Capros P., P. Karadeloglou and G.N. Mentzas (1989) "Macroeconomic Effects of the Internal European Market: An Empirical Assessment for Greece"
Paper presented at the 2nd Conference of the Greek Economic Association, 12-13 December, Athens.
The objective of this paper is to provide a quantitative assessment of the likely macroeconomic impacts of 1992 on the Greek economy, issue that has not yet been examined in relative empirical studies by the CEC. The analysis is carried out by means of simulations with the use of the HERMES-Greece Reduced version model, a large-scale multi sectoral macro econometric model of the Greek economy, constructed by the authors. The main results are as follows: first, the overall macroeconomic impact of 1992 is expected to be positive, providing significant economic benefits, although they are estimated to be less than half of the ones found for more developed member states; second, it would increase the existing relative disparity in the economic growth of developed economies compared with Greece; and third, the use of the Structural Funds should enhance the positive economic impact in Greece but it is unlikely that they will be sufficient to narrow the gap with developed member states.
Paper available on request (hard copy only).
