❖ Academic credentials

•  M.B.A. in Finance, ALBA Graduate Business School, Greece (2002).
• D.Phil. & M.Sc. in Economics, University of York, UK (1989 & 1993).
• PG Diploma in Economics, University of Warwick, UK (1988).
• B.Sc. in Economics, University of Piraeus, Greece (1987).

❖ Current employment

 Senior Research Fellow, Centre for Planning and Economic Research (KEPE), Athens, Greece.

❖ Working experience

Research experience

• Research Fellow (2004/08) & Senior Research Fellow (2008-), Centre for Planning and Economic Research (KEPE), Athens, Greece.
• Research Fellow (1995/98), Foundation of Economic & Industrial Research (IOBE), Athens, Greece.

 Academic experience

• Visiting Scholar (2017/18, 2020/21 & 2022/23), Hellenic Open University, Greece.
• Visiting Assistant Professor (2008/09), Athens University of Economics and Business, Greece.
• Visiting Lecturer (2009/10), Athens University of Economics and Business, Greece.
• Lecturer (1990/91), Leeds Business School, Leeds Beckett University, U.K.
• Tutor (1990/92), Department of Economics & Related Studies, University of York, U.K.

Professional experience

•  Member of the Board of Directors in the LARCO-Mining & Metallurgical Company (2010-2012).
• Director of Education (1998-2004), Athens Stock Exchange/Training Centre.
• Director of Investments (2001-2003), Omega Closed-Fund Portfolio Investment Company, Omega Bank Group, Athens, Greece.
• Economic Analyst (1998-2001), Department of Strategic Planning, Hellenic Telecommunications Organization (O.T.E.), Athens, Greece.

❖ Articles in AJG/ABDC ranked journals

•  “Testing how banks generate credit in the United States under the Basel III framework” (2024), International Review of Financial Analysis, 96, 103590 (με Κ. Loizos) [AJG list, 3***].
• “Assessing the money creation process under the Basel III framework: some evidence from the Eurozone” (2023), Finance Research Letters, Vol. 51, 103428 (με Economou) [AJG list, 2**].
•  “Estimating excise tax revenue(s), buoyancy and elasticity for tobacco & alcoholic beverages: evidence from Greece” (2022), Applied Economics, 54, pp. 4557-76 (with F. Economou, I. Kountouri, E. Tsouma & G. Skintzi) [AJG list, 2**].
•  “The effect of negative policy rates on the interest rate pass-through mechanism in the Eurozone” (2019), Review of Keynesian Economics, 7 (2), pp. 247-262 (with E. Tsouma) [ABDC list, C].
•  “Uncovering asymmetries in the relationship between the fear and the stock market using a hidden co-integration approach” (2018), Research in International Business & Finance, 43, pp. 457-470 (with F. Economou & E. Tsouma) [AJG list, 2**].
•  “Asymmetry in the response of unemployment to output changes in Greece: Evidence from hidden co-integration” (2016), Journal of Economic Asymmetries, 13 (1), pp.81-88 (with A. Koutroulis & E. Tsouma) [AJG list, 1*].
•  “Reassessing rigidities and asymmetries in the interest rate pass-through process: A hidden co-integration approach” (2015), Credit and Capital Markets, Vol. 48 (3), pp. 477-500 (with A. Spiliotis) [AJG, 1*].
• “Are unleaded gasoline and diesel price adjustments symmetric? a comparison of the four largest EU retail fuel markets” (2015), Economic Modelling, Vol. 48, pp. 281-291 (with S. Karagiannis & P. Vlamis) [AJG, 2**].
• “The response of bank retail rates to money market rates: evidence from the emerging BRIC economies: an application of the disaggregated GETS model” (2014), Emerging Markets, Finance and Trade, Vol. 50 (2), pp. 153-168 (with S. Karagiannis & P. Vlamis) [AJG, 2**].
• “Modelling banks' lending behaviour in a capital regulated framework” (2012), Metroeconomica, Vol. 63 (2), pp. 389–416 (with S. Karagiannis & A. Spiliotis) [AJG, 1*].
• “Symmetric or asymmetric interest rate adjustments? Evidence from south eastern Europe” (2011), Review of Development Economics, Vol. 5 (2), pp. 370-385 (with S. Karagiannis & P. Vlamis) [AJG, 2**].
• “Basel II and the money supply process: Some empirical evidence from the Greek banking system” (2010), Applied Economics Letters, Vol. 17 (10), pp. 973-976 [AJG, 1*].
• “Interest Rate pass-through in the Eurozone and the USA: Monetary policy after the financial crisis” (2010), Journal of Policy Modeling, Vol. 32 (3) pp. 323-338 (with S. Karagiannis & P. Vlamis) [AJG, 2**].
• “Monetary and banking policy transmission through interest rates: An empirical application to the USA, Canada, UK and Eurozone” (2010), International Review of Applied Economics, Vol. 24 (2), pp. 119-36 (with A. Spiliotis & I. Reziti) [AJG, 1*].
• “Bank lending, real estate bubbles & Basel II” (2009), Journal of Real Estate Literature, Vol. 16, pp. 295-310 (with P. Vlamis) [ABDC list, C].
• “Asymmetric price transmission in the Greek agri-food sector: Some tests” (2008), Agribusiness, Vol. 24 (1), pp. 16-30 (with I. Reziti) [ABDC list, C].
• “Alternative money theories: A G7 testing” (2008), Journal of Post Keynesian Economics, Vol. 30 (4), pp. 607-29 (with A. Spiliotis) [AJG, 2**].
• “Efficiency wage vs. institutional hypothesis: A disaggregated wage determination process of the Greek industry (1980 – 1995)” (2000), Ekonomia, Vol. 4 (1), pp. 18–53, [AJG, 1*].
• “The determinants of commercial banks’ lending behavior: Some evidence for Greece” (1998), Journal of Post Keynesian Economics, Vol. 20 (4), pp. 649 – 672 (with A. Spiliotis) [AJG, 2**].

❖ Articles in non-ranked journals

•  “Is central bank interest rate a policy tool for disinflation? Evidence from developing economies” (2009), Journal of Computational Optimization in Economics and Finance, Vol.1 (2), pp. 93-106 (with S. Karagiannis & P. Vlamis).
• “The banking policy transmission mechanism through interest rates: The case of Bulgaria, Greece and France” (2007), International Journal of Economics, Vol. 1 (2), pp. 91-99 (with S. Karagiannis & P. Vlamis).
• “Testing money supply endogeneity: The case of Greece” (2006), European Research Studies, Vol. 6 (1-2), pp. 85-102 (with A. Spiliotis).
• “Testing hysteresis in a Phillips-type aggregated wage equation: The case of Greece (1960 - 1999)” (2000), Spoudai: Journal of Economics & Business, Vol. 50 (3-4), pp. 56-73.
• “A Granger-causality analysis on the public deficit – money supply relationship: Some evidence for Greece” (2000), Spoudai: Journal of Economics & Business, Vol. 50 (3-4), pp. 3-19 (with A. Spiliotis & C. Alexakis).

❖ Articles in international books

•  “Basel agreements” & “Exogenous money” (2022), in Rochon, L.-P. & Rossi, S. (eds.), The Encyclopedia of Post-Keynesian Economics, Cheltenham: Edward Elgar (EE), p.p. 27-28 & 152-153.
• “New insights on the money supply endogeneity debate and the new ‘equity’ multiplier: Some evidence from Eurozone” (2017), in Rochon, L.-P. and Rossi, S. (eds.), Advances in Endogenous Money Analysis. Cheltenham: Edward Elgar (EE), pp. 129-144 (with A. Spiliotis).
• “Bank capital and the new credit multiplier”, in Rochon, L.P., Rossi, S. & Vernengo, M. (eds.), The Encyclopedia of Central Banking, Cheltenham: Edward Elgar (EE), pp. 23-24 (with A. Spiliotis).
• “The Basel II influence on the money supply process: A comparative analysis between Eurozone and USA” (2011), in Gnos, C. and Rochon, L.-P. (eds.), Credit, Money and Macroeconomic Policy. Cheltenham: Edward Elgar (EE), pp. 174-190 (with S. Karagiannis and A. Spiliotis).
•   “Are retail oil price adjustments asymmetric? Evidence from Greece and selected Eurozone countries” (2011), in Ballfousias, S., Hagipanayiotou, P. & Kanellopoulos, K. (eds.), Essays in Economics, ΚΕPΕ Edition, pp. 645-673 (with S. Karagiannis and P. Vlamis).
• “Do Interest Rate affect inflation? Evidence from South Eastern European Economies” (2009), in Baltas, N. and Brox, J. (eds.), The Global Economies of a Changing Environment. Waterloo: North Waterloo Academic Press, Canada, pp. 71-83 (with S. Karagiannis andι Vlamis).

❖ Articles in ΚΕPΕ Journals ( Greek Economic Outlook, Greek Economy)

 Journal: Greek Economic Outlook (in English & Greek)

 Articles of Conjuncture:

1) Aggregate Demand [22 articles]

2) International Macroeconomics [3 articles],

3) Inflation [28 articles],

4) Macro-econometric forecasting [3 articles],

5) Sectoral Studies [1 article].

Research articles (related to the Conjuncture section of the Journal):

•  “The relationship between harmonized inflation and its core during the economic crisis: an econometric approach” (2016), Vol. 31.
• “The impact on prices of hotels and restaurants of the recent changes in VAT” (2012), Vol.19 (with S. Karagiannis & S. Tsima).
• “Price differentials in Greece and the Eurozone: Convergence or Divergence?” (2011), Vol. 14 (with S. Karagiannis).

• “The effect of VAT increases on inflation” (2010), Vol. 13 (with S. Karagiannis).

Research articles (special topics of the Journal):

 a) Banking

•  “From Basel I to Basel III in the banking system: A brief theoretical presentation” (2024), Vol. 53.
• "Testing the (new) equity multiplier in the Greek banking system: 2002Q4-2019Q1" (2021), Vol. 45 (with K. Loizos).
• “The implementation of the “Hercules” project for the NPLs: assessment & sustainability prospects” (2020), Vol. 41 (with S. Mouzoulas & I. Peletides).
• “The special purpose vehicle (SPV) as a mechanism of banks’ relief from the NPLs through securitization” (2019), Vol. 38 (with S. Mouzoulas & I. Peletidis).
• “The significance and impact of the time and cost of collecting claims arising from the Greek banks NPLs” (2018), Vol. 36 (with S. Mouzoulas & I. Peletidis).
• “The acquisition & management of the NPLs from the investment funds and companies in Greece” (2017), Vol. 32 (with S. Mouzoulas & I. Peletidis).
• “The homogeneity of the NPLs determinants in the different categories of loans” (2016), Vol. 31 (with I. Peletidis).
• “The determinant factors of the NPLs during the economic crisis: a panel econometric approach” (2016), Vol. 30 (with F. Economou & I. Peletidis).
• “The effects of Greek bonds exchange program (PSI+) and the impaired provisions for the systemic banks’ equity” (2016), Vol. 29 (with I. Peletidis).

b) Productivity & growth

• “The role of productivity for the Greek economic growth” (2012), Vol. 18 (with S. Karagiannis & S. Papaioannou).
• “The link between inflation and economic growth” (2011), Vol. 15, (with S. Karagiannis & Ε. Tsouma).

Journal: Greek Economy (in Greek)

•  “The evolution of the common equity of the Greek banking system” (2015), Vol. 23 (with Y. Peletidis).
• “The structure and the trend of the loan portfolios of the Greek banking system inside euro” (2015), Vol. 18.
• “A sectoral analysis of the deflation in Greece” (2015), Vol. 16.
• “The structure of the retail interest rates in Greece, Portugal and Ireland: Some inferences from the economic crisis” (2014), Vol. 11.
• “The capital adequacy of the Greek banking system and the importance of alternative forms of financing the real economy”, (2014), Vol. 7.

Greek National Productivity Board (annual report)

• “Banks, financial stability and the finance-growth/productivity nexus” (2023), pp. 84-94 (with Κ. Loizos).

ΚΕPΕ selected discussion papers

•  “Is there an asymmetric response in unemployment rate to changes in output? A hidden co-integration approach” (2015), ΚΕΠΕ Discussion paper No. 140 (with A. Koutroulis & E. Tsouma).
• “Is the Eurozone homogeneous and symmetric? An interest rate pass-through approach before and during the financial crisis” (2012), ΚΕΠΕ Discussion paper No. 125 (with A. Spiliotis).
• “Some recent evidence upon testing hysteresis in the Greek Phillips-type aggregate wage equation” (2007), ΚΕΠΕ Discussion paper No. 90.

❖ Studies & Reports in KEPE & IOBE (in Greek)

•  Excise taxes on Tobacco and alcohol in Greece: revenues and elasticities (2020), Report No. 81, Athens: ΚΕPΕ (with Economou, F., Kountouri, I., Skintzi, G. & Tsouma, E.).
•  Labour market: Policy Developments and policy principles (2010), Report No. 65, Athens: ΚΕPΕ (with Kanellopoulos K., Athanosouli, K., Efstratioglou, K., Papakonstantinou, K. & Prodromides, P.).
• Basel II: Description and consequences for the banking system (2007), Studies Series No 65. Athens: KEPE. (with I. Peletidis).
• Telecommunications: The Telecommunicating equipment (1998), Athens: ΙΟΒΕ
• Telecommunicating Networks (1998), Athens: ΙΟΒΕ Report (with K. Vorloou).
• The Greek Pharmaceutical industry (1996), Athens: ΙΟΒΕ
• Air transport: The Airline companies (1997), Athens: ΙΟΒΕ Report (with A. Fragoudaki).
• The Paper Packaging Industry (1995), Athens: ΙΟΒΕ

❖ KEPE Special Reports (in Greek)

•  The state of the Greek economy at the end of 2025, KEPE Special Report (2025) (writing the Banking & Financial Section, with K. Loizos).
• Tourism development of the Karditsa region (2025), KEPE Special Report (with K. Loizos and P. Prodromiodis).

❖ Other activities

 Academic

• Deputy Scientific Director of KEPE (2013/2016).
• Head of the Macroeconomic Analysis & Forecasting Unit (2011/2020).
• Participation in the Association of European Economic Research Institutes (AIECE) (2011/2020).
• Member of the Editorial Board, Panoeconomicus (2012-2020) & Greek Economic Outlook, (2010/2014).

Referees

Finance Research Letters (2022), Review of Keynesian Economics (2014, 2019, 2020), South Eastern Europe Journal of Economics (2016, 2017, 2020), Review of Political Economy (2019), Journal of Emerging Market Finance (2019), Economic Modelling (2015), National Institute of Economic Review (2013), Panoeconomicus (2012, 2013), Applied Economics (2011), Review of Political Economy (2010), Journal of Banking and Finance (2010).

❖ Econometric packages

 E-Views & Stata

❖ Work in process

• “The importance of the solvency and liquidity risks for a loan generating process at the ‘edge of collapse’: what the Greek crisis reveals” (2026), International Journal of Finance & Economics, -, (with A. Spiliotis) [under review].
• “Reassessing the stability of the loan generating process with banks’ liquidity & capital endogenously driven: The case of Euro era”, -, (with A. Spiliotis) [in process].
• Competitive issues in the Greek banking system (2002-2025), KEPE Study No. - (with Κ. Loizos & A. Spiliotis) [in process].