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See detailThe Economic Diplomacy of Small States. A Case Study of the Grand Duchy of Luxembourg: Trade and Services, Official Development Assistance (ODA), Foreign Direct Investment (FDI)
Kavvadia, Helen UL; Adam, Marie Christine; Clemons, Kimberly et al

in Review of decentralization, local government and regional development (2018), 90(october-December 2017), 96-129

In the contemporary globalised, multi-polar and competitive conditions, small states, which count for more than half of the world’s states, through economic diplomacy endeavours aim to position themselves ... [more ▼]

In the contemporary globalised, multi-polar and competitive conditions, small states, which count for more than half of the world’s states, through economic diplomacy endeavours aim to position themselves in the best possible way, in order to assure their economic development and political influence. Being constrained by their size, in terms of population and economy, small states follow different strategic choices in different regions of the world. With an area totalling 2,586 km2 and a population of 590,667 in 2017, the Grand Duchy of Luxembourg is one of the smallest countries in Europe, and ranked 179th in size of all the 194 independent states of the world. Despite its size the country has been advocating openness, and enjoys a successful track record in economic diplomacy. There are, however, no in-depth academic studies to take a detailed account of its parameters and to identify its strengths and weaknesses. The present work uses Luxembourg, as a case study for evaluating economic diplomacy of small states. This is the first study of the Grand Duchy’s economic diplomacy. Based on statistical data, it goes beyond a mere account, by critically evaluating Luxembourg’s economic diplomacy in terms of trade, Foreign Direct Investment (FDI) and Official Development Assistance (ODA). While in need of imports in trade and investment due to its limited production possibilities given its size and the consumption needs of its affluent society, we claim that, without shying away, the country dared to compete in the globalised markets using an efficient and effective, well developed economic diplomacy, in order to: a) export its goods and services, b) attract inward FDI, while c) sharing part of its wealth with developing countries through the provision of ODA. Based on the results of Luxembourg as a case study, we argue that size is not a determinant of a state’s economic diplomacy success. [less ▲]

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See detailΚριτικά Σημειώματα "Δρ Ελένη Αν. Kαββαδία: ΤΟ ΕΙΔΙΚΟ ΚΑΘΕΣΤΩΣ ΟΙΚΟΝΟΜΙΚΩΝ ΔΡΑΣΤΗΡΙΟΤΗΤΩΝ ΤΟΥ ΕΛΛΗΝΙΚΟΥ ΚΡΑΤΟΥΣ ΩΣ ΜΕΛΟΥΣ ΤΗΣ ΕΥΡΩΠΑΪΚΗΣ ΈΝΩΣΗΣ ΚΑΙ ΕΛΛΗΝΩΝ ΥΠΗΚΟΩΝ ΣΕ ΧΩΡΕΣ ΤΩΝ ΒΑΛΚΑΝΙΩΝ:ΘΕΩΡΗΤΙΚΕΣ ΠΡΟΣΕΓΓΙΣΕΙΣ ΚΑΙ ΕΜΠΕΙΡΙΚΟΙ ΠΡΟΣΑΝΑΤΟΛΙΣΜΟΙ"
Kallianos, Theodoros; Kavvadia, Helen UL

in Review of decentralization, local government and regional development (2018), 90(October-December 2017), 34-39

During the two decades from 1990 to 2010, the Balkans was the only European region to suffer a cruel reversal. On the one hand, it welcomed the transition to a free economy, despite the difficulties it ... [more ▼]

During the two decades from 1990 to 2010, the Balkans was the only European region to suffer a cruel reversal. On the one hand, it welcomed the transition to a free economy, despite the difficulties it had to overcome. On the other hand, it experienced the merciless reality of war, when it was convulsed by successive waves of various armed confrontations extending over most of its territory. These left severe and far-reaching post-conflict symptoms: a shattered economic and social base; unemployment and poverty bordering on humanitarian crisis; morale broken, infrastructure in ruins. Yet at the same time this fragmented, conflict-ridden region became the theatre of international collaboration of unprecedented quality and scale. With more than 22 donor/sponsor countries and investors, as well as international and multilateral organisations, the total flow of official development assistance and foreign direct investment in the region is estimated at more than 150 billion euro during the period in question. The region is therefore a model of reorganisation, restructuring and economic development. As an integral part of this broader geopolitical and economic scene, Greece is participating economically, in common with other ‘players’, in the ‘rebirth’ and integration of the region into the international community, both directly, by providing official development assistance (ODA) under the Hellenic Plan for the Economic Reconstruction of the Balkans (HPERB), and indirectly, by promoting Greece’s foreign direct investment (FDI) in the region in a variety of ways, mainly through subsidies. Thus, Greece evolved from a long-term ‘net importer’ of investments into an ‘exporter’ focused on the Balkans, where it ranked among the top sources of ODA and FDI. This study approaches the subject holistically, examining the dual nature of Greece’s involvement and analysing the broader economic and geopolitical setting. The dual economic involvement of the Greek State in the Balkans is also examined from a dual perspective within the scope of this doctoral thesis, both from a theoretical and from an empirical point of view, using business strategy models such as PEST, SWOT, VRIO, Porter models of ‘competitive forces’, and the ‘value chain’. This thesis examines the reasons why Greece’s involvement was inevitable; investigates the compatibility between Greece’s involvement and the country’s other commitments within the EU; studies the advisability and usefulness of the endeavour; compares Greece with other countries as a provider of ODA and FDI; analyses and evaluates the HPERB; assesses the role of the Greek State and any encouragement and guidance of FDI through Greek subsidies; and scrutinises the characteristics of Greek FDI, in terms of competitiveness and the links with the parent companies in Greece. This subject is novel in an academic context, because a survey of the References shows that this combined dual line of inquiry has not attracted scientific attention, as the existing studies focus on one or other of the two aspects, not both together. Furthermore, this paper is original in terms of method, firstly because it examines the subject from a new viewpoint, that of business strategy, and secondly because it uses the relevant models in new ways, with new applications. The subject, through the study of what has been achieved, remains ‘topical’ and retains its significance, as guidance to future policy makers and/or investors, especially during the current unfavourable economic situation in Greece, because, apart from any conclusions regarding the impact of Greek economic involvement in the Balkans, foreign markets represent a way out of the Greek recession. [less ▲]

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Full Text
See detailΤο Ειδικό Καθεστώς οικονομικών δραστηριοτήτων του Ελληνικού Κράτους ως μέλους της Ευρωπαϊκής Ένωσης και Ελλήνων υπηκόων σε χώρες των Βαλκανίων: θεωρητικές προσεγγίσεις και εμπειρικοί προσανατολισμοί
Kavvadia, Helen UL

Doctoral thesis (2016)

During the two decades from 1990 to 2010, the Balkans was the only European region to suffer a cruel reversal. On the one hand, it welcomed the transition to a free economy, despite the difficulties it ... [more ▼]

During the two decades from 1990 to 2010, the Balkans was the only European region to suffer a cruel reversal. On the one hand, it welcomed the transition to a free economy, despite the difficulties it had to overcome. On the other hand, it experienced the merciless reality of war, when it was convulsed by successive waves of various armed confrontations extending over most of its territory. These left severe and far-reaching post-conflict symptoms: a shattered economic and social base; unemployment and poverty bordering on humanitarian crisis; morale broken, infrastructure in ruins. Yet at the same time this fragmented, conflict-ridden region became the theatre of international collaboration of unprecedented quality and scale. With more than 22 donor/sponsor countries and investors, as well as international and multilateral organisations, the total flow of official development assistance and foreign direct investment in the region is estimated at more than 150 billion euro during the period in question. The region is therefore a model of reorganisation, restructuring and economic development. As an integral part of this broader geopolitical and economic scene, Greece is participating economically, in common with other ‘players’, in the ‘rebirth’ and integration of the region into the international community, both directly, by providing official development assistance (ODA) under the Hellenic Plan for the Economic Reconstruction of the Balkans (HPERB), and indirectly, by promoting Greece’s foreign direct investment (FDI) in the region in a variety of ways, mainly through subsidies. Thus, Greece evolved from a long-term ‘net importer’ of investments into an ‘exporter’ focused on the Balkans, where it ranked among the top sources of ODA and FDI. This study approaches the subject holistically, examining the dual nature of Greece’s involvement and analysing the broader economic and geopolitical setting. The dual economic involvement of the Greek State in the Balkans is also examined from a dual perspective within the scope of this doctoral thesis, both from a theoretical and from an empirical point of view, using business strategy models such as PEST, SWOT, VRIO, as well as Porter models of ‘competitive forces’, and the ‘value chain’. This thesis examines the reasons why Greece’s involvement was inevitable; investigates the compatibility between Greece’s involvement and the country’s other commitments within the EU; studies the advisability and usefulness of the endeavour; compares Greece with other countries as a provider of ODA and FDI; analyses and evaluates the HPERB; assesses the role of the Greek State and any encouragement and guidance of FDI through Greek subsidies; and scrutinises the characteristics of Greek FDI, in terms of competitiveness and the links with the parent companies in Greece. This subject is novel in an academic context, because a survey of the bibliography shows that this combined dual line of inquiry has not attracted scientific attention, as the existing studies focus on one or other of the two aspects, not both together. Furthermore, this paper is original in terms of method, firstly because it examines the subject from a new viewpoint, that of business strategy, and secondly because it uses the relevant models in new ways, with new applications. The subject, through the study of what has been achieved, remains ‘topical’ and retains its significance, as guidance to future policy makers and/or investors, especially during the current unfavourable economic situation in Greece, because, apart from any conclusions regarding the impact of Greek economic involvement in the Balkans, foreign markets represent a way out of the Greek recession. [less ▲]

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See detailTowards Europe 2020 out of the Economic Crisis: Is the Project Bond iniative a means to financial stability and integration?
Kavvadia, Helen UL

in Review of decentralization, local government and regional development (2013), 73

Since the establishment of the single monetary policy and introduction of the euro, it is pertinent to investigate the link between financial stability and integration. Is there a complementarity between ... [more ▼]

Since the establishment of the single monetary policy and introduction of the euro, it is pertinent to investigate the link between financial stability and integration. Is there a complementarity between the two or are financial stability and integration a contradiction in terms? In other words, isn't a search for a highly integrated financial system that would strengthen stability a bit like a search for the Holy Grail? Investment has been the cementing element of EU integration, institutions and policies - in brief, in creating more Europe. More concretely, investment in people, in knowledge and in physical assets, to ensure that Europe preserves its role and position in the world. The current crisis transcends national, even continental borders. Europe is reminded of its severity on a daily basis. Record unemployment is one of the consequences; shrinking public budgets and financial austerity another. In the run-up to the current recession investment grew by 5- 6% a years. Exporters and home buyers drove this expansion, which ended in 2008. Since then, the lack of investment has been a main source of demand weakness in the European Union. A collapse of investment activity of this magnitude has inevitable repercussions for economic expansion in the longer term. If productive capital stocks do not grow - indeed, if they are not even maintained - EU growth potential will inevitably shrink. A revival of investment activity is therefore is crucial to the long-term growth prospects of Europe. One precondition for such an investment revival is access to reasonably priced funding for long-term projects. The process of fiscal consolidation at national and European level has already placed a severe restriction on public budgets - and will continue to do so in the medium term. This pressure means that the EU has to find ways to achieve more with less. In particular, at European level, one needs to ensure that a limited EU budget is used to maximum effect. The newly established EU project bond initiative is seen as a means to go ahead in the current circumstances. As it does not impose an additional burden on domestic budgets, sovereign debt or contingent liabilities. The review looks into the type of investment that can be catered by the project bond initiative and the sectors selected for magnifying the growth potential. [less ▲]

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See detailΔιακυβέρνηση και διαφθορά
Vavouras, Ioannis; Tsiris, Panagiotis; Kavvadia, Helen UL

Book published by Papazisis - 1st edition (2011)

At country level, governance generally refers to the way (rules, procedures and behaviors) that power is exercised in managing its political, social and economic issues. The relationship between ... [more ▼]

At country level, governance generally refers to the way (rules, procedures and behaviors) that power is exercised in managing its political, social and economic issues. The relationship between governance and corruption is very narrow, as poor governance provides great potential for corruption, and widespread corruption is incompatible with good governance. Improving the quality of governance is therefore a necessary condition for effectively tackling corruption. It should, of course, be pointed out that the quality and motivation of the senior leadership of governance also determine its function, since, as Y. Dror points out, no structure can offset the moderate leadership of governance or mitigate the damage caused by corrupt leadership. This volume analyzes aspects of governance and corruption, as well as relations between them both in general and at the level of Greece, which we have the certainty of contributing to their general understanding, particularly useful in the current political and economic conjuncture. [less ▲]

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See detailInternational Trade and Business Practices: A comparative attempt in the apparel market
Kavvadia, Helen UL

in Review of decentralization, local government and regional development (2011), 66

The apparel industry is an important branch of Greek manufacturing, with a significant contribution to production, employment and exports. According to data from the Chamber of Commerce in the apparel ... [more ▼]

The apparel industry is an important branch of Greek manufacturing, with a significant contribution to production, employment and exports. According to data from the Chamber of Commerce in the apparel industry in Greece includes some 437 companies. It employs 14,257 workers, i.e. 8.1% of the annual average employment of the aggregate Greek industry employment. During 1995-2002, the industrial production sector decay rate of 3.2% annually. Estimated, however, that the index of industrial production in 2003 was a much smaller decline of 0.7 %. It is worth noting that a significant share of the production industry has a system of outward processing (outsourcing), estimated that about 12% of the production is done with this method. In recent years, there is a significant reduction in the number of businesses operating in the production of clothing. More specifically, in 2002, companies reduced to 470. A similar trend followed the average annual employment, recording rate reduction of 8.3% annually. Despite the decline in employment, average wage in this sector increased by 8.7% per year on average, offsetting to some extent the general downturn in the industry. Globalization has greatly influenced the clothing industry, and led to the development of subcontracting (façon), method by which the business units of the developed countries split the stages of their production process and outsource labor-intensive stages in companies operating in developing countries where labor costs are low. Under pressure from labor costs, the Greek garment industry had since early 2000 to make moves that would allow it to maintain its competitive position. A path followed by quite a number of Greek companies was to establish production facilities in the Balkan countries. This offered a large production base at low cost. To date, a significant number of Greek companies have implemented all the labor-intensive activities (sewing-box) in the neighboring Balkan countries and their number is growing. It is estimated that today, more than 200 Greek businesses active clothing in the Balkans. To increase competitiveness, Greek apparel companies consolidated their activities both in terms of geographic location, as well as the object of their work. Greece is a country with a tradition of producing knitted garments, whereas constant wear has a rather limited activity. The overwhelming proportion of the apparel business is located in Northern Greece and especially in the area of Thessaloniki. The concentration of industry in northern Greece is also due to the incentives provided by the Greek government in the framework of the Development Laws, geographic proximity to the Balkan countries and availability of skilled work force. The Greek apparel is a tough arena for Greek companies among themselves, but moreover, the industry as a whole faces fierce competition from multinational brands (brand name) with high recognition. The strategies followed are based mainly on product differentiation through pricing and advertising. Distribution network enlargement plays also a significant role in strengthening individual company’s positioning in the industry. A number of companies expanded through branching and others through franchising. Some of them sought also cooperations with major international companies. The sales network expansion was both within the country, as well as in other Balkan countries. The main problem hindering this evolution is that the industry is fragmented in many small businesses, mainly family owned with poor and inefficient administration (organization, planning, etc.), production plants are small and cannot develop scale advantages, and in some cases production lines do not consist of state-of-the-art equipment, due to poor investment rates. Still, there is room for growth in the sector, even in this crisis period. Lessons can be taken from established international brands. [less ▲]

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See detailEuropean Integration and Peripheral Disparities in Greece. The way ahead
Kavvadia, Helen UL

in Review of decentralization, local government and regional development (2009), 56

As the main initiatives in economic and regional policy in Greece focuses on creating favourable conditions for general economic growth and innovation rather than regional redistribution and cohesion, the ... [more ▼]

As the main initiatives in economic and regional policy in Greece focuses on creating favourable conditions for general economic growth and innovation rather than regional redistribution and cohesion, the future of the peripheral areas is largely a local concern and to an increasingly degree depending upon European co-operation and initiatives. [less ▲]

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