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An Empirical Analysis of the Trade Impediments in Greece’s Global Trade Relationships: A CGE Approach

In: Applied Economic Research and Trends

Author

Listed:
  • Gerasimos Bertsatos

    (University of Western Macedonia)

  • Nicholas Tsounis

    (University of Western Macedonia)

Abstract

In this work, a multi-sector computable general equilibrium (CGE) model for the trading relationship between Greece and the rest of the world (RoW) countries is developed. It is examined how an import tariff and various quotas will affect the Greek economy. To measure the magnitude of these trade barriers and how Greece’s output changes as a result of lower RoW imports, the 2015 Input–Output (I-O) for the Greek economy has been used. As a scenario, quotas of 67% on energy imports and 35% on the remaining imports from RoW are implemented, combined with a 30% ad valorem import tariff. The results shed light on the fact that the output level and the domestic use level are considerably decreased since Greece is an energy-dependent country and is heavily reliant on RoW imports. When the effect of the quotas is combined with that of the import tariff, where prices increase and quantities decrease, the pollution/energy haven effect emerges, in which firms may reallocate to countries with less rigorous energy regulations and continue to produce as before.

Suggested Citation

  • Gerasimos Bertsatos & Nicholas Tsounis, 2024. "An Empirical Analysis of the Trade Impediments in Greece’s Global Trade Relationships: A CGE Approach," Springer Proceedings in Business and Economics, in: Nicholas Tsounis & Aspasia Vlachvei (ed.), Applied Economic Research and Trends, chapter 0, pages 187-204, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-49105-4_11
    DOI: 10.1007/978-3-031-49105-4_11
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    More about this item

    Keywords

    CGE model; Greece; RoW relationship; Input; Output table; CES function;
    All these keywords.

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade

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