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From Stagnation to Forced AdjustmentReforms in Greece, 1974-2010$

Stathis Kalyvas, George Pagoulatos, and Haridimos Tsoukas

Print publication date: 2013

Print ISBN-13: 9780199327829

Published to Oxford Scholarship Online: May 2014

DOI: 10.1093/acprof:oso/9780199327829.001.0001

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(p.275) Appendix A Data and Sources

(p.275) Appendix A Data and Sources

Source:
From Stagnation to Forced Adjustment
Publisher:
Oxford University Press

The growth rate of GDP was taken from the IMF WEO Data (2008). The following eleven indicators for reforms are used to measure the effect of structural policies:

  • REF_BAS: Annual growth rate of Bank Assets, measuring the increase in credit capacity.

    Source: Statistical Bulletin Bank of Greece (1990–2008). For 2008, the third-quarter stock was used to avoid the downward effect of the global economic crisis.

  • REF_BRA: Number of bank branches operating in the country per billion euro of GDP in constant 2000 prices. It measures the expansion of banking activity in Greece relative to real economic activity.

    Source: Bulletin of Hellenic Bank Association (2008). For 2008, provisional estimate.

  • REF_LEN: Annual growth rate of loans to enterprises.

    Source: Statistical Bulletin, Bank of Greece. For 2008, the third-quarter stock was used to avoid the downward effect of the global economic crisis.

  • REF_RDB: Reduction in General Government gross debt (D) expressed as percent of GDP (Y):

    REF_DBT=[ (D/Y)(D1/Y1) ]
    (3)

    Source: Eurostat (2008). For 2008, Budget Report (2009).

  • REF_PUB: Balances in all public utilities as they are published in the annual Budget Report. As most of public utilities in Greece were suffering (p.276) chronic deficits, the improvement in their balances was seen as a major quantifiable target in the business plans and a pre-condition for implementing privatization policy. They are expressed as percentages of GDP.

    Source: Budget Reports, various issues.

  • REF_NNG: The reduction in new loan guarantees issued by the Ministry of Finance on behalf of public utilities. Expressed as the negative of new loans as percent of GDP, so that an increase denotes improvement in public utility finances.

    Source: Budget Reports, various issues.

  • REF_PRT: Privatization revenues expressed as percent of GDP.

    Source: Data are recorded by the relevant authority in the Ministry of the Economy for the years 1998–2008. For the years 1990–7 the amounts displayed in Savva-Balfousia (2006) were used.

  • REF_QRE: Score measuring the quality of the regulatory framework.

    Source: World Bank Global Indicators, (2008).

  • REF_COR: Control of corruption index. A value of 100 corresponds to the complete eradication of corruption.

    Source: World Bank Global Indicators, (2008).

  • REF_TCH: Ratio of direct taxes paid by corporations to those paid by households. Household tax revenues are proxied by the personal tax.

    Source: Budget Reports, various issues.

  • REF_DIT: Ratio of direct taxes to revenues from indirect taxes.

    Source: Budget Reports, various issues.