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

Author

Listed:
  • Ioannis Cholezas

    (Centre of Planning and Economic Research (KEPE))

  • Nikolaos C Kanellopoulos

    (Centre of Planning and Economic Research (KEPE))

  • Theodoros Mitrakos

    (Bank of Greece)

  • Panos Tsakloglou

    (Athens University of Economics and Business)

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.

Suggested Citation

  • Ioannis Cholezas & Nikolaos C Kanellopoulos & Theodoros Mitrakos & Panos Tsakloglou, 2013. "The impact of the current crisis on private returns to education in Greece," Economic Bulletin, Bank of Greece, issue 38, pages 33-63, November.
    • Handle: RePEc:bog:econbl:y:2013:i:38:p:32-63
    as

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    File URL: https://www.bankofgreece.gr/BogEkdoseis/econbull201311.pdf
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    References listed on IDEAS

    as
    1. Kyprianos Prodromidis & Prodromos Prodromidis, 2008. "Returns to education: the Greek experience, 1988-1999," Applied Economics, Taylor & Francis Journals, vol. 40(8), pages 1023-1030.
    2. Evangelia Papapetrou, 2007. "Education, labour market and wage differentials in Greece," Economic Bulletin, Bank of Greece, issue 28, pages 51-73, February.
    3. Evangelia Papapetrou, 2008. "Evidence on gender wage differentials in Greece," Economic Change and Restructuring, Springer, vol. 41(2), pages 155-166, June.
    4. Evangelia Papapetrou, 2004. "Gender Wage Differentials in Greece," Economic Bulletin, Bank of Greece, issue 23, pages 47-64, July.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    returns to education; Greek crisis; unemployment; wages;
    All these keywords.

    JEL classification:

    • L43 - Industrial Organization - - Antitrust Issues and Policies - - - Legal Monopolies and Regulation or Deregulation
    • L92 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Railroads and Other Surface Transportation
    • D45 - Microeconomics - - Market Structure, Pricing, and Design - - - Rationing; Licensing

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