EconPapers    
Economics at your fingertips  
 

Business cycles in Greek maritime transport: an econometric exploration (1998–2015)

Konstantinos Konstantakis (), Theofanis Papageorgiou (), Apostolos G. Christopoulos, Ioannis G. Dokas and Panayotis Michaelides ()

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: Maritime transport has been a crucial input for the growth of the Greek economy given that the Greek fleet is one of largest merchant fleets in the world. However, the impact of the local and international business cycle on Greek maritime transport is inadequately researched, so far, in the literature. In this context, the present paper investigates the key determinants of maritime transport fluctuations in the three major ports of the Greek hinterland, taking into account a number of variables for the 1998–2015 time-span, capturing, at least partly, the global financial crisis and the local crisis, as well. To this end, various relevant quantitative techniques have been used, such as Granger causality, Dufour and Renault multistep causality and SURE system estimation. Our main finding is that Greek maritime transport traffic, as expressed through the cargo volumes of the three major ports of Piraeus, Volos and Thessaloniki, has not been influenced by the Greek business cycle, implying that the country’s maritime sector is practically independent of the macroeconomic conditions of the total economy. Clearly, future and more extended research would be relevant in the direction of applying the aforementioned approach to other EU countries of the Mediterranean.

Keywords: Maritime transport; Greek crisis; Global crisis; Business cycles; SURE; Causality (search for similar items in EconPapers)
JEL-codes: N0 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-tre
Date: 2017-06-24
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Published in Operational Research, 24, June, 2017. ISSN: 1109-2858

Downloads: (external link)
http://eprints.lse.ac.uk/83540/ Open access version. (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:83540

Access Statistics for this paper

More papers in LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library LSE Library Portugal Street London, WC2A 2HD, U.K.. Contact information at EDIRC.
Bibliographic data for series maintained by LSERO Manager ().

 
Page updated 2019-04-02
Handle: RePEc:ehl:lserod:83540