... Karafolas, S. and Sariannidis, N. 2008. The banking network as a transmission channel of migr... more ... Karafolas, S. and Sariannidis, N. 2008. The banking network as a transmission channel of migrant remittances: the case of Greek and Italian banks in Albania. Transition studies review , 15: 674684. [CrossRef] View all references, p. 675). ...
Studia Europejskie - Studies in European Affairs, 2021
Although migration has always been a timeless and volatile phenomenon, modern transnational movem... more Although migration has always been a timeless and volatile phenomenon, modern transnational movements of people have become a dominant topic of interest by constantly acquiring new characteristics that modify their evolutionary process. Europe is a geographical area that has been significantly affected by recent changes as a result of the evolution of migration flows of the last 30 years. The urgent need to initially understand and later implement evidence-based policies in order to sufficiently manage the migration phenomenon can be considered as the basic spark that led to the scientific blast of the 21st century, focusing on the gradual development of migration studies. One of the most notable efforts of the scientific community was the use of the comparison method to examine, understand, and in some cases even forecast the characteristics of specific migration case studies, thereby forming the backbone of comparative migration research in general. Greece, due to its geographical...
The present chapter examines the impact of significant sectors of the Greek economy and their rel... more The present chapter examines the impact of significant sectors of the Greek economy and their relationship with economic growth. The variables employed for this study involve tourism-generated GDP, money supply, construction and taxation, and economic growth in Greece while the methodology employed is the multivariate autoregressive VAR model. The long-term relationship between GDP and the variables examined was validated for the period between 1965 and 2015. According to our findings, the “growth engine” for Greece seems to be tourism, rather than the manufacturing sector, while they confirm a shift away from the tertiary toward the primary sector. The results provide policy-makers with effective policy tools for the simultaneous economic growth of the two aforementioned sectors.
In the aftermath of the recent economic and migration crisis, Greece was found facing questions s... more In the aftermath of the recent economic and migration crisis, Greece was found facing questions such as whether immigration is advantageous for the economy of the country or whether the benefits of immigration outweigh its economic cost. During a recession, immigration usually attracts general attention due to the competition for scarce job vacancies and social provisions. Consequently, countries tend to respond reactively by adopting more restrictive immigration policies. However, the economically rational response to the immigrant inflows is the effective labor market integration, which eventually leads to a successful social inclusion of the immigrants. This chapter focuses on displaying the potential gains of immigration for Greece by presenting the “immigration surplus,” that is the economic benefits due to immigration. A neoclassical growth model is used assuming a competitive, market-clearing framework to measure the impact of immigrants in natives’ earnings from 2001 to 2018...
International Journal of Operations Research and Information Systems, 2021
From an economic point of view, the rational response towards migration is the labor market integ... more From an economic point of view, the rational response towards migration is the labor market integration of immigrants. Within the above framework, several actions have been developed by the European Union member states over the last few years, in an effort to integrate migrants to local communities. This paper evaluates the performance of the European Member States as regards to their labor market integration policies using the Zaragoza indicators for employment. Combining those indicators, the data will be processed with the well-known multi-criteria analysis method PROMETHEE. The model will be constituted by the selected years from 2008 to 2017 as 10 successive scenarios, the 28 EU countries as alternatives, and eight criteria. The paper will end up with ten final rankings of the countries, which will be analyzed in detail.
The purpose of the study is to examine the relationship between tourism development and economic ... more The purpose of the study is to examine the relationship between tourism development and economic growth in Greece, using the Autoregressive Distributed Lag (ARDL)-Bounds testing procedure. The present paper attempts to examine the relevance of the tourism led growth hypothesis according to the Kaldorian theory. The analysis was carried out for the period from 1963 to 2016 and involves the short-run as well as the log-run impact. As a proxy for the output of the tourism sector, its receipts are employed, while as an index for economic growth, the GDP is employed. The empirical results show that the economy of Greece can recover and return to the long-run equilibrium with a speed of adjustment 7.17% per year.
The sovereign debt crisis since the late 2000s in the Euro Area revealed that, in reality, there ... more The sovereign debt crisis since the late 2000s in the Euro Area revealed that, in reality, there are two monetary unions in Europe: the core and the periphery. The core-north countries have sounder fiscal balances and lower inflation rates, whereas the peripherysouth ones are more prone to higher inflation and public deficits. The principal aim of this paper is to explore which countries handle the nominal exchange rate of the euro. By doing this we will effectively challenge the statement '.one size fits all' upon which the euro project was built. We used the real exchange rates of the initial 12 Eurozone members as an empirical instrument. Our evidence is based on the bivariate regression analysis and the Asymmetric Component GARCH (AC-GARCH) model. We discovered that the countries of the Eurozone core influence more the euro nominal exchange rate than the periphery ones. In addition, the euro is more vulnerable to the volatility shocks of the German and the French real exchange rates.
By applying time series and panel data cointegration analysis, this study investigates the causal... more By applying time series and panel data cointegration analysis, this study investigates the causal relations between exports, inward FDI and GDP for fifteen European transition economies over the period 1995-2014. This study goes beyond previous empirical works by using two auxiliary variables in the aforementioned nexus: domestic investment and government spending. Empirical findings suggest that though the effect of openness is beneficial to all economies of the region, the presence of export-led growth and FDI-led growth hypotheses are validated mainly for the group of economies that entered the European Union in 2004. Conversely, for the remaining economies, the results confirm the prevalence of a culture for saving over spending, which eventually provokes the beneficial expansion of their local investment and export capacity.
A. The evolution of emigration 88 B. The characteristics of emigration 91 C. The reversal of the ... more A. The evolution of emigration 88 B. The characteristics of emigration 91 C. The reversal of the flow 96 D. Some relatively recent developments 102 Chapter four: An econometric investigation of the determining factors of emigration 107 A. Introduction. 108 B. The push and pull factors models 108 C. Testing the two hypotheses Conclusions of the first part 118 Data Appendix 120 Part two: The economic effects of emigration between Greece and the E.C. countries. Chapte five: A theoretical approach on the economic effects of migration A. General B. Remittances and the balance of payments implications of migration C. Other short-run economic effects of migration D. The long-run economic effects of migration 155 Chapter six: The evolution and the impact of emigrants' remittances for the Greek economy. A. The postwar evolution of emigrants' remittances in Greece B. An econometric investigation of the factors determining the evolution of emigrants remittances C. An econometric investigation on the effects of emigrants remittances in the Greek economy D. An evaluation of remittances for the Greek economy 184 Chapter seven: Other short-run effects of emigration from Greece to the E.C. countries 194 A. The effects of emigration for the emigrants 195 B. The impact of migration on the labour markets of Greece and the E.C. countries 198 C. The impact of migration on the level of output and GDP growth 204 D. The impact of migration on wages, the price level and income distribution 209 E. The impact of immigration on the balance of payments of the immigration E.C. countries 216 Chapter eight: The long-run effects of migration for Greece and the E.C. countries 219 A. The acquisition of skills by the immigrants and the benefits for Greece 220 B. Migration as a movement of human capital 223 C. The contribution of migration in the balanced economic growth of Greece and the immigration E.C. countries 226 D. The impact of emigration on industrialisation and the position of Greece in the international division of labour 228 E. The regional dimension of migration F. The demographic effects of migration Conclusions of the second part Chapter nine: Concluding Chapter-A look to the future and some suggested policy measures A. General B. Some recent developments on intra-European migration with particular application to the case of Greece C. On the perspectives of emigration from Greece to the other E.C. countries 256 D. Suggested policy measures 266 E. Epilogue 269 Bibliography 271 III LIST OF TABLES I-1 Long-term GDP' trends in W. Europe 50
ABSTRACT The collapse of the socialist system in the Balkan countries was followed by an expansio... more ABSTRACT The collapse of the socialist system in the Balkan countries was followed by an expansion of their trade with the western market economies. The expansion of trade was very impressive in the case of Greece which turned out to be a basic trading partner for the Balkan countries in transition mainly due to it’s geographical position. The expansion of intra-balkan trade was considered to be very important and beneficial for both parties, since new markets emerged for their exports but also alternative sources of provision of imports of either relatively lower production cost or better quality.Economic theory provides various explanations as to the determinants of international trade. In particular, the traditional theory stresses the importance of factors such as the competitive advantage due to low cost of production and the relative abundance of the factor of production most needed for the production of the goods in question. According to this approach nations specialize and trade on the basis of their competitiveness generated by cost leadership and factor abundance. So, labor abundant countries should be producing and exporting labor-intensive goods and the capital abundant countries capital intensive ones.The intra-industry trade approach explains international trade on the basis of similar products exported and imported because firms adopt the strategy of assigning the production of components or semi-finished products to sub-contractors operating in countries with a certain competitive advantage (e.g. low labor cost). By doing so the assigning firm maintains it’s competitive advantage in the production of the final product.This paper aims at testing the applicability of the two hypotheses in the particular case of the trade between Greece and the other Balkan countries. The patterns of the intrabalkan trade will be investigated on the basis of a data analysis. Factor costs will be used as the indicator of the applicability of the first hypothesis whereas the Grubel-Lloyd index will serve as an indicator of the intensity of intra-industry trade.
ABSTRACT In a period of 15 years, one third of the population of Albania emigrated, mainly to Gre... more ABSTRACT In a period of 15 years, one third of the population of Albania emigrated, mainly to Greece and Italy. The main compensation for this loss has been the inflow of remittances. In many cases, Albanian emigrants have chosen to use informal means for remitting and have proved to be reluctant to use their savings on productive investment. Therefore, analysing their savings and remitting attitudes is very important in terms of policy formulation and implementation. Albanian emigrants represent a very heterogeneous group. Their characteristics differ in terms of their educational level, marital status, age and regional origin. Economic theory suggests that such differences may be associated with substantial differences in emigrants' attitudes towards saving, investing and remitting money to their families. On the basis of the findings of a study sponsored by the International Organization for Migration, this paper uses exploratory data analysis in order to investigate the relationship between the characteristics of the Albanian migrants and their savings, investing and remitting attitudes.
... substitutes for both production and consumption) mainly concern trade among industrial countr... more ... substitutes for both production and consumption) mainly concern trade among industrial countries,vertical differentiation is the ... of entries of citizens from one country into the other who declaretourism as their ... Intra‐industry trade and market structure in the industrial countries. ...
... seems to be a deceleration in the growth rate of remittances since 2008, Albania should focus... more ... seems to be a deceleration in the growth rate of remittances since 2008, Albania should focus on ... accomplished.37 37 C. Nikas and R. King, 'Economic growth through remittances: lessons from the Greek experience of the 1960s applicable to the Albanian case', Journal of ...
... Data will be introduced on the scale and trends of remittances to Greece and Albania. The app... more ... Data will be introduced on the scale and trends of remittances to Greece and Albania. The applicability of conclusions from the Greek case to the Albanian one will be investigated across a number of key comparative points. ...
Institut CEDIMES 102 Tourisme et développement durable en Europe Eleni DELIVANI Docteur ès Scienc... more Institut CEDIMES 102 Tourisme et développement durable en Europe Eleni DELIVANI Docteur ès Sciences Economiques Christos NIKAS Professeur Assistant à l'Université de la Macedoine Ouest, Grèce [email protected] Résumé Le tourisme est par définition considéré ...
published a paper by Konstantinos Katrakilidis, Persefoni Tsaliki and Theodosios Tsiakis on the a... more published a paper by Konstantinos Katrakilidis, Persefoni Tsaliki and Theodosios Tsiakis on the applicability of the Kaldorian laws in the case of Greece. Following a short, but quite comprehensive theoretical analysis and a solid econometric investigation, the authors concluded that the Kaldorian laws are perfectly applicable and that manufacturing served as the "engine of growth" for Greece until the outbreak of the recent economic crisis. We believe that although both the theoretical and the empirical parts of the paper are of undeniable robustness, the conclusion is wrong because of a misinterpretation of the findings. We will structure our arguments around the following points: 1. It is well known that the Kaldorian theory was formulated in order to explain the growth of countries in the process of industrialisation and during the transition from agricultural economies to industrialised ones. In most such cases, the rapidly developing manufacturing sector has indeed proven to be the economy's major engine of growth, up to the point when it eventually reaches "economic maturity", which signals the beginning of a process of de-industrialisation and the expansion of the tertiary sector. However, the manufacturing sector cannot possibly be considered the engine of growth in an economy such as Greece, which has "de-industrialised before industrialising" (Delivani 1992) in the sense that it shifted to services, and especially tourism, before and without ever developing its manufacturing sector.
The breakdown of the socialist system and the following collapse of the Balkan and Eastern Europe... more The breakdown of the socialist system and the following collapse of the Balkan and Eastern European economies 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 (temporarily or more permanently) a part of their labor 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 modeli...
... Karafolas, S. and Sariannidis, N. 2008. The banking network as a transmission channel of migr... more ... Karafolas, S. and Sariannidis, N. 2008. The banking network as a transmission channel of migrant remittances: the case of Greek and Italian banks in Albania. Transition studies review , 15: 674684. [CrossRef] View all references, p. 675). ...
Studia Europejskie - Studies in European Affairs, 2021
Although migration has always been a timeless and volatile phenomenon, modern transnational movem... more Although migration has always been a timeless and volatile phenomenon, modern transnational movements of people have become a dominant topic of interest by constantly acquiring new characteristics that modify their evolutionary process. Europe is a geographical area that has been significantly affected by recent changes as a result of the evolution of migration flows of the last 30 years. The urgent need to initially understand and later implement evidence-based policies in order to sufficiently manage the migration phenomenon can be considered as the basic spark that led to the scientific blast of the 21st century, focusing on the gradual development of migration studies. One of the most notable efforts of the scientific community was the use of the comparison method to examine, understand, and in some cases even forecast the characteristics of specific migration case studies, thereby forming the backbone of comparative migration research in general. Greece, due to its geographical...
The present chapter examines the impact of significant sectors of the Greek economy and their rel... more The present chapter examines the impact of significant sectors of the Greek economy and their relationship with economic growth. The variables employed for this study involve tourism-generated GDP, money supply, construction and taxation, and economic growth in Greece while the methodology employed is the multivariate autoregressive VAR model. The long-term relationship between GDP and the variables examined was validated for the period between 1965 and 2015. According to our findings, the “growth engine” for Greece seems to be tourism, rather than the manufacturing sector, while they confirm a shift away from the tertiary toward the primary sector. The results provide policy-makers with effective policy tools for the simultaneous economic growth of the two aforementioned sectors.
In the aftermath of the recent economic and migration crisis, Greece was found facing questions s... more In the aftermath of the recent economic and migration crisis, Greece was found facing questions such as whether immigration is advantageous for the economy of the country or whether the benefits of immigration outweigh its economic cost. During a recession, immigration usually attracts general attention due to the competition for scarce job vacancies and social provisions. Consequently, countries tend to respond reactively by adopting more restrictive immigration policies. However, the economically rational response to the immigrant inflows is the effective labor market integration, which eventually leads to a successful social inclusion of the immigrants. This chapter focuses on displaying the potential gains of immigration for Greece by presenting the “immigration surplus,” that is the economic benefits due to immigration. A neoclassical growth model is used assuming a competitive, market-clearing framework to measure the impact of immigrants in natives’ earnings from 2001 to 2018...
International Journal of Operations Research and Information Systems, 2021
From an economic point of view, the rational response towards migration is the labor market integ... more From an economic point of view, the rational response towards migration is the labor market integration of immigrants. Within the above framework, several actions have been developed by the European Union member states over the last few years, in an effort to integrate migrants to local communities. This paper evaluates the performance of the European Member States as regards to their labor market integration policies using the Zaragoza indicators for employment. Combining those indicators, the data will be processed with the well-known multi-criteria analysis method PROMETHEE. The model will be constituted by the selected years from 2008 to 2017 as 10 successive scenarios, the 28 EU countries as alternatives, and eight criteria. The paper will end up with ten final rankings of the countries, which will be analyzed in detail.
The purpose of the study is to examine the relationship between tourism development and economic ... more The purpose of the study is to examine the relationship between tourism development and economic growth in Greece, using the Autoregressive Distributed Lag (ARDL)-Bounds testing procedure. The present paper attempts to examine the relevance of the tourism led growth hypothesis according to the Kaldorian theory. The analysis was carried out for the period from 1963 to 2016 and involves the short-run as well as the log-run impact. As a proxy for the output of the tourism sector, its receipts are employed, while as an index for economic growth, the GDP is employed. The empirical results show that the economy of Greece can recover and return to the long-run equilibrium with a speed of adjustment 7.17% per year.
The sovereign debt crisis since the late 2000s in the Euro Area revealed that, in reality, there ... more The sovereign debt crisis since the late 2000s in the Euro Area revealed that, in reality, there are two monetary unions in Europe: the core and the periphery. The core-north countries have sounder fiscal balances and lower inflation rates, whereas the peripherysouth ones are more prone to higher inflation and public deficits. The principal aim of this paper is to explore which countries handle the nominal exchange rate of the euro. By doing this we will effectively challenge the statement '.one size fits all' upon which the euro project was built. We used the real exchange rates of the initial 12 Eurozone members as an empirical instrument. Our evidence is based on the bivariate regression analysis and the Asymmetric Component GARCH (AC-GARCH) model. We discovered that the countries of the Eurozone core influence more the euro nominal exchange rate than the periphery ones. In addition, the euro is more vulnerable to the volatility shocks of the German and the French real exchange rates.
By applying time series and panel data cointegration analysis, this study investigates the causal... more By applying time series and panel data cointegration analysis, this study investigates the causal relations between exports, inward FDI and GDP for fifteen European transition economies over the period 1995-2014. This study goes beyond previous empirical works by using two auxiliary variables in the aforementioned nexus: domestic investment and government spending. Empirical findings suggest that though the effect of openness is beneficial to all economies of the region, the presence of export-led growth and FDI-led growth hypotheses are validated mainly for the group of economies that entered the European Union in 2004. Conversely, for the remaining economies, the results confirm the prevalence of a culture for saving over spending, which eventually provokes the beneficial expansion of their local investment and export capacity.
A. The evolution of emigration 88 B. The characteristics of emigration 91 C. The reversal of the ... more A. The evolution of emigration 88 B. The characteristics of emigration 91 C. The reversal of the flow 96 D. Some relatively recent developments 102 Chapter four: An econometric investigation of the determining factors of emigration 107 A. Introduction. 108 B. The push and pull factors models 108 C. Testing the two hypotheses Conclusions of the first part 118 Data Appendix 120 Part two: The economic effects of emigration between Greece and the E.C. countries. Chapte five: A theoretical approach on the economic effects of migration A. General B. Remittances and the balance of payments implications of migration C. Other short-run economic effects of migration D. The long-run economic effects of migration 155 Chapter six: The evolution and the impact of emigrants' remittances for the Greek economy. A. The postwar evolution of emigrants' remittances in Greece B. An econometric investigation of the factors determining the evolution of emigrants remittances C. An econometric investigation on the effects of emigrants remittances in the Greek economy D. An evaluation of remittances for the Greek economy 184 Chapter seven: Other short-run effects of emigration from Greece to the E.C. countries 194 A. The effects of emigration for the emigrants 195 B. The impact of migration on the labour markets of Greece and the E.C. countries 198 C. The impact of migration on the level of output and GDP growth 204 D. The impact of migration on wages, the price level and income distribution 209 E. The impact of immigration on the balance of payments of the immigration E.C. countries 216 Chapter eight: The long-run effects of migration for Greece and the E.C. countries 219 A. The acquisition of skills by the immigrants and the benefits for Greece 220 B. Migration as a movement of human capital 223 C. The contribution of migration in the balanced economic growth of Greece and the immigration E.C. countries 226 D. The impact of emigration on industrialisation and the position of Greece in the international division of labour 228 E. The regional dimension of migration F. The demographic effects of migration Conclusions of the second part Chapter nine: Concluding Chapter-A look to the future and some suggested policy measures A. General B. Some recent developments on intra-European migration with particular application to the case of Greece C. On the perspectives of emigration from Greece to the other E.C. countries 256 D. Suggested policy measures 266 E. Epilogue 269 Bibliography 271 III LIST OF TABLES I-1 Long-term GDP' trends in W. Europe 50
ABSTRACT The collapse of the socialist system in the Balkan countries was followed by an expansio... more ABSTRACT The collapse of the socialist system in the Balkan countries was followed by an expansion of their trade with the western market economies. The expansion of trade was very impressive in the case of Greece which turned out to be a basic trading partner for the Balkan countries in transition mainly due to it’s geographical position. The expansion of intra-balkan trade was considered to be very important and beneficial for both parties, since new markets emerged for their exports but also alternative sources of provision of imports of either relatively lower production cost or better quality.Economic theory provides various explanations as to the determinants of international trade. In particular, the traditional theory stresses the importance of factors such as the competitive advantage due to low cost of production and the relative abundance of the factor of production most needed for the production of the goods in question. According to this approach nations specialize and trade on the basis of their competitiveness generated by cost leadership and factor abundance. So, labor abundant countries should be producing and exporting labor-intensive goods and the capital abundant countries capital intensive ones.The intra-industry trade approach explains international trade on the basis of similar products exported and imported because firms adopt the strategy of assigning the production of components or semi-finished products to sub-contractors operating in countries with a certain competitive advantage (e.g. low labor cost). By doing so the assigning firm maintains it’s competitive advantage in the production of the final product.This paper aims at testing the applicability of the two hypotheses in the particular case of the trade between Greece and the other Balkan countries. The patterns of the intrabalkan trade will be investigated on the basis of a data analysis. Factor costs will be used as the indicator of the applicability of the first hypothesis whereas the Grubel-Lloyd index will serve as an indicator of the intensity of intra-industry trade.
ABSTRACT In a period of 15 years, one third of the population of Albania emigrated, mainly to Gre... more ABSTRACT In a period of 15 years, one third of the population of Albania emigrated, mainly to Greece and Italy. The main compensation for this loss has been the inflow of remittances. In many cases, Albanian emigrants have chosen to use informal means for remitting and have proved to be reluctant to use their savings on productive investment. Therefore, analysing their savings and remitting attitudes is very important in terms of policy formulation and implementation. Albanian emigrants represent a very heterogeneous group. Their characteristics differ in terms of their educational level, marital status, age and regional origin. Economic theory suggests that such differences may be associated with substantial differences in emigrants' attitudes towards saving, investing and remitting money to their families. On the basis of the findings of a study sponsored by the International Organization for Migration, this paper uses exploratory data analysis in order to investigate the relationship between the characteristics of the Albanian migrants and their savings, investing and remitting attitudes.
... substitutes for both production and consumption) mainly concern trade among industrial countr... more ... substitutes for both production and consumption) mainly concern trade among industrial countries,vertical differentiation is the ... of entries of citizens from one country into the other who declaretourism as their ... Intra‐industry trade and market structure in the industrial countries. ...
... seems to be a deceleration in the growth rate of remittances since 2008, Albania should focus... more ... seems to be a deceleration in the growth rate of remittances since 2008, Albania should focus on ... accomplished.37 37 C. Nikas and R. King, 'Economic growth through remittances: lessons from the Greek experience of the 1960s applicable to the Albanian case', Journal of ...
... Data will be introduced on the scale and trends of remittances to Greece and Albania. The app... more ... Data will be introduced on the scale and trends of remittances to Greece and Albania. The applicability of conclusions from the Greek case to the Albanian one will be investigated across a number of key comparative points. ...
Institut CEDIMES 102 Tourisme et développement durable en Europe Eleni DELIVANI Docteur ès Scienc... more Institut CEDIMES 102 Tourisme et développement durable en Europe Eleni DELIVANI Docteur ès Sciences Economiques Christos NIKAS Professeur Assistant à l'Université de la Macedoine Ouest, Grèce [email protected] Résumé Le tourisme est par définition considéré ...
published a paper by Konstantinos Katrakilidis, Persefoni Tsaliki and Theodosios Tsiakis on the a... more published a paper by Konstantinos Katrakilidis, Persefoni Tsaliki and Theodosios Tsiakis on the applicability of the Kaldorian laws in the case of Greece. Following a short, but quite comprehensive theoretical analysis and a solid econometric investigation, the authors concluded that the Kaldorian laws are perfectly applicable and that manufacturing served as the "engine of growth" for Greece until the outbreak of the recent economic crisis. We believe that although both the theoretical and the empirical parts of the paper are of undeniable robustness, the conclusion is wrong because of a misinterpretation of the findings. We will structure our arguments around the following points: 1. It is well known that the Kaldorian theory was formulated in order to explain the growth of countries in the process of industrialisation and during the transition from agricultural economies to industrialised ones. In most such cases, the rapidly developing manufacturing sector has indeed proven to be the economy's major engine of growth, up to the point when it eventually reaches "economic maturity", which signals the beginning of a process of de-industrialisation and the expansion of the tertiary sector. However, the manufacturing sector cannot possibly be considered the engine of growth in an economy such as Greece, which has "de-industrialised before industrialising" (Delivani 1992) in the sense that it shifted to services, and especially tourism, before and without ever developing its manufacturing sector.
The breakdown of the socialist system and the following collapse of the Balkan and Eastern Europe... more The breakdown of the socialist system and the following collapse of the Balkan and Eastern European economies 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 (temporarily or more permanently) a part of their labor 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 modeli...
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