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On capital shortages and European unemployment: a panel data investigation

Author

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  • Constantinos Alexiou
  • Christos Pitelis

Abstract

In view of the little attention that the relationship between capital stock and unemployment has received, this paper aims at exploring the relationship between those two variables. A Post Keynesian framework comprising a set of demand-side variables provides the basis on which the econometric investigation is conducted. In this context, the application of panel data analysis to EU countries provides evidence on this hitherto untested issue. In so doing, it also explores the extent to which the emergence of the new economic orthodoxy in Europe may be held responsible for the dire state that European labor markets are currently in.

Suggested Citation

  • Constantinos Alexiou & Christos Pitelis, 2003. "On capital shortages and European unemployment: a panel data investigation," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 25(4), pages 613-640.
    • Handle: RePEc:mes:postke:v:25:y:2003:i:4:p:613-640
    DOI: 10.1080/01603477.2003.11051371
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    Citations

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    Cited by:

    1. Ansgar Belke & Nicos Christodoulakis & Daniel Gros, 2019. "Lessons from the Strukturwandel in the Ruhrgebiet: turning Northern Greece into an industrial champion?," International Economics and Economic Policy, Springer, vol. 16(3), pages 535-562, July.
    2. Constantinos Alexiou & Joseph G. Nellis, 2016. "Investment Decisions within the Context of Financialization: Cointegration Evidence from the UK Economy," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 63(1), pages 113-133, March.
    3. David R. Howell, 2010. "Institutions, Aggregate Demand and Cross-Country Employment Performance: Alternative Theoretical Perspectives and the Evidence," Working Papers wp228, Political Economy Research Institute, University of Massachusetts at Amherst.
    4. Moritz Cruz & Peter Kriesler, 2010. "International Reserves, Effective Demand and Growth," Review of Political Economy, Taylor & Francis Journals, vol. 22(4), pages 569-587.
    5. Chella, Namapsa & Phiri, Andrew, 2017. "Long-run cointegration between foreign direct investment, direct investment and unemployment in South Africa," MPRA Paper 82371, University Library of Munich, Germany.
    6. Jean‐Bernard Chatelain, 2010. "The Profit–Investment–Unemployment Nexus And Capacity Utilization In A Stock‐Flow Consistent Model," Metroeconomica, Wiley Blackwell, vol. 61(3), pages 454-472, July.
    7. Engelbert Stockhammer & Erik Klär, 2011. "Capital accumulation, labour market institutions and unemployment in the medium run," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 35(2), pages 437-457.
    8. Nicos Christodoulakis & Christos Axioglou, 2017. "Underinvestment and Unemployment: The Double Hazard in the Euro Area," Applied Economics Quarterly (formerly: Konjunkturpolitik), Duncker & Humblot GmbH, Berlin, vol. 63(1), pages 49-80.
    9. Eckhard Hein & Engelbert Stockhammer, 2010. "Macroeconomic Policy Mix, Employment and Inflation in a Post-Keynesian Alternative to the New Consensus Model," Review of Political Economy, Taylor & Francis Journals, vol. 22(3), pages 317-354.
    10. Engelbert Stockhammer, 2008. "Is The Nairu Theory A Monetarist, New Keynesian, Post Keynesian Or A Marxist Theory?," Metroeconomica, Wiley Blackwell, vol. 59(3), pages 479-510, July.
    11. Yıldırım Mustafa Ozan & Yıldırım Ahmet Eren, 2017. "The Influence of Consumption and Investment on Unemployment in Turkey: A Svar Approach," Ekonomika (Economics), Sciendo, vol. 96(1), pages 74-92, January.
    12. Bande, Roberto & Riveiro, Dolores, 2012. "The Consumption-Investment-Unemployment Relationship in Spain: an Analysis with Regional Data," MPRA Paper 42681, University Library of Munich, Germany.
    13. Sujit Kapadia, 2003. "The Capital Stock and Equilibrium Unemployment: A New Theoretical Perspective," Economics Series Working Papers 181, University of Oxford, Department of Economics.
    14. Engelbert Stockhammer & Alexander Guschanski & Karsten Köhler, 2014. "Unemployment, capital accumulation and labour market institutions in the Great Recession," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 11(2), pages 182-194, September.
    15. Ioanna C. Bardakas, 2016. "Structural and cyclical factors of Greece’s current account balances: a note," Working Papers 206, Bank of Greece.
    16. Michelle C. Baddeley, 2008. "Structural Shifts In Uk Unemployment 1979–2005: The Twin Impacts Of Financial Deregulation And Computerization," Bulletin of Economic Research, Wiley Blackwell, vol. 60(2), pages 123-157, April.
    17. Alexiou, Constantinos & Argitis, Georgios, 2005. "Macroeconomic Policy and Unemployment: Empirical Evidence from the Euroland," Review of Applied Economics, Lincoln University, Department of Financial and Business Systems, vol. 1(1), pages 1-29, June.
    18. Philip Arestis & Michelle Baddeley & Malcolm Sawyer, 2007. "The Relationship Between Capital Stock, Unemployment And Wages In Nine Emu Countries," Bulletin of Economic Research, Wiley Blackwell, vol. 59(2), pages 125-148, April.

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