The Relationship Between Greek Exports and Foreign Regional Income

Konstantinos Chisiridis () and Theodore Panagiotidis

GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe from Hellenic Observatory, LSE

Abstract: This paper assesses the effect of foreign economic activity on Greek exports based on both static and dynamic analysis. We employ data from 1990:I to 2016:IV and quantify the long-run foreign income elasticity of Greek exports. We establish a cointegration relationship and find that the aggregate foreign income elasticity of Greek exports is 1.72 and the price elasticity is negative. We reveal that economic growth in Germany, Italy and Turkey has the greatest impact on Greek exports and the corresponding elasticities are found to be 0.75, 0.72 and 0.65. The rest of the European countries are also found to be significant for the growth of the Greek exports. Finally, the dynamic analysis shows a positive interaction between real income growth in Germany, Italy, the rest of Europe and Greek export growth in the short-run horizon.

Date: 2017-07
New Economics Papers: this item is included in nep-eur and nep-int
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