Documents Monastiriotis, Vassilis 7 results

"As the debt crisis in Europe continues to unfold, renewed attention is placed increasingly on public (and private) investment as a vehicle for reigniting growth and counterbalancing the austerity effects of fiscal consolidation policies. Nowhere is this more urgent, or salient, than in Greece. However, there is remarkably little research, at least in that country, examining the criteria under which public investment is allocated across functional categories and across space. This article offers an extensive analysis of the spatial and functional allocation of public investment in Greece over a 33-year period and for various political-economic sub-periods. It examines the prevalence of criteria relating to redistribution, efficiency and equity; the temporal stability and functional complementarity of the observed allocations; and the extent of specialisation, concentration and clustering. Our results offer little evidence of regional or functional targeting, the exploitation of synergies and scale effects (efficiency), or the pursuit of objectives related to equity or redistribution. This raises serious questions about the efficacy of past public investment allocations in Greece and, with the expected increase in funding emanating from the EU, highlights the need for (re)defining the priorities and criteria for the spatial and functional allocation of public investments in the future."

"We examine the Greek public–private wage differential before the debt crisis to evaluate the prospective impact of the recent public sector pay cuts. We find a large public premium which persists after controlling for individual and job characteristics. For men, much of this is accounted for by self-selection into the sector that rewards better their characteristics, while for women it is largely driven by sectoral differences in returns. We attribute these effects to more egalitarian pay structures in the public sector and to demand problems in the private sector. The recent policy measures only partially change this situation, as wage deflation extends to the private sector, preserving public premia for the low paid.""

"Despite the interest in the issue of labour market flexibility, there is markedly little research attempting to measure, let alone evaluate, the extent to which flexible labour arrangements have penetrated labour relations in the UK and elsewhere. One of the implications of this is that little is known about the specific forms that labour market flexibility takes across and within each country. Given this, it comes as little surprise that the discussion about the link between globalization and flexibility has remained largely theoretical, with only a few references to usually incidental anecdotal evidence. This article exploits a unique set of labour market flexibility indicators that have been developed at the regional level for the UK over the period 1979-98 and examines empirically the relationship between globalization and flexibility. Through a spatial-temporal exploratory analysis, significant patterns of geographical and functional specialization (in levels and types of flexibility) are identified and then related to local structural factors and demand conditions and to global influences. Global forces are found to have played a significant role for the patterns observed. The implications of this finding are discussed in the concluding section."

"With the prospective exit of the UK from the European Union, a crucial question is whether EU Structural Funds have been beneficial for the country and which aspects of Cohesion Policy should be maintained if EU funds are to be replaced. This paper addresses this question through a twofold investigation, assessing not only whether but also how EU funds have contributed to regional growth in the UK over three programming periods from 1994 to 2013. We document a significant and robust effect of Cohesion Policy in the UK, with higher proportions of Structural Funds associated to higher economic growth both on the whole and particularly in the less developed regions of the country. In addition, we show that the strategic orientation of investments also plays a distinct role for regional growth. While concentration of investments on specific pillars seems to have no direct growth effects, unless regions can rely on pre-existing competitive advantages in key development areas, we unveil clear evidence that targeting investments on specific areas of relative regional need has a significant and autonomous effect on growth. These findings have important implications for the design of regional policy interventions in Britain after Brexit."