Ακαδημαϊκό Αποθετήριο

Μόνιμο URI για αυτήν την κοινότηταhttps://pyxida.aueb.gr/handle/123456789/1

Στο "Ακαδημαϊκό Αποθετήριο" συγκεντρώνεται η πλούσια επιστημονική, εκπαιδευτική και ερευνητική παραγωγή του Οικονομικού Πανεπιστημίου Αθηνών. Στις συλλογές αυτής της ενότητας περιλαμβάνονται διπλωματικές εργασίες, διδακτορικές διατριβές, ερευνητικά δοκίμια, εκθέσεις ερευνητικών προγραμμάτων και ανακοινώσεις συνεδρίων, πτυχιακές εργασίες και εκπαιδευτικό υλικό όλων των Σχολών και Τμημάτων του ΟΠΑ. Μέσω εξελιγμένων ηλεκτρονικών υπηρεσιών και πιστοποιημένων διαδικασιών αυτόματης απόθεσης ψηφιακού υλικού, το Ακαδημαϊκό Αποθετήριο ΟΠΑ" φιλοδοξεί να προσφέρει στην ακαδημαϊκή και ευρύτερη κοινότητα την έγκριτη επιστημονική και ερευνητική γνώση που παράγεται στο Πανεπιστήμιο, με γνώμονα τις κατευθυντήριες Ιδρυματικές Αξίες της Αριστείας, της Καινοτομίας, της Εξωστρέφειας και της Κοινωνικής Προσφοράς.

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Τώρα δείχνει 1 - 9 από 9

Central banks & the climate crisis: stability & sustainability
(2025-10-02) Pavlidou, Nefeli; Kammas, Pantelis; Hatzipanayotou, Panagiotis; Katsimi, Margarita
This thesis explores the evolving role of central banks in addressing the financial and economic risks posed by climate change. As climate-related shocks increasingly threaten global financial stability, central banks are pressured to expand their traditional mandates to include environmental sustainability. The study begins by examining the broader economic impacts of climate change and the associated risks to financial system stability, highlighting both physical and transition risks. It then examines the theoretical and practical challenges of incorporating climate goals into central bank policy and the evolving debate over whether central banks can remain neutral while addressing the systemic threats posed by climate change. The final part of the thesis evaluates an emerging toolkit of green monetary instruments, including green quantitative easing, climate-related macroprudential frameworks, and portfolio "tilting". It argues for a precautionary and forward-looking approach to climate risk management, even in the face of deep uncertainty. The thesis overall argues that while central banks cannot replace government action, green monetary policy represents not only a necessary response to emerging risks but also a historic opportunity to rethink how institutions operate and what they can achieve in the face of global challenges.
Business cycles fluctuations determinants in the EMU: a fixed-effects panel data analysis
(2011-12) Παπαγεωργίου, Θεοφάνης; Athens University of Economics and Business, Department of International and European Economic Studies; Katsimi, Margarita
This master thesis purposes to address some fundamental questions concerning the determinants of the business cycles fluctuations. In a public policy context the relationship between fiscal policy variables with these fluctuations are of particular importance. Furthermore, in a monetary union fiscal policy is the foremost tool to deal with country-specific fluctuations. This thesis is trying to acknowledge the particular importance of fiscal policy in the EMU context estimating panel data equations for the twelve countries of the EMU for the years 1995-2009. Additionally, other variables such as trade openness and the dummy variables, elections and EMU formation are added to extract a clearer image. Also, aspects of divergence and synchronization are extracted through using fixed-effects analysis. To that end, various econometric techniques were used among others EGLS, GLM, spectral analysis, fixed-effect models. Synchronization issues recurrently come up, suggesting a core-periphery distinction among the EMU countries. Social benefits are found to be the most effective fiscal variable in the governments’ hands, while, capital expenditures and indirect taxes are the most pro-cyclical variables from the variable set. Openness is found to be counter-cyclical, in accordance with at least a part of the literature. Also, elections are found to be pro-cyclical giving evidence for the existence of opportunistic political business cycle. Next, we found that EMU countries exert different periodicities in the movements of output. The different periodicities make common monetary policy inappropriate and thus make countries in a monetary union asynchronous. At the same time differences in the effectiveness of fiscal policy variables in countries of the EMU, measured by deviations from the equation – fixed effects – make the picture even vaguer. More precisely the countries that form the acronym PIGS are found with the largest deviation from the business cycle determination. This fact has severe implications against the neoclassical hegemony of budget cuts as a response to the current crisis. In any case, a core-periphery distinction is suggested among the participants of the EMU in terms of deviations, as already suggested from the literature. Of course, our findings deserve careful screening given that business cycle synchronicity is an important indicator of the optimality of monetary union.
The crisis in the Eurozone
(Athens University of Economics and Business, 2012) Platania, Vasiliki; Katsimi, Margarita
Thesis - Athens University of Economics and Business. Postgraduate, Department of International and European Economic Studies
Determinants of fiscal policy response to the COVID-19 pandemic
(2021-09-27) Makris, Nikolaos; Μακρής, Νικόλαος; Athens University of Economics and Business, Department of International and European Economic Studies; Konstantinou, Panagiotis; Katsimi, Margarita
This dissertation discusses some economic aspects of the current pandemic, changes in public finances and the impact on international trade. In addition, emphasis is put on the issue of the policies that were adopted by national and supranational authorities (such as the European Union and the European Central Bank) in order to deal with this issue. More specifically, this paper focuses on the issue of fiscal response and the factors that determined the size of the stimulus. Τhe implemented method is the simple linear regression and the results suggest that more prosperous and democratic countries with institutions promoting the interests of private sector had the greatest fiscal responses, although high public debt to GDP ratio had a restrictive role.
ECB: past and future challenges and credibility
(2022-09-27) Σκαλτσάς, Χρήστος; Skaltsas, Christos; Athens University of Economics and Business, Department of International and European Economic Studies; Chatzipanagiotou, Panagiotis; Konstantinou, Panagiotis; Katsimi, Margarita
Η ΕΚΤ ιδρύθηκε λίγο περισσότερο από 20 χρόνια πριν αντιμετωπίζοντας έκτοτε πολλές προκλήσεις και αναπτύσσοντας τη δομή και τα εργαλεία της. Σήμερα έρχεται αντιμέτωπη με πρωτοφανείς προκλήσεις όπως η πανδημία και η κλιματική αλλαγή που απειλούν τη διεξαγωγή της νομισματικής πολιτικής, της οικονομικής δραστηριότητας και της αξιοπιστίας αυτού του θεσμού. Η αξιοπιστία είναι πολύ σημαντική για τη διεξαγωγή της νομισματικής πολιτικής και νέες προκλήσεις μπορεί να τη μειώσουν και να προκαλέσουν οικονομικά προβλήματα και να επηρεάσουν την αποτελεσματικότητα της νομισματικής πολιτικής και της οικονομίας γενικότερα.Στο πλαίσιο αυτό, η συγκεκριμένη εργασία αναλύει τις προκλήσεις που αντιμετώπισε η ΕΚΤ και τις πολιτικές που εφαρμόστηκαν προκειμένου να τις αντιμετωπίσουν, την αξιοπιστία υπό αβεβαιότητα και τη σχέση με τον πληθωρισμό. Επιπλέον, η πρόκληση της κλιματικής αλλαγής και των πιθανών αντιδράσεων αναλύεται επίσης με εμπειρικά δεδομένα σχετικά με το τι επηρεάζει την εμπιστοσύνη στην ΕΚΤ.
Export-competiveness, an analysis with Greek export activity
Nikoloudakis, Leonidas; Athens University of Economics and Business, Department of International and European Economic Studies; Katsimi, Margarita
The core of this paper is an attempt to investigate Greek export performance, five random years, between 1995 and 2010, along with its comparative advantages and disadvantages. It is of the essence, an analysis of the factors that are determining export flows between Greece and its EU and non-Eu partners. As Greece is a country with serious external imbalances, evaluations of its exports performance are of vital importance for economic decision making. The approach of a generalized gravity model using panel data has proven to be a useful tool in the analysis of bilateral trade flows. Results indicate the imbalance regarding export activity not only between trading partners that differ vastly, but also among those who share similar magnitudes and data.
Fiscal policy in the eurozone and fiscal crisis
Margiolaki, Niki; Athens University of Economics and Business, Department of International and European Economic Studies; Katsimi, Margarita
This paper negotiates the matter of fiscal policy in the EU after the decision of creating a monetary union with a single currency and its course throughout its different stages as well as the economic crisis that struck Europe in 2008. To do so, a number of different opinions will be presented by writers and economists as expressed in various papers but also in official texts and manuals published by European Institutions and the International Monetary Fund.The first stages of the EMU that were escorted with large fiscal adjustments for the majority of the Member-States are succeeded by a period where the fiscal rule as stated in the Stability and Growth Pact is abandoned and fiscal policy is used individually and not for ensuring Stability in the Euro-area. This behavior was also enhanced by the loopholes existing both in the Maastricht Treaty but also in the SGP. These unspecified matters were partially addressed by the 2005 SGP reform but more efficiently by the reforms taking place in 2011 and 2013 and while the crisis was still going strong. In order to try and surpass this drawback, a lot of MS have adopted national fiscal rules and this tendency has been increasing especially since 2008.A big part of this paper is also dedicated to the European fiscal crisis. For this purpose, it was crucial to present the four countries of the Eurozone that were under adjustment Programs for financial (Ireland and Spain) and fiscal reasons (Greece). All these countries besides Greece have successfully concluded their Programs and their fiscal indicators to this point seem to be in the right track. However, the need to continuous reforms is still evident in all of them since basic economic sectors (labor markets, banking sector) haven’t been restored to sein levels.In addition, the EU’s prosperity indicators have been quite low after the crisis when compared with the ones of its global competitors and for this reason, the idea of completing the monetary union but also creating a fiscal union should be under discussions. To this subject, there are certainly advantages and disadvantages but it seems important to do those steps that could probably shield Eurozone from another major systemic crisis.
Structural reforms as a tool against fiscal crises
(2016-01-27) Gournas, Panagiotis; Athens University of Economics and Business, Department of International and European Economic Studies; Katsimi, Margarita
Structural reforms are more and more used throughout the world’s economies for many reasons, namely to recover from crises and shield themselves against new ones. This thesis outlines the effect structural reforms could have on fiscal policy, taking into account the theory about fiscal multipliers and the multiplier effect, and the examples of Greece and Portugal, who both signed off bailout programs with structural reform packages, and Canada, where reforms were initiated by the government – with different outcomes, however. There is no original econometric analysis in this thesis, other than references to existing academic papers and analyses, which are listed in the appendix thereof.
Towards a european banking union
(2018) Parthenios, Nikolaos; Athens University of Economics and Business, Department of International and European Economic Studies; Katsimi, Margarita
The EU and particularly the euro area, is a strong bank – dominated economy area. Banksprovide liquidity to the businesses and thus inject money into the real economy. Bank-creditis the main source of internal (domestic) and external (international) financing for transfrontierbusinesses. Banking sector is the most essential tool in the European financialsystem, providing almost two thirds of total credit. It plays a fundamental role in thedevelopment of the single market, due to its financial intermediation. Thus, banks acting asfinancial intermediaries were exposed to various risks, thus, being vulnerable to “liquiditydisruptions” due to the interconnectedness of cross-border bank’s operations. This led to“spillover effects”, which affects not only the countries’ economy, but also the globalfinancial system.On the other hand, although, the introduction of the euro as the single currency acted as acatalyst, moving forward the market integration and increasing the liquidity of the bondmarket, however, the integration of bank credit-markets lagged behind. “Nationalretrenchment of assets and liabilities”, domestic bias and narrow cross – border bank’soperations led to a large fragmentation along national borders (Alina, LigiaDimitresku,2014). This ongoing fractionalisation in the EU single market has been reported by EBA inits Risk assessment of the European Banking system. In EBA’s report was stressed that thissituation was fuelled because of “banks revised business strategies, changes in risk appetite,higher funding costs and the challenging macro-environment”; it has also been deteriorateddue to “uncoordinated national policy measures cum ring-fencing of local and cross-borderbank’s capital and liquidity” (Alina, LigiaDimitresku, 2014). Income and profitability of EUbanks worsened during the financial crisis, while the deterioration of asset’s quality furtherexacerbated bank’s earnings and capital adequacy, corroding (future) economic performance.Additionally, the decline of bank’s loan portfolios quality during the crisis escalated the riskpremia, slowing down the banking activity the global financial outcome.

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