The challenge of trade adjustment in Greece. / Arkolakis, Costas; Doxiadis, Aristos; Galenianos, Manolis.

Crisis in the Eurozone - Policy Options for Greece. ed. / Costas Meghir; Christopher Pissarides; Dimitri Vayanos; Nikos Vettas. MIT Press, 2016.

Research output: Chapter in Book/Report/Conference proceedingChapter

Forthcoming

Standard

The challenge of trade adjustment in Greece. / Arkolakis, Costas; Doxiadis, Aristos; Galenianos, Manolis.

Crisis in the Eurozone - Policy Options for Greece. ed. / Costas Meghir; Christopher Pissarides; Dimitri Vayanos; Nikos Vettas. MIT Press, 2016.

Research output: Chapter in Book/Report/Conference proceedingChapter

Harvard

Arkolakis, C, Doxiadis, A & Galenianos, M 2016, The challenge of trade adjustment in Greece. in C Meghir, C Pissarides, D Vayanos & N Vettas (eds), Crisis in the Eurozone - Policy Options for Greece. MIT Press.

APA

Arkolakis, C., Doxiadis, A., & Galenianos, M. (Accepted/In press). The challenge of trade adjustment in Greece. In C. Meghir, C. Pissarides, D. Vayanos, & N. Vettas (Eds.), Crisis in the Eurozone - Policy Options for Greece MIT Press.

Vancouver

Arkolakis C, Doxiadis A, Galenianos M. The challenge of trade adjustment in Greece. In Meghir C, Pissarides C, Vayanos D, Vettas N, editors, Crisis in the Eurozone - Policy Options for Greece. MIT Press. 2016

Author

Arkolakis, Costas ; Doxiadis, Aristos ; Galenianos, Manolis. / The challenge of trade adjustment in Greece. Crisis in the Eurozone - Policy Options for Greece. editor / Costas Meghir ; Christopher Pissarides ; Dimitri Vayanos ; Nikos Vettas. MIT Press, 2016.

BibTeX

@inbook{6e435ae2157b4e188ab64add4aeb5cb7,
title = "The challenge of trade adjustment in Greece",
abstract = "Greece{\textquoteright}s trade deficit declined by 10% of GDP between 2007 and 2012, removing one of the great economic imbalances of the pre-crisis years. However, this reduction was achieved exclusively through import compression while exports fell over that period, thereby worsening the economic crisis. This chapter studies Greece{\textquoteright}s export underperformance in comparison to Ireland, Portugal and Spain as well as Greece{\textquoteright}s own pre-crisis experience. The main findings are that (1) given past performance, Greece{\textquoteright}s exports should have increased by 25%, rather than drop by 5% between 2007 and 2012; (2) labor markets have adjusted to the new economic environment; (3) product markets did not adjust, hindering the recovery of competitiveness; (4) export underperformance is responsible for a third of the decline in GDP since 2007. We find that the business environment and firm size distribution in Greece are also hindering the necessary adjustment. ",
author = "Costas Arkolakis and Aristos Doxiadis and Manolis Galenianos",
year = "2016",
language = "English",
editor = "Costas Meghir and Christopher Pissarides and Dimitri Vayanos and Nikos Vettas",
booktitle = "Crisis in the Eurozone - Policy Options for Greece",
publisher = "MIT Press",

}

RIS

TY - CHAP

T1 - The challenge of trade adjustment in Greece

AU - Arkolakis, Costas

AU - Doxiadis, Aristos

AU - Galenianos, Manolis

PY - 2016

Y1 - 2016

N2 - Greece’s trade deficit declined by 10% of GDP between 2007 and 2012, removing one of the great economic imbalances of the pre-crisis years. However, this reduction was achieved exclusively through import compression while exports fell over that period, thereby worsening the economic crisis. This chapter studies Greece’s export underperformance in comparison to Ireland, Portugal and Spain as well as Greece’s own pre-crisis experience. The main findings are that (1) given past performance, Greece’s exports should have increased by 25%, rather than drop by 5% between 2007 and 2012; (2) labor markets have adjusted to the new economic environment; (3) product markets did not adjust, hindering the recovery of competitiveness; (4) export underperformance is responsible for a third of the decline in GDP since 2007. We find that the business environment and firm size distribution in Greece are also hindering the necessary adjustment.

AB - Greece’s trade deficit declined by 10% of GDP between 2007 and 2012, removing one of the great economic imbalances of the pre-crisis years. However, this reduction was achieved exclusively through import compression while exports fell over that period, thereby worsening the economic crisis. This chapter studies Greece’s export underperformance in comparison to Ireland, Portugal and Spain as well as Greece’s own pre-crisis experience. The main findings are that (1) given past performance, Greece’s exports should have increased by 25%, rather than drop by 5% between 2007 and 2012; (2) labor markets have adjusted to the new economic environment; (3) product markets did not adjust, hindering the recovery of competitiveness; (4) export underperformance is responsible for a third of the decline in GDP since 2007. We find that the business environment and firm size distribution in Greece are also hindering the necessary adjustment.

M3 - Chapter

BT - Crisis in the Eurozone - Policy Options for Greece

A2 - Meghir, Costas

A2 - Pissarides, Christopher

A2 - Vayanos, Dimitri

A2 - Vettas, Nikos

PB - MIT Press

ER -