for Economic Analysis in Italy. Dimitrios holds an MA, MPhil and PhD from the Department of Economics of Columbia University. His research work has appeared in several prestigious international journals in economics and finance such as the Review of Economics and Statistics, the Canadian Journal of Economics, the Review of International Economics, the Journal of Empirical Finance, the International Review of Financial Analysis, the International Journal of Forecasting and others. He has been a guest co-editor for Mathematical & Computer Modelling, an editorial board member of the Journal of Modern Applied Statistical Methods and now serves at the editorial board of the International Journal of Energy and Statistics. He is also the co-founder of QuantF.com.

Dr. Platon Monokroussos is Deputy General Manager and Chief Market Economist at Eurobank Ergasias S.A. He is member of the Scientific Council of the Hellenic Bank Association and member of the Economic and Monetary Affairs Committee (EMAC) of the European Banking Federation. He is also a member of Board of Directors of Eurobank Properties REIC, a public company which manages one of the most important commercial property portfolios in Greece and Eastern Europe. He holds a Professional Qualification Certificate for the provision of investment services (type D) issued by the Bank of Greece. Before joining Eurobank, he held high-level positions in leading financial institutions, including ABN AMRO and Bank of America. Dr. Monokroussos holds a Bachelor's degree in theoretical Mathematics (University of Crete, Greece), Masters Degrees in Economics (Clark University, Worcester, MA USA) and Business Administration (Boston College, Wallace E. Carroll School of Management Boston, MA USA) as well as a Diploma in Business and Corporate Leadership from Harvard Business Publishing. He received his Ph.D. from the National and Kapodistrian University of Athens (doctorate thesis on foreign exchange microstructure).

Professor Kostas I. Nikolopoulos DEng, MEng (???), P2P, ITP (Kellogg-Northwestern) is the Director of forLAB, the forecasting laboratory (www.forLAB.eu) in Bangor Business School. He is an expert in Time Series Analysis & Forecasting, Forecasting Support Systems and forecasting the impact of Special Events. Professor Nikolopoulos received his Engineering Doctorate in 2002 and his Diploma in Electrical and Computer Engineering (MEng) in 1997, both from National Technical University of Athens (???). He has worked in the past for the University of Manchester and other prestigious institutions in U.K. and Greece, and now holds the Chair in Decision Sciences in Bangor Business School and is the College Director of Research (Assistant Dean/Research) for the College ofBusiness, Law, Education and Social Sciences in Prifysgol Bangor University. His work has appeared in IJF, JoF, EJOR, JORS, Omega, IJPE, IJPR, IMA JMM, JBR, JCIS, IMDS, AE among other journals, and he is an Associate Editor of Oxford IMA Journal of Management Mathematics and Supply Chain Forum: An International Journal. He is co-originator of the Theta forecasting method and the ADIDA temporal aggregation method-improving framework.

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