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The impact of the current crisis on private returns to education in Greece

Ioannis Cholezas, Nikolaos Kanellopoulos (), Theo Mitrakos () and Panos Tsakloglou
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Ioannis Cholezas: Centre of Planning and Economic Research (KEPE)

Economic Bulletin, 2013, issue 38, 33-63

Abstract: This paper explores the relationship between the position of individuals in the labour market (employment characteristics and wages) and their education level in order to determine the private returns to education in Greece. Specifically, the focus is on the impact of the crisis on the returns to education. The main conclusions of the study are: (i) the crisis has increased the probability of unemployment for all, though generally those with more education have suffered less; (ii) higher unemployment has reduced wages, especially for men and for those with a postgraduate degree; and (iii) education, even after adjusting for unemployment risk, continues to yield high returns in the crisis period. Thus, even in the crisis, tertiary education graduates enjoy better prospects in the labour market than lower education level graduates.

Keywords: returns to education; Greek crisis; unemployment; wages (search for similar items in EconPapers)
JEL-codes: D45 L43 L92 (search for similar items in EconPapers)
Date: 2013
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Handle: RePEc:bog:econbl:y:2013:i:38:p:32-63