期刊名称：South-Eastern Europe Journal of Economics (SEEJE)
印刷版ISSN：1109-8597
电子版ISSN：1792-3115
出版年度：2016
卷号：14
期号：2
页码：141-157
出版社：Association of Economic Universities of South and Eastern Europe and the Black Sea Region
摘要：This article focuses on and critically reviews the four Greek sovereign defaults(1827, 1843, 1893 and 1932) and puts them into historical perspective. Theargumentis that each and every one of the defaults was not an isolated episode inthe turbulenteconomichistory of capitalism, but, rather, a manifestation of theinternal weaknesses of the Greek economy magnified during the downturn phasesof the 1815-1848, 1873-1896, and 1921–1940 long waves. Crucial for understandingthe conditionsthat triggered these defaults were the short-sighted and oftenopportunisticpolicies adopted by the Greek governments of the time, which wereeager to increase public spending based on borrowed money, thus contributing toa mounting public debt. As a consequence, Greek sovereign defaults of the pastare worth studying in an effort to derive useful lessons and draw economic policyconclusions.
关键词：Sovereign default; depression periods; long waves; Greek economy
