Course outlines

Fiscal Policy & Economics

The purpose of this course is two-fold:
Firstly, it seeks to introduce the student to the causes of the development of state intervention in the economy (and the philosophy that accompanies it) and, secondly, it focuses on the analysis of the differences in the economic policy applied over the recent period.
More specifically, the syllabus comprises:
• The basic Macroeconomic Concepts
• The market economy (Achievements and weaknesses. Optimal allocation of productive resources. Welfare criteria).
•The State and the concept of interventionism
• Public Expenditure: classification criteria
• Public goods (cost of public goods, methods of financing)
• Revenue: classification
• Tax policy (types of taxes, tax policy measures, tax burden)
• Public debt (Forms-categorization, Objectives)
• Budgeting
•Influences of government intervention in the economy (Taxes and Macroeconomic Effects. Duties and Microeconomic Effects, Multipliers)
•Fiscal policy (the stabilization measures of the economy. Fiscal and monetary policy)

Economic Integration

The forms of economic integration, the benefits of economic integration in general, the benefits of Economic and Monetary Union (EMU) referring to the efficient allocation of resources and economic growth, the benefits of EMU referring to price stability, the costs of economic integration in general, the cost of the common currency, the theory of optimum currency areas, the phases and stages of EMU, the EMU entrance criteria, the monetary policy in the EMU framework, the elements of the European Monetary Policy (EMP), the decision-making bodies of the EMP, the monetary policy strategy of the European Central Bank (ECB), monetary policy instruments of the Eurosystem, exchange rate policy in EMU, the fiscal policy in the context of EMU, the general framework of fiscal policy in the European Union (EU), the Excessive Deficit Procedure (EDP), the implementation of the EDP in the cases of Greece and other member-states of the European Union (EU), the Stability and Growth Programmes (SGP) and Convergence Programmes, the objectives and achievements of the SGP in the case of Greece, the European Stability Mechanism for the euro area countries, supervision of economic and fiscal policies in the EU, Macroeconomic Imbalance Procedure within the EU, European Financial Stability Mechanisms, coordination of the general economic policy in the EU context, the Broad Economic Policy in the EU.

International Economic Relations

1st CYCLE: International Trade and Commercial Policy
1st Session: Elements of Microeconomic Theory of General Equilibrium: Economic Methodology, General Equilibrium Model, Supply-Demand and Price Determination.
2nd Session: The Classical Model of International Trade: International Division of Labour, the Labor Theory of Value, Absolute Advantage, Comparative Advantage, International Terms of Trade, International Trade Equilibrium, Gains from Free Trade, Trade and Wages.
3rd Session: The Heckscher-Ohlin-Samuelson Model: Heckscher-Ohlin model and assumptions, Factor endowment, Factor intensity, Trade equilibrium in the HO model, Rybczynski Theorem, Factor Price Equalization Theorem, Stolper-Samuelson Theorem.
4th Session: Tariffs: Commercial Policy, Tariffs, Welfare analysis, Deadweight Loss, Optimal Tariff, Effective Rate of Protection.
5th Session: Nontariff Barriers and Arguments for Protectionism: Nontariff Barriers to Trade, Quota and its Effects, Quota vs. Tariff, Export Subsidy, Government Procurement Policies, Health and Safety Standards, Valid and Invalid Arguments for Protection, Tariffs and Public Revenue, Protection and National Defence, Arguments in favor of tariff protection of Infant Industries.
2nd CYCLE: International Finance
6th Session: Introduction and Balance of payments: Balance of payments, Exchange rates, Prices, Interest and exchange rates, Current Account, Financing the Current Account, Classification of Transactions, Balance of Payments Equilibrium and Adjustment.
7th Session: The Foreign Exchange Market: Spot Rate, Arbitrage and Hedging, Forward Rate, Swaps, Futures and Options, Central Bank Intervention, Black Markets and Parallel Markets.
8th Session: Prices and Exchange Rates: Purchasing Power Parity (PPP), Absolute and Relative PPP, Time and Inflation, Deviations from PPP, Overvalued vs. Undervalued Currencies, Interest Rate Parity, Interest Rates and Inflation, Exchange Rates, Expected Exchange Rates, Term Structure of Interest Rates.
9th Session: Foreign Exchange Risk, Forecasting and International Investment: Types of Exchange Risk, Foreign Exchange Risk Premium, Market Efficiency, International Investment and Diversified Portfolio, Direct Foreign Investment, Capital Flight, International Borrowing and Financial Crises.
10th Session: Basic Theories of the Balance of Payments: Balance of Trade Equilibrium, Theory of Elasticity, Elasticity and J Curves, Evidence from Devaluations, Restoring Balance of Payments Equilibrium: the Monetary Approach.

State Governance

The course aims at rendering students familiar with the mechanics of exercising public policy and governance in a real, not in an ideal environment, where continuous tensions and ambiguities (both obtrusive and unobtrusive) are witnessed. Henceforth, limitations emanating from juxtaposed interests, emerging from – often unforeseen – frictions at the local and at the international level, are taken into account. Key points of lectures focus on the interdependence between policies, positions, and viewpoints held by the various groups behind predominant social forces, as well as the public policy as expressed officially by the government. Differences between governing and governance are thus interpreted. Therefore, the essence of the course lies in the examination of the meaning and the interpretation of institutions, in the form that the latter have been shaped in the recent years. In-class examination of rational decisions, as well as of occasional irrational decisions taken within the context of exercising public policy, is best illustrated through examples and case studies. Cardinal policy decisions taken within the context of today’s turbulent environment are often not aligned with conventional trends.

Administrative Law and Disputes

Evolution of Administrative Law in Greece.
The principle of the Legitimized Administration.
Concept and classifications of administrative actions.
Concept and classifications of administrative bodies.
Administrative and judicial protection of the citizen.
General principles of Administrative Law.
Administrative contracts.
Administrative organization of Greece.
Administrative procedure (Litigation Model – Law 3900/2010).
Evolution of Administrative Law in Greece.
The principle of the Legitimized Administration.
Concept and classifications of administrative actions.
Concept and classifications of administrative bodies.
Administrative and judicial protection of the citizen.
General principles of the Administrative Law.
Administrative contracts.
Administrative organization of Greece.
Administrative procedure (Litigation Model – Law 3900/2010).


The course aims to render post-graduate students familiar with systems of evaluation and rewards that are applied, or are applicable in the public services. In this respect, relevant systems which are applied in other countries will be referred to. This unit is of particular interest due to the impending application of new evaluation systems in the public sector. The course outline is as follows:
o Diachronic evolution of personnel evaluation: From Personnel Management to Human Resource Management. Importance of personnel evaluation in the public sector. Objectives and criteria of personnel evaluation.
o Job design, job analysis, job description, and job specifications in the public sector. Development of employees.
o Subjective systems of personnel evaluation: Straight ranking, paired comparisons, forced distribution, graphic rating scales. Evaluation systems in the Greek public management.
o Behavior-based evaluation systems: Method of critical incidents, Behaviorally Anchored Rating Scales (BARS), Behavioral Observation Scales (BOS).
o Evaluation according to objectives: Management by Objectives (MBO) and Productivity Measurement & Evaluation System (PRoMES). Quality-based Evaluation.
o Evaluators: Supervisor, peers, subordinates, customers, self-evaluation, global evaluation.
o Errors during evaluation. Validity and Reliability errors. Evaluation interview.
o Connection of compensation with productivity. Historical evolution of reward systems. Meaning and content of rewards.
o Money and motivation. Motivation theories: Equity Theory (Adams), Achievement Theory (McClelland), Expectancy Theory (Vroom).
o Composition of rewards. Personnel compensation policies. Determination of rewards according to the labor market and according to the value of work. Development of a pay grade structure. Pay grade structure in the public sector.
o Systems of individual rewards. Bonus, commission, merit allowances, standard hour plans, rewards according to professional skills. Problems of individual reward systems.
o Group rewards. Profit-sharing, stock options, Employee Stock Ownership (ESOP). Types of fringe benefits. Executives’ rewards.

Financing Public Investment

1st lecture: Time value of money: Interest, compound interest, series of payment.
2nd Lecture: Financial Statement Analysis: Liquidity Ratios, Activity Ratios, Debt or Leverage ratios, Coverage ratios, Capital structure ratios, Return ratios, Valuation ratios, Break even analysis and trend analysis. Limitations.
3rd Lecture: Cash flow analysis: Cash outflow (initial investment) determination, Calculation of future cash flows, Calculation of net cash flows.
4th Lecture: Cost of capital: Cost of Bond loans, Cost of Preferred stock, Retained or undistributed earnings, Common share issuing, Weighted Average cost of capital, Marginal cost of capital.
5th Lecture: Capital Budgeting: Capital Investment Projects’ Evaluation, Capital Budgeting under Inflation
6th Lecture: Capital Budgeting under Uncertainty, Incorporating Risk in Capital Budgeting, Sensitivity Analysis, Scenario Analysis, Decision Trees.
7th Lecture: Leverage Analysis: Operational and Financial Leverage Analysis, Break even Analysis, Financial Risk, Business risk, Combined leverage.
8th Lecture: Foreign Direct Investments: Costs and Benefits, Neoclassical Theory of Cost and Benefit of Capital Transfer, Empirical Approaches to FDIs Cost and Benefit Analysis, FDIs and economic growth.
9th-10th Lecture: Detailed discussion on public investments.

Information Systems for Financial Decision-Making

Information – Systems – Subsystems.
Concepts, characteristics and distinctions of the above.
Information Systems.
Concept of an Information System. IS types with emphasis on the characteristics and usefulness of each type.
General reference to Implementing Information Systems and specific reference to
Management Information Systems, Decision Support Systems,
Expert Information Systems and Marketing Information Systems.
Information Systems Structure.

Structure by kinds of decision. Structure by levels of management activity. Structure by activities or functions.

Introductory reference to topics in computer systems.

Case Studies: Implemented Information Systems in Finance.

Reference to transaction processing elements (Batch, On Line, On Line – Real Time Transactions).

Elements and data modules. Files and Databases. Data organization.

Information System Development.

Approaches to IS development. IS life-cycle. Analysis of user requirements. Data collection techniques.

Technical design of an Information System

Software Technology, Hardware Technology
IS Designing tools
Ready packages, ERP Systems, Access, SQL
Decision Support Systems — Group Decision Support Systems, Decision-making across the spectrum of management in businesses and organizations of the Public and Private Sector.


The course “Total Quality Management for Services” is part of the kind of administration courses with a particular foundational and interdisciplinary basis. It sets as a priority the promotion of knowledge and responsible information about the principles, concepts and techniques of Total Quality; elements that make modern organizations and services more flexible and innovative (Innovation: a term which is exhaustively approached during the lectures).
The content of lectures is focused on offering more complete knowledge on specific topics. During the semester, emphasis will be given mainly on the following:

  • The key features, objectives and consequences of TQM
    • Quality cycles
    • Quality and the human factor
    • Quality and innovation
    • Administration of business processes
    • Quality Costs
    • Change management
    • Certification systems (ISO, HACCP, EMAS)
    • European Foundation for Quality Management-EFQM
    • Quality in Services (The SERVQUAL model)
    • Measurement and evaluation of quality
    • Quality improvement techniques
    • Quality managers
    • Quality in the Greek reality
    • Quality and public sector
    • Customer Satisfaction Indicators
    • Business Process Reengineering-BPR

Human Rights in the European Union

Evolution of the international protection of human rights.
Universal and regional systems of human rights protection.
European Treaty on Human Rights (Substantive and Procedural devices).
Protection of human rights in the European Union.
Chart of the Fundamental Rights in the European Union.

Tax Policy

This module looks closely at the Tax Theory and the range of activities that constitute the tax implementation and the distribution of tax burden. Moreover, it analyses critically the concepts of tax and duty, as well as the criteria of tax imposition, and presents the relationship between Taxation and Economic Growth, focusing on the policy of tax incentives. Furthermore, it examines Tax Policy issues such as Environmental, Social and Fiscal Policy. Finally, it covers the key issues of Tax Administration, Tax Competition and Tax Compliance.

Financial Statement Analysis

Course Description:
The course of Financial Statement Analysis deals with the use and interpretation of accounting information obtained from published financial statements. The purpose of Financial Statement Analysis is to assess the performance and prospects of the firm and assist decision-making. These decisions mainly concern resource allocation and financing of the firm. The course focuses on the following:
Introduction to basic concepts of Accounting
Introductory concepts in Financial Statements Analysis. Financial Statements and their regulatory framework.
Technical Analysis. Stratified and Temporal Analysis. Trend Statements and Common-size Statements.
Credit Risk Analysis. Liquidity Ratios, Working capital ratios.

Cash Flow Statement Compilation and Interpretation, Earnings Quality, Free Cash Flows.
Efficiency (Profitability) Analysis, Total Capital profitability Ratios, Return on Equity, Financial Leverage.
Cost-based Decision-making. Revenue and expense break-even point. Operating Leverage.
Capital Structure Indexes. Stock market indexes.
Case Study

State Budgeting

PartA. Public Budget
1. Definition of Public Budget (Budget and related concepts).
2. Importance of the Budget (Budgetary and Fiscal Program, Budget and Government policy).
3. Sections of Public Budget (Regular Budget and Public Investment Budget, Annexed Budgets).
4. Classifications of Public Revenues and Expenditures (Public Accounting Methodology).
5. Budget Compilation (compilation process, revenues and expenditures assessment, principles of budgetary compilation).
6. Budgetary Execution (Voting, establishment and collection of revenues, assumption-clearance-payments of public expenditures).
Part B. Budget and National Accounts
1. Introductory concepts of National Accounts (Institutional units and sectors, transactions, accounts and basic aggregates).
2. Defining the limits of the General Government institutional sector.
3. Compilation of General Government aggregates in National Accounts concepts, using the State Budget/ State Outturn.
4. Definition of General Government Deficit-Debt and their correlation with the Public Budget/ Outturn deficit.
5. Maastricht Treaty-State Budget-Excessive Deficit Procedure.


The course provides theoretical and empirical basis for developing skills on the statistical analysis of survey data, using the statistical package SPSS. Emphasis is on practical application, the selection of appropriate methodology in data analysis, examining the conditions and diagnoses, and interpretation of results.
Upon completion of this course students will have the ability to:
collect, compile and present data,

formulate hypotheses tests in quantitative and qualitative data to apply models of simple and multiple regression, as well as factor analysis, and interpret the results.
Basic concepts:

Descriptive statistics and graphs

Parametric hypothesis testing

Analysis of contingency tables

Correlation analysis

Regression (simple, multiple)

Factor analysis

Content of the course:
The role of statistics in modern research and the economy. Terminology and basic concepts (population, sample, random variables). Analysis of Quantitative Data (measures of position, measures of dispersion). Descriptive statistics, Normal distribution, Basic concepts of hypothesis testing. Other parametric tests (t-test for two independent samples, paired t-test). Theoretical reference to other parametric tests.
Analysis of Categorical Data χ2 test.
Data entry into SPSS, basic descriptive statistics and graphs in SPSS, hypothesis testing normality through SPSS. One sample t-test, two independent samples t-test and paired t-test, Normality testing, χ2 test in SPSS.
Simple regression analysis and the analysis of variance. Multiple linear regression (confidence intervals and hypothesis testing for coefficients of linear regression, forecasting). Interpretation of results. Model selection and comparison. Methods of variables selection. Multiple Regression Diagnostic Tests. Factor Analysis and the method of principal components. Multiple Regression in SPSS. Factor analysis in SPSS.

Public Revenue and Expenditure Control

The aim of this module is to introduce students to the various auditing approaches concerning both public revenue and expenditure. At the same time, the insufficient follow up of these figures and their effects (contribution evasion, tax avoidance, black economy etc.) are investigated. The auditing approaches in Greece and abroad are also presented. The audit divisions are outlined, while the basic principles of International Standards on Auditing (with an emphasis on the Public Sector) are examined, as they are devised by the International Federation of Accountants, providing proposals for a more effective and appropriate auditing of the public revenue.