Economic Bulletin Number 24, January 2005 Economic Bulletin Ñ BANK of GREECE
BANK OF GREECE Economic Bulletin Number 24, January 2005 Economic Bulletin ñ BANK OF GREECE Number 24, January 2005 BANK OF GREECE Economic Bulletin Number 24, January 2005 BANK OF GREECE 21, E. Venizelos Avenue 102 50 Athens www.bankofgreece.gr Economic Research Department - Secretariat Tel.+30210 320 2392 Fax +30210 323 3025 Printed in Athens, Greece at the Bank of Greece Printing Works ISSN 1105 - 9729 Contents Greek banking profitability: recent developments Heather D. Gibson 7 The effect of merger and acquisition announcement on Greek bank stock returns Panagiotis Athanasoglou Ioannis Asimakopoulos Evangelia Georgiou 27 The redistributional impact of inflation in Greece Theodore Mitrakos Stavros Zografakis 45 Socio-economic differences in the job satisfaction of high-paid and low-paid workers in Greece Ioannis Theodossiou Konstantinos Pouliakas 83 Working Papers 117 Monetary policy and financial system supervision measures 127 Decisions of the Bank of Greece 129 Statistical section 135 Articles published in previous issues of the Economic Bulletin 159 6 ECONOMIC BULLETIN, 24 1/05 Greek banking In an article co-authored with Barry Eichengreen for the Bank of Greece – Brookings conference on profitability: recent the Greek economy back in December 2000, we developments* argued that the Greek banking system was being driven by three main forces: catch-up, competi- tion and privatisation. We focused on the impact of these forces on various characteristics of the banking sector, including, in particular, its prof- itability (Eichengreen and Gibson, 2001).1 Since writing the article, a number of papers have been published on the Greek banking sector. Heather D. Gibson These focus on issues of efficiency and the related Economic Research Department question of whether Greek banks enjoy econo- mies of scale (Christopoulos and Tsionas, 2001, Christopoulos et al., 2002, Tsionas et al,.
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