Elements of sustainable growth: In search for an exit from the crisis (p.11-13)  [Fichier PDF]
Aristidis Bitzenis, University of Macedonia, Thessaloniki, Greece
Vasileios A. Vlachos, University of Macedonia, Thessaloniki, Greece



Examining the linkages between GDP growth and sustainable development in the Eurozone (p.15-37)  [Fichier PDF]
Ioannis A. Tampakoudis, University of Macedonia, Thessaloniki, Greece
Dimitra Fylantzopoulou, University of Macedonia, Thessaloniki, Greece
Konstantina Nikandrou, University of Macedonia, Thessaloniki, Greece
Keywords : Sustainable development, Eurozone; Indicators, European Commission, GDP growth, Action plan
JEL classification : Q3, Q4
The paper intends to investigate the link between sustainable development and GDP growth rate in the Eurozone. We utilize a defined set of eleven indicators of sustainability according to the European Commission, performing an econometric analysis focusing both on the Eurozone and on each country separately. Among others, “Employment rate of older workers”, “Resource productivity”, “Real GDP”, “Energy consumption by transport mode”, “Gas emissions” and “Total renewable electricity net generation” seem to be the indicators with the highest importance. However, the last three sustainable indicators are unfavorably connected with GDP growth rate, indicating the necessity for alterations on the current economic model. Apart from a general strategic plan that is required in the EU context, certain policies should be applied in each country due to distinctive characteristics in the social, economic and political levels. Particularly for those countries experiencing the current financial crisis, the idea of sustainable development constitutes an exceptional opportunity that could lead to significant economic achievements.



Modeling economic growth policy interaction with local government reform: Evidence from Eastern Macedonia and Thrace (p.39-67)  [Fichier PDF]
George Sarafopoulos, Democritus University, Greece
Konstantinos J.Hazakis, Democritus University, Greece
Panagiotis G. Ioannidis, Democritus University, Greece
Keywords : Local economic growth, Cooperation, Institutional reform, Game theory
JEL classification : R11, C71
The paper studies the process of local economic growth, in the period just after the implementation of a local government institutional reform. Cooperation is a basic determinant for the upgrading of local economic activity especially for lagged regions. The methodology that is used in order to analyse the options of local development, is game theory. The analytical level of the game is Eastern Macedonia and Thrace (NUTS II), a region that confronts problems of uneven development. According to the results of the game, social cohesion and effective implementation of reform are considered key elements for local economic growth.



Quality of institutions and integration in the world economy: Applied study on Egypt (p.69-96)  [Fichier PDF]
Amany Fakher, Helwan University, Cairo, Egypt
Keywords : Quality of institutions, Governance, Corruption, Openness, Foreign Direct Investment, Trade
JEL classification : Q3, Q4
The paper investigates the role of quality of institutions on FDI and trade in Egypt during the period 1995-2010. The empirical analysis shows that quality of institutions has a positive and significant effect on trade flows and FDI. These results support the hypothesis that institutional variation is an important determinant of trade and FDI and might help to explain welfare effects following an increase in trade openness and FDI.



Emigrants’ remittances and economic growth in small transition economies: The cases of Moldova and Albania (p.97-117)  [Fichier PDF]
Anastasia Blouchoutzi, University of Western Macedonia, Greece
Christos Nikas, University of Western Macedonia, Greece
Keywords : Moldova, Albania, Emigrant’s remittances, Economic growth, Keynesian macroeconomic modeling
JEL classification : J61, F22, F24
The breakdown of the socialist system led to large-scale emigration outflows. These flows in turn, led to massive inflows of remittances to the emigration transition economies. Remittances are considered to be the basic gain of migration for the emigration countries and their main compensation for losing a part of their labour force. Whether remittances contribute to the economic development and growth of the country receiving them depends on the way they are used, that is what activities they finance. There are examples of countries that use them for productive investment which is considered more development-stimulating than consumption or imports. This paper investigates the macroeconomic effects of remittances in two small, transition emigration countries namely Moldova and Albania. The econometric investigation, based on time series analysis and Keynesian macroeconomic modeling, examines the impact of remittances on three key macroeconomic variables of these economies: consumption, imports and investment.



Research note: Revisiting trust at the later stages of international Joint Ventures. The role of longevity, interdependence and risk of opportunism  (p.119-132)  [Fichier PDF]
Nikolaos Sklavounos, University of Macedonia, Thessaloniki, Greece
Yannis A. Hajidimitriou, University of Macedonia, Thessaloniki, Greece
Keywords : Trust, International Joint Ventures (IJVs)
JEL classification : M16
In recent years, great numbers of enterprises worldwide form international joint ventures (IJVs) in order to expand internationally and gain global competitiveness. The increasing number of scientific publications worldwide has distinguished the concept of trust as one of the most important elements that affect the success of IJVs. The objective of this paper is to present a number of propositions on the contextual factors that have an impact on the development of trust at the later stages of IJV operations.