Publications

Taun Toay

• Research Project Reports | July 2014

  Co-operative Banking in Greece

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  A Proposal for Rural Reinvestment and Urban Entrepreneurship

  The crisis in Greece is persistent and ongoing. After six years of deepening recession, real GDP has shrunk by more than 25 percent, with total unemployment now standing at 27.2 percent. Clearly, reviving growth and creating jobs should be at the top of the policy agenda.
  
  But banks remain undercapitalized, and lending has been restricted to only the most creditworthy businesses and households. Many start-ups and small- and medium-size enterprises (SMEs) have almost no access to development loans, and for those to whom credit can be extended, it is at disproportionally high interest rates.
  
  The success of micro-lending institutions in developing nations (such as the Grameen Bank in Bangladesh) has highlighted the positive economic performance of community-based credit, and such lending models have proven to be an important poverty policy alternative in areas where transfer payments are limited. Community or co-operative financial institutions (CFIs) can fill the gap when existing institutions cannot adequately perform critical functions of the financial system for SMEs, entrepreneurs, and low-income residents seeking modest financing and other banking services.
  
  We propose expanding the reach and services of CFIs within Greece, drawing upon lessons from the US experience of community development banking and various co-operative banking models in Europe. The primary goals of this nationwide system would be to make credit available, process payments, and offer savings opportunities to communities not well served by the major commercial Greek banks.
  
  Our blueprint includes suggestions on the banks’ organization and a framework within which they would be chartered, regulated, and supervised by a newly created central co-operative bank. It also looks at the possible impact that such a network could have, especially in terms of start-ups, SMEs, and rural redevelopment (agrotourism)—all of which are critical to Greece’s exit from recession. 

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  Research Project Report, April 2014

  Associated Program:

  Monetary Policy and Financial Structure

  Author(s):

  Dimitri B. Papadimitriou Taun Toay

  Related Topic(s):

  Agrotourism Banking Co-operative financial institutions (CFIs) Community development banks (CDBs) Entrepreneurship Eurozone debt crisis Greece Greek economic crisis Rural redevelopment Small- and medium-size enterprises (SMEs)

  

• Research Project Reports | November 2011

  Direct Job Creation for Turbulent Times in Greece

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  Countries in crisis round the world face the daunting task of dealing with abrupt increases in unemployment and associated deepening poverty. Greece, in the face of her sovereign debt crisis, has been hit the hardest. Remediating employment policies, including workweek reductions and employment subsidies, abound but have failed to answer the call satisfactorily. Direct public-service job creation, instead, enables communities to mitigate risks and vulnerabilities that rise especially in turbulent times by actively transforming their own economic and social environment.

  With underwriting from the Labour Institute of the Greek General Confederation of Workers, the Levy Economics Institute was instrumental in the design and implementation of a social works program of direct job creation throughout Greece. Two-year projects, funded from European Structural Funds, have begun.

  This report traces the economic trends preceding and surrounding the economic crisis in Greece, with particular emphasis on recent labor market trends and emerging gaps in social safety net coverage. While its primary focus is identifying the needs in Greece, broader lessons for direct job creation are highlighted, and could be applied to countries entertaining targeted employment creation as a means to alleviate social strains during crisis periods.

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  Research Project Report, November 30, 2011

  Associated Program(s):

  Employment Policy and Labor Markets Gender Equality and the Economy

  Author(s):

  Rania Antonopoulos Dimitri B. Papadimitriou Taun Toay

  Related Topic(s):

  Direct job creation Employer of Last Resort (ELR) policy Employment guarantee Employment policy Eurozone debt crisis Greek economic crisis Labor markets Public service jobs Social safety net

  

• Working Paper No. 570 | July 2009

  From Unpaid to Paid Care Work

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  The Macroeconomic Implications of HIV and AIDS on Women's Time-tax Burdens

  This paper considers public employment guarantee programs in the context of South Africa as a means to address the nexus of poverty, unemployment, and unpaid work burdens—all factors exacerbated by HIV/AIDS. It further discusses the need for genderinformed public job creation in areas that mitigate the “time-tax” burdens of women, and examines a South African initiative to address social sector service delivery deficits within the government’s Expanded Public Works Programme. The authors highlight the need for well-designed employment guarantee programs—specifically, programs centered on community and home-based care—as a potential way to help offset the destabilizing effects of HIV/AIDS and endemic poverty. The paper concludes with results from macroeconomic simulations of such a program, using a social accounting matrix framework, and sets out implications for both participants and policymakers.

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  Working Paper No. 570

  Associated Program:

  Gender Equality and the Economy

  Author(s):

  Rania Antonopoulos Taun Toay

  Related Topic(s):

  Care work and family policy Community and home-base care (CHBC) Employer of Last Resort (ELR) policy Employment guarantee Expanded Public Works Programme (EPWP) Gender Social Accounting Matrix (SAM) South Africa Unpaid work