The Relationship Between Greek Exports and Foreign Income
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The Relationship Between Greek Exports and Foreign Income
Chisiridis, Konstantinos | Panagiotidis, Theodore
Applied Economics Quarterly, Vol. 64 (2018), Iss. 1 : pp. 99–114
4 Citations (CrossRef)
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Chisiridis, Konstantinos, Department of Economics, University of Macedonia.
Panagiotidis, Theodore, Corresponding author: Theodore Panagiotidis, Department of Economics, University of Macedonia.
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Abstract
Abstract
This paper assesses the effect of foreign economic activity on Greek exports. We employ data from 1995:I to 2016:IV and quantify the long-run foreign income elasticity of Greek exports. We establish a cointegration relationship and employ Dynamic OLS estimations. We find that the aggregate foreign income elasticity of Greek exports is positive and significant. When foreign income is decomposed to the main trading partners, we reveal that economic growth in Turkey and in emerging markets such as the Balkans, North Africa and the Middle East have the greatest impact on Greek exports. The impact of the traditional European trading partners of Greece (Germany and Italy) are found to be positive but insignificant. Finally, the dynamic analysis shows a positive interaction between real income growth in Turkey and Greek export growth at the short-run horizon.
JEL classifications: C22, F43
Keywords: Greece, exports, foreign income, cointegration
Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| Konstantinos Chisiridis / Theodore Panagiotidis: The Relationship Between Greek Exports and Foreign Income | 1 | ||
| Abstract | 1 | ||
| 1. Introduction | 1 | ||
| 2. The Composition of Greek Export Goods per Region | 3 | ||
| 3. Methodology | 5 | ||
| 3.1 The Vector Autoregressive Model | 7 | ||
| 4. Empirical Results | 8 | ||
| 4.1 Data and Unit Root Tests | 8 | ||
| 4.2 Cointegration Analysis | 8 | ||
| 4.3 Income and Price Elasticities for Greek Exports | 8 | ||
| 4.4 Dynamic Analysis | 1 | ||
| 5. Conclusion | 1 | ||
| References | 1 | ||
| Appendix | 1 |