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英国留学paper范文|商业周期的阶段和原因(11)

时间:2016-11-23 16:28来源:www.ukthesis.org 作者:英国论文网 点击联系客服: 客服:Damien
 
The decade of 1980 Greece entered again a recession period where the productivity of work collapsed, the enterprises faced completely unstable economic environment while they had moreover to face strong trade unions, counterproductive labour culture, big increases of wage and restrictions in the increases of prices of their products. In addition the unemployment level from 2,4% in 1980 became 6,4% in 1990.
 
3)The neoliberal period 1990-2002
 
The liberal government (1990-1993) undertook tight economic policies but the economy could not come back in competitive orbit. The public debt had already a unverifiable ascendant orbit while the GDP remained stable because of the restrictive policies. That period began the first privatizations of public organisms.
 
In 1994 the government became socialistic and after 3-4 years the deficits decreased, the inflation came back in one-digit number after roughly 20 years and the Minister of Finance attempted more privatizations than any other Minister of Finance in the world.
 
That period, the effort in order to put Greece in the Economic and Monetary Union was intense. Thus, in March 1998 the drachma was depreciated and the European equivalent became 353,109 drachmas per Euro.
 
While in 2001 Greece became a member of the IMF, the first revaluation of drachma took place and from 353,109 equivalence was shaped into 340,75. The growth jumped after a lot of years in 4%, the investment levels increased, the productivity of work increased, the unemployment decreased, the inflation approached zero and the debts declined. The public deficit continued to increase but no additional problems were caused as the GDP increased with positive rates.
 
4)The destructive period for Greece 2002-2010
 
As we saw in the theoretical study of the business cycle the growth period is followed by the recession period. The main element of this period, element that Greece could not manage, they are the low interest-rates. With the entry of Greece in the IMF the interest-rates that the citizens and the state were borrowed, fall dramatically. From 1997 many people and companies has begun to borrow from the banks. From 2001 and afterwards the government borrowed extremely high amounts from other banks in Europe. The public deficit increased more because of the Olympic Games of 2004 as a huge amount of capitals came from abroad.
 
After the Olympic games and after 2-3 years expansive and "social" economic policy (2001-2004), the first structural problems appeared. The competitiveness of work began to fall, the growth rate began to decrease, the deficit and also the public debt increased. And as long as this vicious circle continued, the government continued to borrow in order to enfranchise "social" benefits in order to substitute the purchasing force that was lost because of the lack of competitiveness.(责任编辑:BUG)


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