EVALUATING THE CSF WITH AN EXTENDED COMPUTABLE GENERAL EQUILIBRIUM-MODEL - THE CASE OF GREECE (1988-1995)

We assess the programs implemented in Greece under the European Community Support Framework (1989-1993), which aim at promoting growth through investments in infrastructure and human capital. We use counterfactual analysis based on an economy-wide extended CGE model to describe separately direct and indirect effects on the demand and the supply sides. A second set of simulations assuming full employment of capacity gives an order of magnitude of the efficiency loss due to macro constraints.