Economists of Cyprus

Πολιτικές τακτικές ενόψει Προεδρικών εκλογών

2012-01-25T14:24:00.000+02:00

Πολλά είναι τα θέματα που βρίσκονται στην επικαιρότητα. Όμως παρασκηνιακά τα συλλογικά όργανα των κομμάτων ήδη προσπαθούν να χαράξουν τη πολιτική που θα ακολουθήσουν ενόψει των Προεδρικών εκλογών του 2013.Σκοπός του παρόντος άρθρου είναι να αποτυπωθούν λεκτικά αλλά και σχηματικά οι πιθανές επιλογές που έχουν οι τρεις κύριες δυνάμεις που θα διεκδικήσουν την Προεδρία της Κυπριακής Δημοκρατίας.

Σχετικά με την υποβάθμιση της Κύπρου από την Standard & Poors

2012-01-15T11:17:00.001+02:00

Η Standard & Poor' υποβάθμισε εννέα χώρες της ευρωζώνης στις 13 Ιανουαρίου, 2012. Εικόνα: CBC Στις 13 Ιανουαρίου ο οίκος πιστοληπτικής αξιολόγησης, Standard & Poors, δημοσίευσε την τελευταία του έκθεση στην οποία υποβαθμίζει συνολικά εννέα χώρες της ευρωζώνης, μεταξύ των οποίων και τη Γαλλία, τη δεύτερη μεγαλύτερη οικονομία του ευρώ. Οι πρώτες αντιδράσεις τόσο από Ευρωπαίους αξιωματούχους

Το PSI είναι εις βάρος της Ελλάδας αλλά και της Ευρώπης

2012-01-08T10:38:00.000+02:00

Οι διαπραγματεύσεις για την αναδιάρθρωση του Ελληνικού δημοσίου χρέους συνεχίζονται υπό το πρόγραμμα της συμμετοχής του ιδιωτικού τομέα, το γνωστό πλέον PSI (Private Sector Involvement). Το PSI προβλέπει την διαπραγμάτευση μεταξύ του Ελληνικού δημοσίου και των ιδιωτών πιστωτών του (τράπεζες) με σκοπό την επίτευξη συμφωνίας για "εθελοντικό" κούρεμα της τάξης του 50%, που θα γίνει μέσα από την

Είναι η λαθρομετανάστευση αιτία ανεργίας στη Κύπρο;

2012-01-03T14:33:00.000+02:00

Είναι αλήθεια ότι η λαθρομετανάστευση ευθύνεται για την ανεργία; Κοινοβουλευτικοί και εξωκοινοβουλετικοί παράγοντες έχουν κατά καιρούς αναφερθεί στο μεγάλο ζήτημα της λαθρομετανάστευσης, ισχυριζόμενοι πως αυτή είναι ένα από τα βασικά αίτια της ανεργίας στη Κύπρο. Ορισμένοι μάλιστα, χτίζουν τις πολιτικές τους καριέρες με συνθήματα του τύπου "1 λαθρομετανάστης = 1 ντόπιος άνεργος". Χωρίς

About Credit Rating Agencies and the root of the crisis in Europe

2011-12-31T10:28:00.000+02:00

Credit Rating Agencies have a central role in the crisis of the Euro. Their downgrades are much feared by European policy-makers who are trying to cope with the mounting pressures on their single currency and its constituent member-states. Over the years of the crisis these downgrades are considered among the primary sources of the negative dynamics against sovereigns who were experiencing

Γιατί οι περισσότεροι οικονομολόγοι είναι πάντα λάθος

2011-12-30T11:18:00.000+02:00

Η ίδια λογική ισχύει και σήμερα. Πηγή εικόνας: Carpe Diem Όταν κάποιος ακούει τη λέξη "Οικονομικά" τα πρώτα πράγματα που του έρχονται στο μυαλό είναι μαθηματικά, γραφικές παραστάσεις και στατιστικά. Αυτό οφείλεται στο ότι οι πλείστοι οικονομολόγοι χρησιμοποιούν μεθόδους που εφαρμόζονται στις θετικές επιστήμες - φυσική, χημεία κτλ - για να επαληθεύσουν τις θεωρίες και τις προβλέψεις τους.

Πρώτο σχόλιο για την εξεύρεση φυσικού αερίου στη Κύπρο

2011-12-29T08:42:00.000+02:00

Άλλο πράγμα είναι η εξεύρεση φυσικών πόρων κι άλλο η αύξηση του πλούτου. Πηγή εικόνας: ikypros Σήμερα έγινε η πρώτη επίσημη ανακοίνωση σχετικά με τα αποτελέσματα των ερευνών για φυσικό αέριο στην Αποκλειστική Οικονομική Ζώνη της Κυπριακής Δημοκρατίας. Σύμφωνα με την ιστοσελίδα ikypros.com ο Πρόεδρος Χριστόφιας έκανε τις εξής δηλώσεις: Η εταιρεία Noble Energy εντόπισε φυσικό αέριο καθαρού

Η έξοδος από το ευρώ είναι αυτοκτονία κι όχι εθνική λύση

2011-12-28T09:24:00.000+02:00

Το κόστος της επιστροφής στη δραχμή θα είναι μεγαλύτερο από το όφελος. Πολλαπλασιάζονται οι υποστηρικτές της άποψης πως η Ελλάδα πρέπει να αποχωρήσει από το Ευρώ και να επανεισάγει τη δραχμή με σκοπό την καλύτερη ανάκαμψη από τη κρίση. Μεταξύ αυτών είναι επιφανείς νομπελίστες οικονομολόγοι όπως ο Paul Krugman, κι άλλοι "σταρ" της οικονομίας όπως ο Nouriel Roubini. Πρόσφατα προστέθηκαν και

Το δάνειο της Ρωσίας και η δυναμική του δημοσίου χρέους της Κύπρου

2011-12-26T13:32:00.003+02:00

Πηγή εικόνας: Πρώτο Θέμα Εξασφαλίσαμε το δάνειο από τη Ρωσία ύψους 2.5 δις ευρώ, διάρκειας 4.5 ετών με ετήσιο επιτόκιο 4.5% και "ανακουφιστήκαμε" καθώς βρήκε η κυβέρνηση το ρευστό που είχε ανάγκη για να χρηματοδοτήσει τα έξοδα που έχει αυτή την περίοδο, με ένα από αυτά να είναι ο 13ος μισθός στους 70.000 δημοσίους υπαλλήλους που κοστίζουν το 1/3 των ετήσιων δημοσίων δαπανών. Το δάνειο από

Σχετικά με τους αρχικλέφτες της υφηλίου που ανέφερε ο Πρόεδρος Χριστόφιας

2011-12-24T08:34:00.000+02:00

Οι διεθνής αγορές είναι οι "αρχικλέφτες της υφηλίου" Πηγή εικόνας: TVXS Σε πρόσφατες δηλώσεις του ο Πρόεδρος της Κυπριακής Δημοκρατίας Δημήτρης Χριστόφιας χαρακτήρισε τις διεθνείς αγορές ως τους "αρχικλέφτες της υφηλίου", τονίζοντας πως η κρίση είναι συστημική και τη πληρώνουν οι πιο μικροί. Αυτά που είπε ο κύριος Χριστόφιας έχουν μία μεγάλη δόση αλήθειας, παρόλα αυτά αποκρύβουν τις

Peter Economides: Rebranding Greece speech- Some of my thoughts

2011-12-23T10:50:00.000+02:00

A few days ago I came across a speech of prolific Greek marketer Peter Economides, on how to Rebrand Greece, in order to make the country once again a respected player in Europe and the world. By the way, Peter is the person responsible for the Limassol Branding Project, which is of special interest to us Cypriots and especially those who live in the amazing city of Limassol. On December 18

Ο 13ος μισθός τονώνει την αγορά; Ή μήπως ανακυκλώνουμε χρήμα χωρίς να παράγουμε περισσότερα;

2011-12-22T13:33:00.000+02:00

Πάρε κόσμε χρήμα!!! Πηγή εικόνας: City Press Τις τελευταίες μέρες βλέπουμε εδώ στη Κύπρο τη συζήτηση που έχει ανοίξει σχετικά με το πότε θα καταβληθεί ο 13ος μισθός σε όσους ακόμα έχουν την τύχη να τον απολαμβάνουν. Για χάρη του άρθρου δεν πρόκειται να μπω στη λογική αν είναι δίκαιο ή δεν είναι ορισμένοι να παίρνουν ενώ άλλοι να μην έχουν έτσι προνόμια· ούτε πρόκειται να μπω στη συζήτηση

What Great Depression? Greece is suffering the greatest economic recession in its history.

2011-12-22T12:42:00.005+02:00

One of the reasons I have been so upset with the powers that be in Europe is the fact that publicly there is great emphasis that they are trying to prevent a great depression, while their actions seem to mathematically send us into that direction. A crisis needs flexibility, and yet all the EU 26 (- UK) are proposing is more and more rigidity and bureaucratisation. Greece can be seen as a test

A key feature of capitalism is Failure - Not stability

2011-12-17T14:07:00.000+02:00

We almost always associate capitalism with the maximization of profit, as indeed that is what drives individuals in a free market economy to produce their goods and offer their services. After all as Adam Smith, the great Scottish philosopher of the 18th century wrote in his book The Wealth of Nations: It is not from the benevolence of the butcher, the brewer, or the baker, that we expect

How to reduce the chances of a betting loss.

2011-12-07T18:21:00.000+02:00

We all know that Apoel Nicosia defies all odds and statistics, but having some insider understanding of statistics can really help on betting. Although betting is still seem as a non illegitimate investment for portfolio management (mainly because hard to insure or hedge for the losses). However more and more data is becoming even freely available, and significant data is behind paid walls.

An article in The Economist about the Cypriot Oil and Gas exploration

2011-12-05T11:24:00.003+02:00

I am very pessimistic about the hoopla over the oil and gas purported to lie just outside our reach in the Economic Exclusion zone of Cyprus. We still:1) Do not know how much is down there2) Do not have a way to take it out3) Do not have a way to make it exportable (LPG or pipeline)4) I have yet to see research that such a venture will actually promote economic growth (although the Euro does help

Why do we listen to the market? Sound Macroeconomic policy means much more.

2011-12-02T10:42:00.005+02:00

I have been discussing with students recently in how odd the reporting of the financial crisis has been since 2007. Most news publications that claim to have some authority / influence in the global economy seemed to change their stories going through three stages during the last 4 years:1) 2007 - 2008: The problem was how to save the banks. Governments Should step in and help banks because they

Can the ECB print money at no cost? Not at all

2011-12-01T16:11:00.000+02:00

The voices calling the ECB to "do something" are increasing. Of course they are ignoring the fact that the European Central Bank is already intervening in the markets, doing much more than what many tend to believe. In its latest communique on November 28 the ECB admitted it has already used €203.5 billion for its Securities Markets Programme - to buy, in other words, sovereign bonds of

Cyprus is on the edge of the cliff

2011-11-29T12:15:00.001+02:00

The Republic of Cyprus is facing the increasing threat of coming to the need of a bailout as its economy continues to deteriorate. The malignancies of the Cyprus economy are indeed numerous and are found both in private and public sector. Cypriot banks suffer from their exposure to debt-ridden Greece, creating a major source of uncertainty regarding their capacity to withstand the

Explaining the last failed auction of German sovereign bonds

2011-11-27T08:45:00.000+02:00

Image Source: Der Spiegel In the midst of all the discussions around the ECB monetizing debts and the European Commission putting forward the proposal for the adoption of eurobonds, a very important event occurred in Germany, one that sends a clear message about the expectations of international investors regarding the fate of the euro and the future of Germany without it. On November 23

The Eurobonds of Barroso will do more harm than good

2011-11-23T06:05:00.000+02:00

In his last speech in front of the European Parliament, the President of the European Commission, Jose Manuel Barroso, promised to bring plans for eurobonds. For what he called "stability bonds". These eurobonds will be jointly issued and separately guaranteed by all euro member-states. In addition they will be accompanied by a series of institutional reforms, transferring more power to

Another Excellent Article on the economic travesty of Unions in Cyprus

2011-11-21T08:38:00.004+02:00

I personally respect the work of three journalists working in two different fields: Stefanos Evripidou on social and issues, Antonis Polydorou on political issues, and Michalis Persianis on economic issues. Michalis has been a breath of fresh air since he appeared on the scene with his online comments on www.kathimerini.com.cy and his deeper analysis on the sunday edition of the paper. His

Why is the eurozone unraveling after the October 26 Summit?

2011-11-20T14:08:00.001+02:00

The latest Euro summit was supposed to provide a "comprehensive solution" to the spiraling crisis in the eurozone. Considering the increasing borrowing costs of Italy and Spain, the mounting pressures on the AAA credit rating of France and Austria, the spread of the crisis to Belgium and the failure of the EFSF to raise the desired amount of funds from issuing its own bonds within the

Old comments... But like many other warnings, none listened.....

2011-11-18T14:55:00.000+02:00

It was not just me who was warning that things would reach a crisis in Cyprus, but sadly no one listened. I was requested to repost the comments I made previously to the crisis and i take the opportunity to do so in this post. Here is the Article on "The Economist" warning on the potential problems published on December the 2010. The interview was extensive but looking back the journalist was

Bad news for Cypriot Banks in the Greek Stock Market...

2011-11-18T07:52:00.001+02:00

From www.imerisia.gr published date 16/11/2011.Τορπίλισε» το Χρηματιστήριο Αθηνών η Morgan Stanley με τις αλλαγές στο δείκτη MSCI. Ο ξένος οίκος ...έδειξε την έξοδο σε τέσσερις ελληνικές μετοχές διότι η κεφαλαιοποίηση τους έπεσε κάτω από το 1,5 δισ ευρώ. Οι μετοχές που αποχωρούν είναι η Alpha Bank, η EFG Eurobank , η ΔΕΗ και η Τράπεζα Κύπρου.Η είδηση έριξε στα Τάρταρα τις μετοχές. Η μετοχή της

Forecasts of the Cypriot Economy: Estimate still on Track

2011-11-16T15:05:00.001+02:00

Back in the 14th September, I was asked to estimate the GDP of 2011 and 2012 for Cyprus. I was reluctant to do so since I do not consider myself a forecaster, nor do I have a formal model of the Cyprus Economy that is forward looking. I do however understand national accounts and how they work, and having recently looked at estimates and with help of others revised the Mari disaster, I applied

The Euro crisis and democracy

2011-11-15T11:51:00.003+02:00

I am troubled by the idea that Politicians are great during the good times, but in bad times one needs to hand out power to technocrats. I think it makes democracy sound like a luxury that prosperous persons can afford, and that politicians (and by proxy those who elected them) are in this way escaping their responsibility of creating the mess in the first place.Another interesting issue is

Lessons from History: Government Wages in Cyprus

2011-11-10T04:59:00.003+02:00

In 1931 the British colony of Cyprus was facing a debt crisis. The very serious effects of the great depression, made worse by the worst drought the island had seen in 100 years, led to a lack of funds for the government. The government cut all public works spending, and argued that the situation would get better soon. Politicians from all communities, discussing in the talking shop (bereft of

In defence of NOVA (Greece) and the European Court Rulling

2011-10-04T16:45:00.001+03:00

The European Court of Justice (note: the court that interprets EU law) has said that the English government wrongly stopped publican Karen Murphy (note: when did publicans stop being ugly as sin ex-boxers?) from paying for the cheaper satellite service of Greek company NOVA in order to show premier league games in her pub. Now one can watch from the cheaper service on offer, regardless of the EU

Number Crunching: Why all efforts to reduce the budget might have been futile...

2011-09-27T10:12:00.000+03:00

I was told to try and be more positive on the goings on in Cyprus. As a natural born optimist I try, but unfortunately it seems that no one connect the bigger picture - which is completely dire. 1) Possible savings if the measure to withhold the wage indexation of government employees (ATA): 130 million over two years. Will cost 130million more after 2013...This measure passed with great

From a series of bad choices, we chose the one with unknown repercussion.

2011-09-09T08:23:00.001+03:00

That the Cypriot state is facing a serious an immediate liquidity crisis was known for a while. Most analysts who saw the first package of measures realised that they were mainly measures to aid the reduction of the structural deficit in the future and less about raising finances for the present. The new package of measures was expected to introduce deep cuts to government expenditure and

Για τις οικονομικές προβλέψεις...

2011-09-07T13:45:00.000+03:00

Στις θετικές επιστήμες (μαθηματικά, φυσική, κλπ) μπορείς να διατυπώσεις εκ του ασφαλούς αρχές που ισχύουν πάντοτε, πχ ο Νόμος της Βαρήτητας - αν αφήσεις το μήλο αυτό θα πέσει χάμω... Στις κοινωνικές όμως επιστήμες (ψυχολογία, οικονομικά, πολιτικά, κλπ) ότι "νόμους" αναφέρουν τα βιβλία φέτος θα τους κατρρίψουν τα βιβλία που θα βγούν σε λίγα χρόνια... Ο λόγος? η ανθρώπινη συμπεριφορά... Aπλά, δεν

In praise of the New Cypriot Minister of Finance

2011-09-03T20:35:00.000+03:00

After the slow departure of the Cyprus cabinet in the beginning of the month many names were suggested for the position of minister of finance, Until Mr. Kazamias was chosen. I have to say that I originally thought the choice was a unknown and hence not what one would needs in grave times like these. However I withheld judgement since Mr Kazamias has the support of the respected fellow blogger

For those that speak german: My interview as part of an excellent and optimistic article in Die Welt.

2011-08-05T11:03:00.002+03:00

I am so glad to see this well balanced article that has contribution by me and the fellow blogger economist that I admire, Professor Panikos Demetriades. The link here is in German - you can get a poor translation of it in google translate. ---------------------------------------------------------------------------------------------------Licensed under a Creative Commons

A single party government will lead us to Greek style trouble

2011-08-05T10:02:00.000+03:00

Having been a resident of this island for 20 years, I am still amazed by the narrow mindedness of political priorities in Cyprus. There is no doubt that we were facing very difficult economic times even before the explosion of Mari. The governor of the Central Bank of Cyprus, (who has not been invited by the government to suggest any plan for the economy) has openly warned that the economy after

Another Estimate By Credit Suisse: 2.4 billion.

2011-07-22T08:11:00.000+03:00

Credit Suisse has reached similar results to my First and Second Estimate. I am glad that there is now a lively discussions on costs and their effects. I base the similarity from this report on stockwatch, which indicates the only substantial difference is the 600 million which will be recovered by the insurance has been factored in. I am still not sure if the insurance will pay up and thus

The cost to GDP of the Vassiliko for 2011: Bringing the economy down by -1.6%

2011-07-19T22:01:00.005+03:00

Apparently (I have not had the chance to verify it) The Economics Minister has argued that the Vassiliko Explosion will reduce our growth from 1.5% this year to 0%. It means that the public assertion of Mr. Stelios Platis that the maximum damage can be a reduction of GDP by -1% is not believed by the Cypriot Government, as the Cypriot government expects a fall of at least -1.5%. I feel vindicated

A fuss over the 3 bn number. It is a valid and worthwhile estimation, but we need to understand what it is.

2011-07-19T08:15:00.001+03:00

An explanation of the 3 bn cost of Vasiliko. There has been a good load of fuss over the number 2.9/3.1 bn. euro of my 2nd and 1st estimate respectively. I must re-iterate that this number is the reduction of Wealth Of Cyprus. What is the difference between reduction of wealth: this combines the loss of capital stock like Vasiliko in addition is showing losses of income. In an odd way if only

Article in Greek Presenting the Second Estimates At Kathimerini On Sunday

2011-07-17T14:38:00.003+03:00

This is an article written by Michalis Perisianis and myself that explains the 2nd estimate and its impact (in Greek). Michalis has certainly helped me get the point across much better, and I thank him for that. It was published in Sunday's (17.07.2011)Kathimerini.

My interview of CYBC on Saturday night on the Costs of the Naval Base Explosion

2011-07-17T14:18:00.000+03:00

Calling for a debate and research on the cost of the Naval Base explosion and the Urgent action to be made on the naval base disaster. Things can be changed today, but once again brave but urgent decisions are being postponed.

2nd estimate on "best case" cost estimate: 2.9 Bn euro

2011-07-17T14:12:00.002+03:00

This is the second estimate of the Cost of the Naval Base explosion using several different sources and internalizing many things that where previously exogenous. I still come to within 5% of the original estimate. I want to thank Michalis Persianis at Kathimerini and Manos of LolGreece for all their comments and help. Once again this is a preliminary estimate of a "best case" scenario and to

Congratulating the Communal Chamber of Commerce

2011-07-16T16:33:00.006+03:00

**** I am not saying that the government did not aid the Chamber for this agreement to happen; all I am pointing out that a braver decision was to be candid about our energy means and do it directly****The Cypriot Chambers of Commerce (Greek and Turkish Cypriot) have reached an agreement in providing at least 70 MW of electricity from the Turkish Cypriot power station. This is the greatest

The Macroeconomic costs of the Naval Base blast

2011-07-15T22:03:00.004+03:00

In this third article on the “E Florakis” base I will concentrate on the macroeconomic problems that arise from the disaster. Just to recap, up to now we have seen the very serious microeconomic effect to companies, and that the lowest estimate possible of costs of the disaster is €3.1 billion, or 17.9% of the whole income of the economy (GDP). This is the loss of wealth and should not be read as

Excellent Review by Finance Lecturer, Alexander Michailides. This insanity goes right to the top.

2011-07-14T17:13:00.001+03:00

Original source: Stockwatch 14.07.2010http://blog.stockwatch.com.cy/?p=580By: Dr. Αλέξανδρος ΜιχαηλίδηςΑξιότιμε Πρόεδρε της Κυπριακής Δημοκρατίας, κύριε Δημήτρη Χριστόφια.Επειδή έχετε στο πρόσφατο παρελθόν ενθαρρύνει τα παιδιά του γυμνασίου να έχουν και να εκφέρουν άποψη, πιστεύω θα θέλατε και τους καθηγητές πανεπιστημίου να εκφράζουν και τη δική τους άποψη.Επειδή τα εκρηκτικά στο Ζύγι σκόρπισαν

Counting the cost of the disaster of Naval Base / Vasiliko Power station

2011-07-13T13:26:00.002+03:00

*****These are very rough estimates done in a day to get a dialogue on the issue. Improvements, suggestions and criticisms are welcome****This second article is a very rough, “back of the envelope” attempt to understand the monetary cost of the disaster. It is the first such attempt and no doubt better attempts can be made once we know more facts about Vasiliko, and once I have electricity in my

A first Microeconomic analysis of the disaster in the Naval Base and Vassiliko Power station.

2011-07-12T18:24:00.002+03:00

*****14/07/2010 update: substantial aid in terms of electricity expected from UN force in Lebanon (Germany) and Greece. Expected to alleviate partially the effects below, especially if they pay their costs of production.The economic effects of the apparent negligent homicide in the “E. Florakis” naval bases are immediate and far reaching. I will concentrate on the microeconomic consequences here,

Γλαύκος Χατζηπέτρου: «ἀποθανέτω ψυχή μου μετά τῶν ἀλλοφύλων» (1)

2011-06-09T20:55:00.000+03:00

Πρωί – πρωί με τη δροσούλα, και ακούω την Πόλα Σπόντα να ανασκοπεί τις εφημερίδες. «Διετές πάγωμα μισθών στο δημόσιο τομέα» λέει η πρώτη είδηση του Φιλελευθέρου. Όπα! Να και μια ευχάριστη είδηση, σκέφτομαι. Κατάλαβε επί τέλους η πλεον ευνοημένη τάξη Κυπρίων πως δεν μπορεί η κοινωνία να συνεχίσει να τους συντηρεί, και συμμορφώθηκαν με τη λογική. Λίγο αργότερα όμως γκρεμίστηκαν τα

From the New York times Op -ed: Parallels of USA and Cyprus

2011-06-09T08:50:00.005+03:00

This is a link to an excellent article from the New York times in how Peter Diamond has been stalled form joining the board of the FEDERAL RESERVE due to political posturing by the Republicans in the house.Of course Nobel Laureate Diamond in not on his own in this. WE have not asked Dr. Pisarides, our own Nobel laureate, from any position in the Cypriot government. The board of our own Federal

Kapuscinski Lecture on Development

2011-06-08T12:17:00.001+03:00

A great event took place last night at the home of co-operation in Nicosia. The Cyprus Island-Wide NGO Development Platform (CYINDEP) hosted an address by guest speaker Ms Eveline Herfkens, founder of the UN Millenium Campaign. I would like to personally thank the NGO support centre, which is doing great work on development awareness in Cyprus, for inviting to present to the event.The visit of Ms

Presentation of the economic effects of Migration at the European University

2011-06-08T12:05:00.000+03:00

This is a powerpoint from my presentation at the "International Conference on Economic Migration in Europe" at the European University of Cyprus on the 10th of May. It indicates how migration has been up to 2009 very beneficial for the Cypriot economy, and how now the latest economic crisis in Cyprus has increased the demand for foreign housekeepers as the family household is under crisis and

Two events of interest next week

2011-05-27T14:13:00.000+03:00

The NGO Support Centre and the Management Center is having a a discussion on Federalism and Europe on Monday 30 May, at 19:00, at Fulbright Center. Speakers include Dr. Michael Keating (politics;Aberdeen), MEP Mr. Takis Hadjigeorgiou, and Turkish republican party member Mr. Ozil Nami.On Wednesday the first of June at 19:30 the ever active (for which i am grateful) OPEK- Όμιλος Προβληματισμού για

Why academics fight... and why community quotas on academic events is repuslive

2011-05-23T20:28:00.000+03:00

I always used to find it so amusing to see how serious the interpersonal rifts exist between academics, especially economists (which I had more exposure to it might be valid in other disciplines as well). It is not that I felt there was an ivory tower of academia where all flaws of character are left behind, but I could not understand the real anger people felt for each other. I know understand

Free Amjad Baiazy

2011-05-21T07:40:00.002+03:00

Friend and fellow blogger Amjad has been arrested by Syrian police as he tried to go back to the UK and continue his studies. He was instrumental in letting us know what was happening in Egypt, and helped with text to speech service from Egypt to the world. Please help spread the word. Amjad Baiazy, age 29, Syrian citizen living in the UK. Arrested at Damascus International Airport on the morning

Great Letter by Cypriot Economist and fellow blogger

2011-05-19T11:18:00.000+03:00

Dr. Panicos Demetriades brilliantly encapsulates in a letter in the Financial times what I have been teaching in Economics of the European union for the past two weeks: that it is Germany who is out of step with the rest of Europe and thus it is Germany that needs to readjust its exchange rate to make its export more expensive. Right now Germany is getting the best of all worlds - it has

New economic Papers - Inequality in the extremely long run

2011-05-17T09:45:00.002+03:00

A interesting new working paper by the Department of Economics of Oslo: using correction method to existing social tables to estimate inequality form Ancient Rome to India under partition. The paper can be seen here: Inequality and growth in the very long run:inferring inequality from data on social groupsJ rgen Modalsli, University of Oslo Abstract:Income distribution data from before the

a brilliant piece again on Al Jazeera by a very respected Economic Historian

2011-05-17T09:44:00.002+03:00

Following the great article By Geoffrey Sachs, All Jazeera ahs published a piece by Dani Rodik of Harvard that points out that regulation is not just necessary for growth, it is nesseary for democracy and hence for proper fuctioning institutions with that democracy. See the orginal article here.The crucial role of democracy in economicsI have been presenting my new book, The Globalisation

Do you want to know how a real estate bubble sounds in opera?

2011-05-06T21:56:00.001+03:00

As music and mathematics are linked the excellent planet money has placed the USA real estate crash into notes and has had baritones sing it. I think this should be mandatory for all who are in these markets. If people who insisted that the rise was not a bubble (just before it blew in their faces) heard it reach the top range of sounds produced by the wonderful voice of a trained opera singer i

Another Great Rap video of Keynes Vs HayeK

2011-05-06T21:48:00.000+03:00

Should the government spend a country's way in out of resession? Another great video by Econ stories: I use them in class and they have a great reception.

New OECD report - the rich are getting richer except in Greece, Turkey, Hungary and Belgium

2011-05-06T21:29:00.004+03:00

The excellent blog and radio show "Planet Money" has brought to my attention that even through inequality within countries was rising in the boom, inequality is rising in the recession too. Very interesting to note that Greece is not one of them - although i think this shows that recession hit everybody badly and the rich did not have the umbrella of government support that the poor have (and not

A divisive article by a very divisive economist: Corruption is a Developed rather than a developing country problem

2011-05-06T13:41:00.002+03:00

Reposting form all jazerra a great article by Jeffrey Sachs. Sachs has been a divisive figure but does point out that many of the issues we think as problems of the less developed world (LDCs) originate from the willingness of the advanced world to corrupt and undermine weak institutional systems in the LDCs. In the wake of the latest crisis it is a bit rich to preach corporate governance to LDCs

While the Government Berates the best Technocrat we ever had, Europe rewards

2011-05-05T16:15:00.002+03:00

Dr. Orphanides of the central bank of Cyprus by placing him at the head of of the steering committee of the European Systemic Risk Board (ESRB). In a period that we celebrate even the tiniest victory for our beleaguered economy this acclaim has gone unnoticed by the local media. The committee will have a great role to play in shaping the future rules and regulations of the financial industry and

Intercommunal Blogger Event - See you there?

2011-04-15T10:49:00.003+03:00

Fellow Bloggers,I just wanted to bring to your attention the event for bloggers of all shapes and colour arranged by the Cyprus Community Media Centre. The event is on Friday and Saturday 29 & 30th of April and its is free - you just need to register. So I hope to see you there,Best,Alexander Apostolides

Economic Activism at it's best

2011-04-09T12:25:00.004+03:00

I loved activism that is by the young and that is hard hitting. Andrew Lansley of the Cameron government wants to bring many US style reforms to the NHS, despite the fact that :a) the American healthcare system is even greater financial problems that the NHSb) the NHS needs some peace after 15 years of radical reforms every 2 years in order to get the growing pains of reform out of the way and

Migration: Its (Hidden) Economic Benefits

2011-04-08T14:00:00.001+03:00

Due to the upcoming debate on emigration organised by OPEK and ELIAMEP (details here) i just wanted to point out 2 positive economic arguments for economic migration that one never hears in the local media:1) Migration can help our pension fund deficit.More people are retiring and pensioners are living longer; these reasons, combined with he fact that we are having less children to replace the

The credit rate slide in Cyprus is mostly due to government actions

2011-04-08T10:35:00.001+03:00

The other night the President has called that the problems of the economy were partly inherited by the previous government and mostly from abroad and that his government did nothing to make things worse. I have mentioned previously how this is actually not true. The economic crisis started in the US in 2007 and spread in most of Europe and the world by 2008. Despite warnings that Cyprus will be

Contrasts...

2011-04-06T21:35:00.001+03:00

A certain minster recently stayed for over a week in VIP accommodation having VIP treatment, and then donated a bunch of pc to get his picture in the local (and the Cypriot) papers. The cost to the taxpayer.... I let you decide. In contrast I saw the Governor of the Central Bank of Cyprus fly economy class from Prague, where I am guessing he spend the weekend (national days do not count if you

Italy at 150: Lessons of Unification

2011-03-17T16:30:00.000+02:00

On the 17th of March 1861 Italy was declared unified. The event was strangely an anti-climax, which left most, if not all political actors in Italy, disappointed by the outcome.Mazzini, the spiritual father of the ideal of Italian reunification, was disappointed that the unification looked less that his democratic and republican ideal of equals uniting to a greater whole, but more like an

Reflecting on the Arabic revolutions

2011-03-11T07:19:00.001+02:00

In 1848 there were revolutions across Europe from Portugal to Poland. The whole continent was griped in a euphoric state. The world thought that with the coordinator of the oppression, the Austrian Metternich, gone, then their demands of liberty and representation would be met. However the successful revolutions turned inwards after their national oppressors where gone. Petty squabbling and

Some news just in: Sir Howard Davis quits the LSE

2011-03-03T23:40:00.000+02:00

According to the guardian Sir Howard Davis, who I last met on a LSE alumni event 3 months ago in Cyprus, has stepped down. [Although I see strangely that his CV blurb does not show any doctorate or economist training skills... perhaps a typing omission?]A likeable character and a good administrator will well meaning views of reform, who irked departments by the somewhat imposing way he would

What's happening in the real estate sector?

2011-03-03T22:49:00.000+02:00

At least some serious people are thinking of the economy in a rational way [you know who you are - thanks for a stimulating conversation today]. Perhaps unfortunately they are not politicians, technocrats or journalists: although they are exceptions, most, including the credit rating agencies are focusing on issues that are not such a big threat to our future well-being. In general the real

Lol Greece - I salute you!

2011-02-27T04:20:00.001+02:00

A blog that has helped so tremendously my writing style and has allowed me to keep on track on the Economic situation in Greece while trying not to laugh and eat my breakfast every day. http://lolgreece.blogspot.com/Thanks Manos for such a great blog and please keep it up - I draw strength (and dare I say lolgreece inspires me not to hold back) from your work

A great article on 3D cinema and television

2011-02-27T04:13:00.000+02:00

Another great article from a man I have had the pleasure of getting to know in various events in my old alma matter, Dr Gerben Bakker is a great man to speak to in terms of the entertainment industry, since he knows the history of a sector that often suffers from amnesia. I saw my first glimpse of 3D TV today (very good high def TV, ps3 blu Ray) and I was very impressed. I have to say I am not a

New downgrade of the economy: Knock knock on the (deaf's?) government's door!

2011-02-24T11:50:00.001+02:00

Despite myself (in The Economist, and the Cyprus Mail) and many others, including the IMF, warning the government repeatedly that drastic action is needed to avoid the downgrade of our credibility the present government has failed to listen. AS a result we have suffered our greatest ever downgrade by Moody's Credit Rating agency, down two pips to A2. I have stated time and time again that

PhDs and Wannabes: Karl-Theodor zu Guttenberg and now maybe Christofias

2011-02-24T09:49:00.005+02:00

Despite the proven futility of having a PhD degree in life (at least one you have worked at properly for 4/7 years!)as recently shown by The Economist, more and more politicians are being caught red handed in their lies in having a doctoral title. |Most recently the Defense minister of Germany, the flamboyant Karl-Theodor zu Guttenberg was forced to strip his title as Doctor after it was

Economic revolution, part II

2011-02-22T15:28:00.002+02:00

There were some fascinating developments recently with respect to ways to demonstrate and finance a demonstration. As for the first case there has been a new movement in UK, called UK Uncut, focused not with respect some political motives but with respect of the government’s handling of the depression. More specifically they have been criticizing the government’s attitude to finance the exit from

On the new public transport incentive

2011-01-29T11:53:00.001+02:00