Financial Crisis Manual (eBook)

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 of Business, 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.

Cover 1
Title 4
Copyright 5
Dedication 6
Contents 8
List of Figures 10
List of Tables 13
Acknowledgments 15
Disclaimer 16
Notes on Contributors 17
Introduction 23
Part I The Industry Perspective 31
1 A Retrospective on the Great Recession: Causes, Effects and Prospects 32
2 European Public Finances through the Crisis 45
3 ECB Monetary Policy and the Euro during the Crisis 60
4 The Repression of Financial Markets 79
5 Chasing the Tail of Financial Stability? Solutions to the Last Crisis Are the Seeds for the Next One 102
Part II The Case of Greece 123
6 An Empirical Study on Greece’s Current Account Determinants Before and After the Outbreak of the Global Financial Crisis 124
7 Greek Fiscal Multipliers Revisited: Government Spending Cuts vs. Tax Hikes and the Role of Public Investment Expenditure 149
8 The Challenge of Restoring Debt Sustainability in a Deep Economic Recession: The Case of Greece 189
9 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 208
10 External Debt Evolution When Global Financial Markets Are Incomplete 220
11 Foreign Direct Investment, Innovation and Brain Drain in Greece: Turning a Problem into an Opportunity 244
Part III Crisis Economics and the Road Ahead 274
12 Globalized Finance in Disarray 275
13 The Elephant in the Euro Room 299
14 From the Euro-Crisis to a New European Economic Architecture 326
Afterword: The road Ahead 347
Index 349