George Pagoulatos
Biographic Data
| ID | 4377977 |
|---|---|
| NAME | George Pagoulatos |
| GIVEN NAMES | George |
| FAMILY NAME | Pagoulatos |
| SIGNATURE | PAGOULATOS G |
| AFFILIATIONS | Athens University of Economics and Business |
| ORCID | 0009-0009-9052-8573 |
| VERIFIED | Yes |
| TOTAL WORKS | 21 |
| TOTAL CITATIONS | 119 |
| AUTHOR COUNT | 20 |
| EDITOR COUNT | 1 |
| FIRST PUBLICATION YEAR | 1996 |
| LATEST PUBLICATION YEAR | 2020 |
| H-INDEX | 7 |
EMU and the Greek crisis: Testing the extreme limits of an asymmetric union
EMU structural asymmetries contributed directly to both procyclical debt-fuelled growth pre-crisis and sharply recessionary adjustment post-crisis. Greece’s fiscal and debt crisis represented an ‘orthodox’ national failure inside EMU, yet the underlying reason for the Euro-Area financial crisis was external imbalances generated by EMU asymmetries. Exclusive reliance on internal devaluation, lack of a Euro-Area countercyclical response, and financ…
Pathways from the European Periphery: Lessons from the Political Economy of Development
State-driven in Boom and in Bust: Structural Limitations of Financial Power in Greece
The Greek financial system was typical of a state-directed credit-based southern European model. Financial liberalization from the late 1980s and early 1990s was mainly state directed, aimed to serve the objectives of disinflation and the single European market. As a result of liberalization, the banks emerged as powerful players in the 1990s. The cheap-credit, rapid credit-growth period of 1998–2008 allowed banks to maximize sectoral profits, in…
From Stagnation to Forced Adjustment: Reforms in Greece, 1974-2010
Ever since Greece's 1974 transition to democracy there has been constant talk of reforms. Major changes in its economy, society, and polity have attempted to bring Greek institutions and policies in line with more developed West European countries. Some reforms have come to fruition (creation of the NHS, Eurozone entry, banking liberalization, some privatization), others have recurred over the years (educational reform), while others have been sp…
Accounting for coalition-building in the European Union: Budget negotiations and the south
Which parameters affect coalition building in budgetary negotiations? In this article, three distinct levels of analysis are identified to account for coalition building patterns, associated with domestic politics, domestic socioeconomic structures and EU politics. At the level of domestic politics, ideology points to cross-governmental affinity of a partisan nature; at the level of socioeconomic structures, similarity of policy interests, genera…
Civil society and citizenship inpost-war Greece
The Return of the Greek Patient: Greece and the 2008 Global Financial Crisis
The 2008 financial crisis found the Greek economy in a position of fiscal vulnerability, given the large public debt, and structural weaknesses, demonstrated in a huge current account deficit. The banking system was relatively robust, but exposed to imported risks from the emerging Southeast European markets. The government adopted a 'financial crisis reaction plan'. Its reaction affirmed long-lasting features of Greece's 'credit-based', partly s…
The Limits of EMU Conditionality: Fiscal Adjustment in Southern Europe
The EMU fiscal adjustment paths of the four Southern Europe members (Italy, Spain, Greece, and Portugal – SE-4) vary along two dimensions: (a) cross-temporal pre- and post-EMU accession and (b) cross-country. We account for the cross-temporal variation by distinguishing between the ‘hard’ and ‘soft’ EMU conditionality of the pre- and post-accession stage. External constraints in the form of the Maastricht eligibility criteria constituted a signif…
Enlargement Waves’ and Interest Group Participation in the EU Policy-Making System: Establishing a Framework of Analysis
How does enlargement affect the EU system of interest group intermediation? We introduce an analytical framework to conceptualise the impact of enlargement. ‘Enlargement waves’ do not only result in a ‘top-down’ process of Europeanisation of national interest intermediation systems, but also have a ‘bottom-up’ effect. This comprises uploading national organisational features and a broader scope of activities onto the EU system of interest represe…
Negotiating in stages: National positions and the reform of the Stability and Growth Pact
This article examines the politics of the 2005 reform of the Stability and Growth Pact (SGP). It distinguishes between two stages in the reform process. The first stage delimited the negotiation space – confining reform into an interpretation of the formal clauses that prescribe SGP functioning – and set the reform agenda. In the second, decision‐making stage, Member States engaged in high politics bargaining, more sensitive to their short‐term (…
A President for the European Union: A New Actor in Town
In the post‐Constitution EU, the rotating Presidency would be replaced by a hybrid system combining a rotating component with the establishment of a permanent President for the European Council. Using a principal‐agent framework, we look at the supply and demand for formal leadership in the new system, accounting for the substantial institutional change in the format of the Presidency. We then examine the President's effectiveness and efficiency …
The Politics of Privatisation: Redrawing the Public–Private Boundary
Privatisation in Greece represented a reversal of the entire post-war and post-authoritarian interventionist policy paradigm. The privatisation decision resulted from pressures associated with the EC/EU and globalisation in general. The Simitis governments reactivated a privatisation programme comparable to that of ND in the early 1990s, but distinctly pragmatic in its reasoning, gradualist in its pace, and non-conflictual though unilateralist in…
Believing in national exceptionalism: Ideas and economic divergence in Southern Europe
Economic adjustment in Spain, Portugal and Greece prior to the EMU nominal convergence programme is examined in an effort to explain divergence from policy orthodoxy. A notion of national exceptionalism is proposed as an ideational framework through which government policy makers perceive their country's position in the European and global sphere. Three levels of national exceptionalism are distinguished, in ascending order of explanatory importa…
Greece’s New Political Economy
Greece's New Political Economy traces the course of Greece from a postwar developmental state to its current participation in the Euro-zone. Taking an innovative comparative approach, George Pagoulato
Greece's New Political Economy: State, Finance and Growth from Postwar to EMU
Introduction: The Importance of Finance and the Origins of Developmentalism Regime Dependencies and the Political Economy of Postwar Economic Policies Policy Paradigms, Financial Intervention and the Limits of Developmentalism Crisis and Transition: Regime Change, Democratization and the Decline of Developmentalism Central Bank, Government and the Politics of Financial Liberalization Banks and Socioeconomic Interests: Winners and Losers of Financ…
A Medium Country's Middle-of-the-Road Success: The 2003 Greek Presidency of the European Union
The Greek Presidency of the first semester of 2003 was the fourth following its predecessors in 1983, 1988 and 1994. Representative of the slowly incremental improvement in the political climate surrounding Greece's relations with the EU, the three previous presidencies were broadly viewed as ranging from failed (1983) to varying degrees of mediocrity (1988 and 1994). In contrast, again reflecting Greece's greatly improved standing in the EU, the…
Financial Interventionism and Liberalization in Southern Europe: State, Bankers, and the Politics of Disinflation
The article provides a structural and political account of financial intervention in Spain, Portugal and Greece and examines competing explanations for financial liberalization. It focuses on the economic and political objectives underlying financial reform, and the costs and benefits for government, central bank, and the banking sector. It argues that financial liberalization was, to a significant extent a necessary prerequisite for the central …
The Enemy Within: Intragovernmental Politics and Organizational Failure in Greek Privatization
Mainstream approaches explain privatization policy failure by taking account of the surrounding sociopolitical and economic context. This article examines the unsuccessful Greek privatization over the first half of the 1990s by following an alternative approach. It looks at the obstacles originating from intragovernmental politics and the state organizational structures and resources. Contrary to what the British or French experience would sugges…
Economic Adjustment and Financial Reform: Greece's Europeanization and the Emergence of a Stabilization State
In a brief part of the 1980s and throughout the 1990s, Europeanization, more in the nominal-macroeconomic than in the structural sense, was the most pronounced economic objective of Greek governments. This objective was pursued mainly through extensive reliance on monetary austerity predicated upon financial liberalization, and through the transformation of the growth state into a stabilization state. Macroeconomic policies were aimed at triggeri…
European banking: Five modes of governance
Banking policy is a strong case for the rise of the regulatory model in Europe. However, regulation is not the single observable governance mode. Overall five competing and mutually complementary modes of governance define European banking policy and policy making: governance by state control; governance by the market; governance by regulation; governance by sectoral co‐ordination; and governance by supranational interdependence. Each of these mo…
Governing in a constrained environment: Policy making in the Greek banking deregulation and privatisation reform∗
The deregulation and privatisation programmes of the Greek banking system in the late 1980s and early 1990s were both largely due to EC pressures. However, in each case the patterns of policy making differed although in neither did a policy network' type of governance emerge. This intra‐sectoral dissimilarity reflected the interrelation of macro‐political institutional variables with different organisational arrangements and traditions between th…
The Politics of Privatisation: Redrawing the Public–Private Boundary
Privatisation in Greece represented a reversal of the entire post-war and post-authoritarian interventionist policy paradigm. The privatisation decision resulted from pressures associated with the EC/EU and globalisation in general. The Simitis governments reactivated a privatisation programme comparable to that of ND in the early 1990s, but distinctly pragmatic in its reasoning, gradualist in its pace, and non-conflictual though unilateralist in…
The Limits of EMU Conditionality: Fiscal Adjustment in Southern Europe
The EMU fiscal adjustment paths of the four Southern Europe members (Italy, Spain, Greece, and Portugal – SE-4) vary along two dimensions: (a) cross-temporal pre- and post-EMU accession and (b) cross-country. We account for the cross-temporal variation by distinguishing between the ‘hard’ and ‘soft’ EMU conditionality of the pre- and post-accession stage. External constraints in the form of the Maastricht eligibility criteria constituted a signif…
A President for the European Union: A New Actor in Town
In the post‐Constitution EU, the rotating Presidency would be replaced by a hybrid system combining a rotating component with the establishment of a permanent President for the European Council. Using a principal‐agent framework, we look at the supply and demand for formal leadership in the new system, accounting for the substantial institutional change in the format of the Presidency. We then examine the President's effectiveness and efficiency …
The Return of the Greek Patient: Greece and the 2008 Global Financial Crisis
The 2008 financial crisis found the Greek economy in a position of fiscal vulnerability, given the large public debt, and structural weaknesses, demonstrated in a huge current account deficit. The banking system was relatively robust, but exposed to imported risks from the emerging Southeast European markets. The government adopted a 'financial crisis reaction plan'. Its reaction affirmed long-lasting features of Greece's 'credit-based', partly s…
The Enemy Within: Intragovernmental Politics and Organizational Failure in Greek Privatization
Mainstream approaches explain privatization policy failure by taking account of the surrounding sociopolitical and economic context. This article examines the unsuccessful Greek privatization over the first half of the 1990s by following an alternative approach. It looks at the obstacles originating from intragovernmental politics and the state organizational structures and resources. Contrary to what the British or French experience would sugges…
Enlargement Waves’ and Interest Group Participation in the EU Policy-Making System: Establishing a Framework of Analysis
How does enlargement affect the EU system of interest group intermediation? We introduce an analytical framework to conceptualise the impact of enlargement. ‘Enlargement waves’ do not only result in a ‘top-down’ process of Europeanisation of national interest intermediation systems, but also have a ‘bottom-up’ effect. This comprises uploading national organisational features and a broader scope of activities onto the EU system of interest represe…
Believing in national exceptionalism: Ideas and economic divergence in Southern Europe
Economic adjustment in Spain, Portugal and Greece prior to the EMU nominal convergence programme is examined in an effort to explain divergence from policy orthodoxy. A notion of national exceptionalism is proposed as an ideational framework through which government policy makers perceive their country's position in the European and global sphere. Three levels of national exceptionalism are distinguished, in ascending order of explanatory importa…
EMU and the Greek crisis: Testing the extreme limits of an asymmetric union
EMU structural asymmetries contributed directly to both procyclical debt-fuelled growth pre-crisis and sharply recessionary adjustment post-crisis. Greece’s fiscal and debt crisis represented an ‘orthodox’ national failure inside EMU, yet the underlying reason for the Euro-Area financial crisis was external imbalances generated by EMU asymmetries. Exclusive reliance on internal devaluation, lack of a Euro-Area countercyclical response, and financ…
Negotiating in stages: National positions and the reform of the Stability and Growth Pact
This article examines the politics of the 2005 reform of the Stability and Growth Pact (SGP). It distinguishes between two stages in the reform process. The first stage delimited the negotiation space – confining reform into an interpretation of the formal clauses that prescribe SGP functioning – and set the reform agenda. In the second, decision‐making stage, Member States engaged in high politics bargaining, more sensitive to their short‐term (…
Economic Adjustment and Financial Reform: Greece's Europeanization and the Emergence of a Stabilization State
In a brief part of the 1980s and throughout the 1990s, Europeanization, more in the nominal-macroeconomic than in the structural sense, was the most pronounced economic objective of Greek governments. This objective was pursued mainly through extensive reliance on monetary austerity predicated upon financial liberalization, and through the transformation of the growth state into a stabilization state. Macroeconomic policies were aimed at triggeri…
European banking: Five modes of governance
Banking policy is a strong case for the rise of the regulatory model in Europe. However, regulation is not the single observable governance mode. Overall five competing and mutually complementary modes of governance define European banking policy and policy making: governance by state control; governance by the market; governance by regulation; governance by sectoral co‐ordination; and governance by supranational interdependence. Each of these mo…
State-driven in Boom and in Bust: Structural Limitations of Financial Power in Greece
The Greek financial system was typical of a state-directed credit-based southern European model. Financial liberalization from the late 1980s and early 1990s was mainly state directed, aimed to serve the objectives of disinflation and the single European market. As a result of liberalization, the banks emerged as powerful players in the 1990s. The cheap-credit, rapid credit-growth period of 1998–2008 allowed banks to maximize sectoral profits, in…
Accounting for coalition-building in the European Union: Budget negotiations and the south
Which parameters affect coalition building in budgetary negotiations? In this article, three distinct levels of analysis are identified to account for coalition building patterns, associated with domestic politics, domestic socioeconomic structures and EU politics. At the level of domestic politics, ideology points to cross-governmental affinity of a partisan nature; at the level of socioeconomic structures, similarity of policy interests, genera…
Governing in a constrained environment: Policy making in the Greek banking deregulation and privatisation reform∗
The deregulation and privatisation programmes of the Greek banking system in the late 1980s and early 1990s were both largely due to EC pressures. However, in each case the patterns of policy making differed although in neither did a policy network' type of governance emerge. This intra‐sectoral dissimilarity reflected the interrelation of macro‐political institutional variables with different organisational arrangements and traditions between th…
Pathways from the European Periphery: Lessons from the Political Economy of Development
Financial Interventionism and Liberalization in Southern Europe: State, Bankers, and the Politics of Disinflation
The article provides a structural and political account of financial intervention in Spain, Portugal and Greece and examines competing explanations for financial liberalization. It focuses on the economic and political objectives underlying financial reform, and the costs and benefits for government, central bank, and the banking sector. It argues that financial liberalization was, to a significant extent a necessary prerequisite for the central …
A Medium Country's Middle-of-the-Road Success: The 2003 Greek Presidency of the European Union
The Greek Presidency of the first semester of 2003 was the fourth following its predecessors in 1983, 1988 and 1994. Representative of the slowly incremental improvement in the political climate surrounding Greece's relations with the EU, the three previous presidencies were broadly viewed as ranging from failed (1983) to varying degrees of mediocrity (1988 and 1994). In contrast, again reflecting Greece's greatly improved standing in the EU, the…
Governing in a constrained environment: Policy making in the Greek banking deregulation and privatisation reform∗
The deregulation and privatisation programmes of the Greek banking system in the late 1980s and early 1990s were both largely due to EC pressures. However, in each case the patterns of policy making differed although in neither did a policy network' type of governance emerge. This intra‐sectoral dissimilarity reflected the interrelation of macro‐political institutional variables with different organisational arrangements and traditions between th…
European banking: Five modes of governance
Banking policy is a strong case for the rise of the regulatory model in Europe. However, regulation is not the single observable governance mode. Overall five competing and mutually complementary modes of governance define European banking policy and policy making: governance by state control; governance by the market; governance by regulation; governance by sectoral co‐ordination; and governance by supranational interdependence. Each of these mo…
Economic Adjustment and Financial Reform: Greece's Europeanization and the Emergence of a Stabilization State
In a brief part of the 1980s and throughout the 1990s, Europeanization, more in the nominal-macroeconomic than in the structural sense, was the most pronounced economic objective of Greek governments. This objective was pursued mainly through extensive reliance on monetary austerity predicated upon financial liberalization, and through the transformation of the growth state into a stabilization state. Macroeconomic policies were aimed at triggeri…
The Enemy Within: Intragovernmental Politics and Organizational Failure in Greek Privatization
Mainstream approaches explain privatization policy failure by taking account of the surrounding sociopolitical and economic context. This article examines the unsuccessful Greek privatization over the first half of the 1990s by following an alternative approach. It looks at the obstacles originating from intragovernmental politics and the state organizational structures and resources. Contrary to what the British or French experience would sugges…
Greece’s New Political Economy
Greece's New Political Economy traces the course of Greece from a postwar developmental state to its current participation in the Euro-zone. Taking an innovative comparative approach, George Pagoulato
Greece's New Political Economy: State, Finance and Growth from Postwar to EMU
Introduction: The Importance of Finance and the Origins of Developmentalism Regime Dependencies and the Political Economy of Postwar Economic Policies Policy Paradigms, Financial Intervention and the Limits of Developmentalism Crisis and Transition: Regime Change, Democratization and the Decline of Developmentalism Central Bank, Government and the Politics of Financial Liberalization Banks and Socioeconomic Interests: Winners and Losers of Financ…
A Medium Country's Middle-of-the-Road Success: The 2003 Greek Presidency of the European Union
The Greek Presidency of the first semester of 2003 was the fourth following its predecessors in 1983, 1988 and 1994. Representative of the slowly incremental improvement in the political climate surrounding Greece's relations with the EU, the three previous presidencies were broadly viewed as ranging from failed (1983) to varying degrees of mediocrity (1988 and 1994). In contrast, again reflecting Greece's greatly improved standing in the EU, the…
Financial Interventionism and Liberalization in Southern Europe: State, Bankers, and the Politics of Disinflation
The article provides a structural and political account of financial intervention in Spain, Portugal and Greece and examines competing explanations for financial liberalization. It focuses on the economic and political objectives underlying financial reform, and the costs and benefits for government, central bank, and the banking sector. It argues that financial liberalization was, to a significant extent a necessary prerequisite for the central …
Believing in national exceptionalism: Ideas and economic divergence in Southern Europe
Economic adjustment in Spain, Portugal and Greece prior to the EMU nominal convergence programme is examined in an effort to explain divergence from policy orthodoxy. A notion of national exceptionalism is proposed as an ideational framework through which government policy makers perceive their country's position in the European and global sphere. Three levels of national exceptionalism are distinguished, in ascending order of explanatory importa…
The Politics of Privatisation: Redrawing the Public–Private Boundary
Privatisation in Greece represented a reversal of the entire post-war and post-authoritarian interventionist policy paradigm. The privatisation decision resulted from pressures associated with the EC/EU and globalisation in general. The Simitis governments reactivated a privatisation programme comparable to that of ND in the early 1990s, but distinctly pragmatic in its reasoning, gradualist in its pace, and non-conflictual though unilateralist in…
A President for the European Union: A New Actor in Town
In the post‐Constitution EU, the rotating Presidency would be replaced by a hybrid system combining a rotating component with the establishment of a permanent President for the European Council. Using a principal‐agent framework, we look at the supply and demand for formal leadership in the new system, accounting for the substantial institutional change in the format of the Presidency. We then examine the President's effectiveness and efficiency …
The Limits of EMU Conditionality: Fiscal Adjustment in Southern Europe
The EMU fiscal adjustment paths of the four Southern Europe members (Italy, Spain, Greece, and Portugal – SE-4) vary along two dimensions: (a) cross-temporal pre- and post-EMU accession and (b) cross-country. We account for the cross-temporal variation by distinguishing between the ‘hard’ and ‘soft’ EMU conditionality of the pre- and post-accession stage. External constraints in the form of the Maastricht eligibility criteria constituted a signif…
Enlargement Waves’ and Interest Group Participation in the EU Policy-Making System: Establishing a Framework of Analysis
How does enlargement affect the EU system of interest group intermediation? We introduce an analytical framework to conceptualise the impact of enlargement. ‘Enlargement waves’ do not only result in a ‘top-down’ process of Europeanisation of national interest intermediation systems, but also have a ‘bottom-up’ effect. This comprises uploading national organisational features and a broader scope of activities onto the EU system of interest represe…
Negotiating in stages: National positions and the reform of the Stability and Growth Pact
This article examines the politics of the 2005 reform of the Stability and Growth Pact (SGP). It distinguishes between two stages in the reform process. The first stage delimited the negotiation space – confining reform into an interpretation of the formal clauses that prescribe SGP functioning – and set the reform agenda. In the second, decision‐making stage, Member States engaged in high politics bargaining, more sensitive to their short‐term (…
The Return of the Greek Patient: Greece and the 2008 Global Financial Crisis
The 2008 financial crisis found the Greek economy in a position of fiscal vulnerability, given the large public debt, and structural weaknesses, demonstrated in a huge current account deficit. The banking system was relatively robust, but exposed to imported risks from the emerging Southeast European markets. The government adopted a 'financial crisis reaction plan'. Its reaction affirmed long-lasting features of Greece's 'credit-based', partly s…
Civil society and citizenship inpost-war Greece
Accounting for coalition-building in the European Union: Budget negotiations and the south
Which parameters affect coalition building in budgetary negotiations? In this article, three distinct levels of analysis are identified to account for coalition building patterns, associated with domestic politics, domestic socioeconomic structures and EU politics. At the level of domestic politics, ideology points to cross-governmental affinity of a partisan nature; at the level of socioeconomic structures, similarity of policy interests, genera…
From Stagnation to Forced Adjustment: Reforms in Greece, 1974-2010
Ever since Greece's 1974 transition to democracy there has been constant talk of reforms. Major changes in its economy, society, and polity have attempted to bring Greek institutions and policies in line with more developed West European countries. Some reforms have come to fruition (creation of the NHS, Eurozone entry, banking liberalization, some privatization), others have recurred over the years (educational reform), while others have been sp…
State-driven in Boom and in Bust: Structural Limitations of Financial Power in Greece
The Greek financial system was typical of a state-directed credit-based southern European model. Financial liberalization from the late 1980s and early 1990s was mainly state directed, aimed to serve the objectives of disinflation and the single European market. As a result of liberalization, the banks emerged as powerful players in the 1990s. The cheap-credit, rapid credit-growth period of 1998–2008 allowed banks to maximize sectoral profits, in…
Pathways from the European Periphery: Lessons from the Political Economy of Development
EMU and the Greek crisis: Testing the extreme limits of an asymmetric union
EMU structural asymmetries contributed directly to both procyclical debt-fuelled growth pre-crisis and sharply recessionary adjustment post-crisis. Greece’s fiscal and debt crisis represented an ‘orthodox’ national failure inside EMU, yet the underlying reason for the Euro-Area financial crisis was external imbalances generated by EMU asymmetries. Exclusive reliance on internal devaluation, lack of a Euro-Area countercyclical response, and financ…
Political science (20 works) · Economics (18 works) · Politics (18 works) · Contemporary and Historical Greek Studies (14 works) · Law (12 works) · Economic policy (11 works) · Social Policy and Reform Studies (11 works) · Law (10 works) · Political economy (10 works) · Economic system (9 works)