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Economy & Public Policy

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Professor Dimitri Vayanos

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Dr Eleni Karagiannaki

Co-ordinated by Professor Dimitri Vayanos (Department of Finance) and Dr Eleni Karagiannaki (CASE), this is the largest of our clusters. One area of research here concerns Greece’s growth strategy, the interplay between market forces and government-provided incentives in driving the economy’s sectoral mix, and challenges arising from climate change and the green transition, AI and the digital transition, and demographics. Other areas include the labour market, addressing issues such as occupational segregation, skill shortages and brain drain, minimum wages and ‘good jobs’; corporate governance and business adaptation to change; health and education reforms; income inequalities and housing affordability.

 

Members

Research Projects

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The demand for skills in Greece: hiring, training and remuneration practices

This research project, conducted by a team at the Hellenic Observatory and led by Prof Monastiriotis, investigates the landscape of skills demand in Greece. In an era of rapid technological shifts and economic transformation, understanding the labour market’s skill requirements is crucial for shaping policy, education, and workforce strategies.

At the core of the project is a large-scale employer survey, conducted in collaboration with the Greek section of the , that explores key aspects of workforce demand, including employers' preferences for different skill sets and worker characteristics. The study delves into the provision of training—with a particular focus on green and digital skills—to assess how firms equip employees for emerging challenges. Additionally, it examines how employers reward and value skills, including the role of work tenure in shaping compensation and career progression.

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Economic Incentives and Vaccination

The objective of this project is to examine the impact of market-driven economic incentives on vaccination uptake in a low-trust society, using Greece as a case study. Specifically, the research aims to assess the causal relationship between external economic shocks and public health behavior, focusing on how changes in travel policies influenced vaccination rates, and consequently employment, during the summer of 2021.

The study will investigate the broader implications of this shift, particularly on public health outcomes and labor market dynamics in tourism-dependent regions. A key focus will be on how increased demand for tourism-related services affected vaccine hesitancy, especially among working-age individuals who were incentivised to vaccinate in order to formally participate in the labor market.

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Small and medium-scale international investors in housing in Athens and Thessaloniki

Greece currently faces a housing crisis due to increasing housing unaffordability and unavailability, caused by housing financialisation – it’s increasing treatment as a commodity. Key drivers of the process are institutional investors, but the role of other types of investors, especially small-scale amateur investors purchasing a second property to rent out (buy-to-let) has remained little researched.

The project aims to analyse the role of small- and medium-scale investors and investment brokers, their reasons for investing in Athens and Thessaloniki, the effects the investments have on housing, and how housing financialisation unfolds in Greek cities.

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