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Papers by Tasos Mastroyiannis

Research paper thumbnail of The Role of Dollar and Yuan in Remedying the Ailing International Monetary System

Research paper thumbnail of Causality Relationships in the Structure of Portugal's Balance of International Payments

This paper provides an empirical investigation of the causal relationship between the current acc... more This paper provides an empirical investigation of the causal relationship between the current account and foreign capital inflows in the case of the Portuguese economy, during the period 1980-2009. We utilize unit root and cointegration analysis to test for the existence of a long run relationship. Furthermore, we examine the type of Granger-causality among the two variables on the basis of an augmented VAR model. Our findings suggest that there exists a long run relationship between foreign capital inflows and current account position that is based upon a unidirectional causal long-run relationship, running from foreign capital inflows to current account position. In the short-run we find a bidirectional relationship between the two variables. The results indicate that policies design for attracting foreign capital should take into account their current account deficit inducing implications and that policies aiming to improve the management of foreign capital inflows have a role in addressing indebtedness and external imbalances concerns.

Research paper thumbnail of Power and wealth: indicators & trends in the global political economy

in Greece. The Centre focuses on the study of actors, structures, processes and dynamics that inf... more in Greece. The Centre focuses on the study of actors, structures, processes and dynamics that influence the transformation of the global political economy. The latter is understood and studied as an ongoing negotiation process among states, regions, societies, markets, and international organizations. The Research Network on Global Governance and the Emerging Global South (SouthGovNet) is a network of academics researching the emerging powers of the Global South, including the so-called 'BRICS' countries of Brazil,

Research paper thumbnail of The saving–investment correlation in Greece, 1960–1997: implications for capital mobility

Journal of Policy Modeling, Sep 1, 2003

In this note, the national saving–domestic investment correlation is examined in terms of an erro... more In this note, the national saving–domestic investment correlation is examined in terms of an error correction model to gain some insight into the degree of capital mobility, using Greek data for the period 1960–1997. In particular, we employ cointegration analysis with an emphasis on the error correction process of the time series on annual data for Greece. Our work follows the study of Bajo-Rubio [Appl. Econ. Lett. 5 (1998) 769] that deals with the case of Spain. However, we use a longer time period, which enable us to examine with more preciseness the saving–investment relationship in Greece and its implications for capital mobility. The results show that Greek domestic investments and national savings during 1960–1997 are to a great extent cointegrated and that a significant long-run relationship exists.

Research paper thumbnail of The saving–investment correlation in Greece, 1960–1997: implications for capital mobility

Journal of Policy Modeling, 2003

In this note, the national saving–domestic investment correlation is examined in terms of an erro... more In this note, the national saving–domestic investment correlation is examined in terms of an error correction model to gain some insight into the degree of capital mobility, using Greek data for the period 1960–1997. In particular, we employ cointegration analysis with an emphasis on the error correction process of the time series on annual data for Greece. Our work follows the study of Bajo-Rubio [Appl. Econ. Lett. 5 (1998) 769] that deals with the case of Spain. However, we use a longer time period, which enable us to examine with more preciseness the saving–investment relationship in Greece and its implications for capital mobility. The results show that Greek domestic investments and national savings during 1960–1997 are to a great extent cointegrated and that a significant long-run relationship exists.

Research paper thumbnail of Account Dynamics and the Feldstein and Horioka Puzzle: the Case of Greece Available online at http://eaces.liuc.it TABLE

In this paper we investigate the degree of integration of the Greek economy into international ca... more In this paper we investigate the degree of integration of the Greek economy into international capital markets using the analytical framework proposed by Felstein-Horioka. We examine the time series properties of data on current account balance and national savings for the period 1960-2004. Structural breaks are explicitly taken into account on the basis of the historical evolution of the institutional framework that governs international transactions. The evidence suggests that the links of the Greek economy to international capital markets have significantly strengthened after its accession to the European Union. Furthermore, the empirical results add another piece of evidence –albeit small- to the literature on the Feldstein-Horioka puzzle, indicating that the Feldstein-Horioka puzzle does not hold for the Greek economy. JEL classification: F32, F41

Research paper thumbnail of Causality Relationships in the Structure of Portugal's Balance of International Payments

This paper provides an empirical investigation of the causal relationship between the current acc... more This paper provides an empirical investigation of the causal relationship between the current account and foreign capital inflows in the case of the Portuguese economy, during the period 1980-2009. We utilize unit root and cointegration analysis to test for the existence of a long run relationship. Furthermore, we examine the type of Granger-causality among the two variables on the basis of an augmented VAR model. Our findings suggest that there exists a long run relationship between foreign capital inflows and current account position that is based upon a unidirectional causal long-run relationship, running from foreign capital inflows to current account position. In the short-run we find a bidirectional relationship between the two variables. The results indicate that policies design for attracting foreign capital should take into account their current account deficit inducing implications and that policies aiming to improve the management of foreign capital inflows have a role in addressing indebtedness and external imbalances concerns.

Research paper thumbnail of Causality Relationships in the Structure of Portugal's Balance of International Payments

This paper provides an empirical investigation of the causal relationship between the current acc... more This paper provides an empirical investigation of the causal relationship between the current account and foreign capital inflows in the case of the Portuguese economy, during the period 1980-2009. We utilize unit root and cointegration analysis to test for the existence of a long run relationship. Furthermore, we examine the type of Granger-causality among the two variables on the basis of an augmented VAR model. Our findings suggest that there exists a long run relationship between foreign capital inflows and current account position that is based upon a unidirectional causal long-run relationship, running from foreign capital inflows to current account position. In the short-run we find a bidirectional relationship between the two variables. The results indicate that policies design for attracting foreign capital should take into account their current account deficit inducing implications and that policies aiming to improve the management of foreign capital inflows have a role in...

Research paper thumbnail of The Role of Dollar and Yuan in Remedying the Ailing International Monetary System

Research paper thumbnail of Greece’s Accession to the EU: Savings-Investment dynamics

In this paper we investigate the degree of integration of the Greek economy into international ca... more In this paper we investigate the degree of integration of the Greek economy into international capital markets, using the analytical framework proposed by Felstein-Horioka. We examine the savinginvestment relationship using and error correction model and taking into account the time profile of the institutional framework that governs current and capital account transactions. The results indicate a significant increase in the degree of integration of the Greek economy into the international capital market after 1992. Furthermore, the empirical results add another piece of evidence –albeit smallto the literature on the Feldstein-Horioka puzzle, indicating that the FeldsteinHorioka puzzle does not hold for the Greek economy. JEL classification: F32, F41

Research paper thumbnail of Power and wealth: indicators & trends in the global political economy

The aim of this first ‘Power & Wealth’ Report is to kick off a new research project that aims to ... more The aim of this first ‘Power & Wealth’ Report is to kick off a new research project that aims to explore, in a historical perspective, trends in the distribution of wealth and economic power among states and global regions. Part of this research project aims at the creation of a new index measuring economic strength, which can be used as a device to analyse the changing geometry of power & wealth at a global level.

Research paper thumbnail of Current Account Dynamics and the Feldstein and Horioka Puzzle: the Case of Greece

In this paper we investigate the degree of integration of the Greek economy into international ca... more In this paper we investigate the degree of integration of the Greek economy into international capital markets using the analytical framework proposed by Felstein-Horioka. We examine the time series properties of data on current account balance and national savings for the period 1960-2004. Structural breaks are explicitly taken into account on the basis of the historical evolution of the institutional framework that governs international transactions. The evidence suggests that the links of the Greek economy to international capital markets have significantly strengthened after its accession to the European Union. Furthermore, the empirical results add another piece of evidence - albeit small - to the literature on the Feldstein-Horioka puzzle, indicating that the Feldstein-Horioka puzzle does not hold for the Greek economy.

Research paper thumbnail of Current Account Dynamics and the Feldstein and Horioka Puzzle: the Case of Greece

In this paper we investigate the degree of integration of the Greek economy into international ca... more In this paper we investigate the degree of integration of the Greek economy into international capital markets using the analytical framework proposed by Felstein-Horioka. We examine the time series properties of data on current account balance and national savings for the period 1960-2004. Structural breaks are explicitly taken into account on the basis of the historical evolution of the institutional framework that governs international transactions. The evidence suggests that the links of the Greek economy to international capital markets have significantly strengthened after its accession to the European Union. Furthermore, the empirical results add another piece of evidence-albeit small-to the literature on the Feldstein-Horioka puzzle, indicating that the Feldstein-Horioka puzzle does not hold for the Greek economy.

Research paper thumbnail of Greece’s Accession to the EU: Savings-Investment dynamics

Research paper thumbnail of The Role of Dollar and Yuan in Remedying the Ailing International Monetary System

Research paper thumbnail of The European Journal of Com Parative Econom Ics

Growth

Page 1. The European Journal of Comparative Economics THE EUROPEAN JOURNAL OF COM PARATIVE ECONOM... more Page 1. The European Journal of Comparative Economics THE EUROPEAN JOURNAL OF COM PARATIVE ECONOM ICS EDITORIAL BOARD Editors: M ichael Keren Hebrew University Vittorio Valli Università di Torino M anaging Editor: Giovanni B. Ramello Università del Piemonte Orientale Scientific Committee: Wladimir Andreff W ill Bartlett Daniel Daianu Bruno Dallago M arek Dabrowski Gregory Grossman Rodolfo Helg David M. Kemme Janos Kornai Angus M addison Mario Domenico Nuti M ilica Uvalic Hans Jürgen W agener ...

Research paper thumbnail of Referees and Editors

Growth, Jun 1, 2007

Abstract: World Values Survey data are used to examine household income in the Soviet Union. The ... more Abstract: World Values Survey data are used to examine household income in the Soviet Union. The data, gathered Summer/Fall 1990, provide a rare opportunity to empirically examine microeconomic factors influencing a Soviet household's position in the regional/national income distribution. The survey contains data-collected regionally-from the three Baltic republics, Belarus, and the Moscow region. The data indicate certain patterns that existed and determined Soviet household income though there are often ...

Research paper thumbnail of The European Journal of Comparative Economics

integration

Page 1. The European Journal of Comparative Economics THE EUROPEAN JOURNAL OF COMPARATIVE ECONOMI... more Page 1. The European Journal of Comparative Economics THE EUROPEAN JOURNAL OF COMPARATIVE ECONOMICS EDITORIAL BOARD Editors: Michael Keren Hebrew University Vittorio Valli Università di Torino Managing Editor: Giovanni B. Ramello Università del Piemonte Orientale Scientific Committee: Wladimir Andreff Will Bartlett Daniel Daianu Bruno Dallago Marek Dabrowski Gregory Grossman Rodolfo Helg David M. Kemme Janos Kornai Angus Maddison Mario Domenico Nuti Milica Uvalic Hans Jürgen Wagener ...

Research paper thumbnail of Referees and Editors

Abstract: This paper makes an assessment of Nepalese poverty situation during 1977-1997 using a c... more Abstract: This paper makes an assessment of Nepalese poverty situation during 1977-1997 using a comparative static approach. Income and human poverty indices have been estimated using World Bank and UNDP methods, respectively. Moreover, it also makes exploratory analysis to study the causes and nature of Nepalese poverty. It concludes that Nepalese income poverty was drastically reduced during the period 1976/77-1984/85, but increased afterwards. However, human poverty has reduced in sustenance during the ...

Research paper thumbnail of Power and Wealth: Indicators & Trends in the Global Political Economy

Research paper thumbnail of The Role of Dollar and Yuan in Remedying the Ailing International Monetary System

Research paper thumbnail of Causality Relationships in the Structure of Portugal's Balance of International Payments

This paper provides an empirical investigation of the causal relationship between the current acc... more This paper provides an empirical investigation of the causal relationship between the current account and foreign capital inflows in the case of the Portuguese economy, during the period 1980-2009. We utilize unit root and cointegration analysis to test for the existence of a long run relationship. Furthermore, we examine the type of Granger-causality among the two variables on the basis of an augmented VAR model. Our findings suggest that there exists a long run relationship between foreign capital inflows and current account position that is based upon a unidirectional causal long-run relationship, running from foreign capital inflows to current account position. In the short-run we find a bidirectional relationship between the two variables. The results indicate that policies design for attracting foreign capital should take into account their current account deficit inducing implications and that policies aiming to improve the management of foreign capital inflows have a role in addressing indebtedness and external imbalances concerns.

Research paper thumbnail of Power and wealth: indicators & trends in the global political economy

in Greece. The Centre focuses on the study of actors, structures, processes and dynamics that inf... more in Greece. The Centre focuses on the study of actors, structures, processes and dynamics that influence the transformation of the global political economy. The latter is understood and studied as an ongoing negotiation process among states, regions, societies, markets, and international organizations. The Research Network on Global Governance and the Emerging Global South (SouthGovNet) is a network of academics researching the emerging powers of the Global South, including the so-called 'BRICS' countries of Brazil,

Research paper thumbnail of The saving–investment correlation in Greece, 1960–1997: implications for capital mobility

Journal of Policy Modeling, Sep 1, 2003

In this note, the national saving–domestic investment correlation is examined in terms of an erro... more In this note, the national saving–domestic investment correlation is examined in terms of an error correction model to gain some insight into the degree of capital mobility, using Greek data for the period 1960–1997. In particular, we employ cointegration analysis with an emphasis on the error correction process of the time series on annual data for Greece. Our work follows the study of Bajo-Rubio [Appl. Econ. Lett. 5 (1998) 769] that deals with the case of Spain. However, we use a longer time period, which enable us to examine with more preciseness the saving–investment relationship in Greece and its implications for capital mobility. The results show that Greek domestic investments and national savings during 1960–1997 are to a great extent cointegrated and that a significant long-run relationship exists.

Research paper thumbnail of The saving–investment correlation in Greece, 1960–1997: implications for capital mobility

Journal of Policy Modeling, 2003

In this note, the national saving–domestic investment correlation is examined in terms of an erro... more In this note, the national saving–domestic investment correlation is examined in terms of an error correction model to gain some insight into the degree of capital mobility, using Greek data for the period 1960–1997. In particular, we employ cointegration analysis with an emphasis on the error correction process of the time series on annual data for Greece. Our work follows the study of Bajo-Rubio [Appl. Econ. Lett. 5 (1998) 769] that deals with the case of Spain. However, we use a longer time period, which enable us to examine with more preciseness the saving–investment relationship in Greece and its implications for capital mobility. The results show that Greek domestic investments and national savings during 1960–1997 are to a great extent cointegrated and that a significant long-run relationship exists.

Research paper thumbnail of Account Dynamics and the Feldstein and Horioka Puzzle: the Case of Greece Available online at http://eaces.liuc.it TABLE

In this paper we investigate the degree of integration of the Greek economy into international ca... more In this paper we investigate the degree of integration of the Greek economy into international capital markets using the analytical framework proposed by Felstein-Horioka. We examine the time series properties of data on current account balance and national savings for the period 1960-2004. Structural breaks are explicitly taken into account on the basis of the historical evolution of the institutional framework that governs international transactions. The evidence suggests that the links of the Greek economy to international capital markets have significantly strengthened after its accession to the European Union. Furthermore, the empirical results add another piece of evidence –albeit small- to the literature on the Feldstein-Horioka puzzle, indicating that the Feldstein-Horioka puzzle does not hold for the Greek economy. JEL classification: F32, F41

Research paper thumbnail of Causality Relationships in the Structure of Portugal's Balance of International Payments

This paper provides an empirical investigation of the causal relationship between the current acc... more This paper provides an empirical investigation of the causal relationship between the current account and foreign capital inflows in the case of the Portuguese economy, during the period 1980-2009. We utilize unit root and cointegration analysis to test for the existence of a long run relationship. Furthermore, we examine the type of Granger-causality among the two variables on the basis of an augmented VAR model. Our findings suggest that there exists a long run relationship between foreign capital inflows and current account position that is based upon a unidirectional causal long-run relationship, running from foreign capital inflows to current account position. In the short-run we find a bidirectional relationship between the two variables. The results indicate that policies design for attracting foreign capital should take into account their current account deficit inducing implications and that policies aiming to improve the management of foreign capital inflows have a role in addressing indebtedness and external imbalances concerns.

Research paper thumbnail of Causality Relationships in the Structure of Portugal's Balance of International Payments

This paper provides an empirical investigation of the causal relationship between the current acc... more This paper provides an empirical investigation of the causal relationship between the current account and foreign capital inflows in the case of the Portuguese economy, during the period 1980-2009. We utilize unit root and cointegration analysis to test for the existence of a long run relationship. Furthermore, we examine the type of Granger-causality among the two variables on the basis of an augmented VAR model. Our findings suggest that there exists a long run relationship between foreign capital inflows and current account position that is based upon a unidirectional causal long-run relationship, running from foreign capital inflows to current account position. In the short-run we find a bidirectional relationship between the two variables. The results indicate that policies design for attracting foreign capital should take into account their current account deficit inducing implications and that policies aiming to improve the management of foreign capital inflows have a role in...

Research paper thumbnail of The Role of Dollar and Yuan in Remedying the Ailing International Monetary System

Research paper thumbnail of Greece’s Accession to the EU: Savings-Investment dynamics

In this paper we investigate the degree of integration of the Greek economy into international ca... more In this paper we investigate the degree of integration of the Greek economy into international capital markets, using the analytical framework proposed by Felstein-Horioka. We examine the savinginvestment relationship using and error correction model and taking into account the time profile of the institutional framework that governs current and capital account transactions. The results indicate a significant increase in the degree of integration of the Greek economy into the international capital market after 1992. Furthermore, the empirical results add another piece of evidence –albeit smallto the literature on the Feldstein-Horioka puzzle, indicating that the FeldsteinHorioka puzzle does not hold for the Greek economy. JEL classification: F32, F41

Research paper thumbnail of Power and wealth: indicators & trends in the global political economy

The aim of this first ‘Power & Wealth’ Report is to kick off a new research project that aims to ... more The aim of this first ‘Power & Wealth’ Report is to kick off a new research project that aims to explore, in a historical perspective, trends in the distribution of wealth and economic power among states and global regions. Part of this research project aims at the creation of a new index measuring economic strength, which can be used as a device to analyse the changing geometry of power & wealth at a global level.

Research paper thumbnail of Current Account Dynamics and the Feldstein and Horioka Puzzle: the Case of Greece

In this paper we investigate the degree of integration of the Greek economy into international ca... more In this paper we investigate the degree of integration of the Greek economy into international capital markets using the analytical framework proposed by Felstein-Horioka. We examine the time series properties of data on current account balance and national savings for the period 1960-2004. Structural breaks are explicitly taken into account on the basis of the historical evolution of the institutional framework that governs international transactions. The evidence suggests that the links of the Greek economy to international capital markets have significantly strengthened after its accession to the European Union. Furthermore, the empirical results add another piece of evidence - albeit small - to the literature on the Feldstein-Horioka puzzle, indicating that the Feldstein-Horioka puzzle does not hold for the Greek economy.

Research paper thumbnail of Current Account Dynamics and the Feldstein and Horioka Puzzle: the Case of Greece

In this paper we investigate the degree of integration of the Greek economy into international ca... more In this paper we investigate the degree of integration of the Greek economy into international capital markets using the analytical framework proposed by Felstein-Horioka. We examine the time series properties of data on current account balance and national savings for the period 1960-2004. Structural breaks are explicitly taken into account on the basis of the historical evolution of the institutional framework that governs international transactions. The evidence suggests that the links of the Greek economy to international capital markets have significantly strengthened after its accession to the European Union. Furthermore, the empirical results add another piece of evidence-albeit small-to the literature on the Feldstein-Horioka puzzle, indicating that the Feldstein-Horioka puzzle does not hold for the Greek economy.

Research paper thumbnail of Greece’s Accession to the EU: Savings-Investment dynamics

Research paper thumbnail of The Role of Dollar and Yuan in Remedying the Ailing International Monetary System

Research paper thumbnail of The European Journal of Com Parative Econom Ics

Growth

Page 1. The European Journal of Comparative Economics THE EUROPEAN JOURNAL OF COM PARATIVE ECONOM... more Page 1. The European Journal of Comparative Economics THE EUROPEAN JOURNAL OF COM PARATIVE ECONOM ICS EDITORIAL BOARD Editors: M ichael Keren Hebrew University Vittorio Valli Università di Torino M anaging Editor: Giovanni B. Ramello Università del Piemonte Orientale Scientific Committee: Wladimir Andreff W ill Bartlett Daniel Daianu Bruno Dallago M arek Dabrowski Gregory Grossman Rodolfo Helg David M. Kemme Janos Kornai Angus M addison Mario Domenico Nuti M ilica Uvalic Hans Jürgen W agener ...

Research paper thumbnail of Referees and Editors

Growth, Jun 1, 2007

Abstract: World Values Survey data are used to examine household income in the Soviet Union. The ... more Abstract: World Values Survey data are used to examine household income in the Soviet Union. The data, gathered Summer/Fall 1990, provide a rare opportunity to empirically examine microeconomic factors influencing a Soviet household's position in the regional/national income distribution. The survey contains data-collected regionally-from the three Baltic republics, Belarus, and the Moscow region. The data indicate certain patterns that existed and determined Soviet household income though there are often ...

Research paper thumbnail of The European Journal of Comparative Economics

integration

Page 1. The European Journal of Comparative Economics THE EUROPEAN JOURNAL OF COMPARATIVE ECONOMI... more Page 1. The European Journal of Comparative Economics THE EUROPEAN JOURNAL OF COMPARATIVE ECONOMICS EDITORIAL BOARD Editors: Michael Keren Hebrew University Vittorio Valli Università di Torino Managing Editor: Giovanni B. Ramello Università del Piemonte Orientale Scientific Committee: Wladimir Andreff Will Bartlett Daniel Daianu Bruno Dallago Marek Dabrowski Gregory Grossman Rodolfo Helg David M. Kemme Janos Kornai Angus Maddison Mario Domenico Nuti Milica Uvalic Hans Jürgen Wagener ...

Research paper thumbnail of Referees and Editors

Abstract: This paper makes an assessment of Nepalese poverty situation during 1977-1997 using a c... more Abstract: This paper makes an assessment of Nepalese poverty situation during 1977-1997 using a comparative static approach. Income and human poverty indices have been estimated using World Bank and UNDP methods, respectively. Moreover, it also makes exploratory analysis to study the causes and nature of Nepalese poverty. It concludes that Nepalese income poverty was drastically reduced during the period 1976/77-1984/85, but increased afterwards. However, human poverty has reduced in sustenance during the ...

Research paper thumbnail of Power and Wealth: Indicators & Trends in the Global Political Economy