Whither Greece? Productivity before and after the Subprime Crisis

Theoretical Economics Letters, volume 13, issue 07, 2023[10.4236/tel.2023.137103]

33 Pages Posted: 19 Jan 2024

See all articles by Mike G. Tsionas

Mike G. Tsionas

Lancaster University

Mara E. Vidali

Agricultural University of Athens

George N. Leledakis

Athens University of Economics and Business, School of Business, Department of Accounting and Finance

Anastasios E. Tasiopoulos

Athens University of Economics and Business - Department of Economics

Date Written: November 2023

Abstract

This paper employs a stochastic production frontier model with time-varying inefficiency to assess the performance and productivity growth of 9,054 Greek firms from 1996 to 2017. Various forms of capital are incorporated, extending beyond physical capital and labor, to estimate productivity growth and disentangle its components. Our results indicate that, despite a significant decrease in productivity growth after 2007, it remains positive on average, albeit with notable variations among firms. These findings offer valuable insights to inform future policy decisions in Greece, which may have implications for other nations as well.

Keywords: Productivity growth, Production functions, Stochastic frontiers

JEL Classification: C13, C33, D24, G30, L25

Suggested Citation

Tsionas, Mike G. and Vidali, Maria and Leledakis, George N. and Tasiopoulos, Anastasios E., Whither Greece? Productivity before and after the Subprime Crisis (November 2023). Theoretical Economics Letters, volume 13, issue 07, 2023[10.4236/tel.2023.137103], Available at SSRN: https://ssrn.com/abstract=4679394 or http://dx.doi.org/10.4236/tel.2023.137103

Mike G. Tsionas

Lancaster University

Lancaster LA1 4YX
United Kingdom

Maria Vidali

Agricultural University of Athens ( email )

Iera Odos 75
Athens, Votanikos 11855
Greece

George N. Leledakis (Contact Author)

Athens University of Economics and Business, School of Business, Department of Accounting and Finance ( email )

76 Patission Str.
Athens, 104 34
Greece
+30 210 8203 459 (Phone)
+30 210 8228 816 (Fax)

HOME PAGE: http://www.aueb.gr/en/faculty_page/leledakis-georgios

Anastasios E. Tasiopoulos

Athens University of Economics and Business - Department of Economics ( email )

76 Patission Street
Athens, 104 34
Greece

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