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Unequal exchange and absolute cost advantage: evidence from the trade between Greece and Germany
[The local power of some unit root tests for panel data]

Author

Listed:
  • Persefoni Tsaliki
  • Christina Paraskevopoulou
  • Lefteris Tsoulfidis

Abstract

This article investigates the nature and the salient features of international trade between Greece and her major trading partner Germany. The analysis inspired by the classical theory of value and distribution and using input–output data spanning the period 1995–2011 shows that the German economy possesses absolute cost advantage in its trade with Greece which gives rise to unequal exchange in the sense of transfers of labour values from Greece to Germany.

Suggested Citation

  • Persefoni Tsaliki & Christina Paraskevopoulou & Lefteris Tsoulfidis, 2018. "Unequal exchange and absolute cost advantage: evidence from the trade between Greece and Germany [The local power of some unit root tests for panel data]," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 42(4), pages 1043-1086.
    • Handle: RePEc:oup:cambje:v:42:y:2018:i:4:p:1043-1086.
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    File URL: http://hdl.handle.net/10.1093/cje/bex060
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    Citations

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    Cited by:

    1. Cajas-Guijarro, John & Pérez-Almeida, Bryan, 2021. "Comercio, sobreexplotación laboral y ciclos en la periferia: una propuesta teórica y el caso ecuatoriano desde un modelo PVAR. || Trade, super-exploitation of labor power and cycles in the periphery: ," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 31(1), pages 161-197, June.
    2. Fusheng Xie & Jiateng Wang & Zhi Li, 2023. "The Greek Crisis Under Structural Constraints," Review of Radical Political Economics, Union for Radical Political Economics, vol. 55(2), pages 309-332, June.
    3. Jacobo Ferrer-Hernández & Luis Daniel Torres-González, 2021. "Eigenvalues and Eigenlabors: On Iliadi’s, Mariolis’, Soklis’, and Tsoulfidis’ Explanation of the Empirical Regularities in Price Curves," Working Papers 2119, New School for Social Research, Department of Economics.
    4. Boundi-Chraki, Fahd & Perrotini-Hernández, Ignacio, 2021. "Absolute cost advantage and sectoral competitiveness: Empirical evidence from NAFTA and the European Union," Structural Change and Economic Dynamics, Elsevier, vol. 59(C), pages 162-173.
    5. Rivera-Basques, Luisa & Duarte, Rosa & Sánchez-Chóliz, Julio, 2021. "Unequal ecological exchange in the era of global value chains: The case of Latin America," Ecological Economics, Elsevier, vol. 180(C).
    6. Tsoulfidis, Lefteris, 2017. "Ricardo’s Theory of Value is Alive and Well in Contemporary Capitalism," MPRA Paper 96491, University Library of Munich, Germany, revised 11 Oct 2019.
    7. John Marangos, 2023. "The Post-Keynesian Perspective and Policy Recommendations for the Greek Financial Crisis," Review of Radical Political Economics, Union for Radical Political Economics, vol. 55(3), pages 423-447, September.
    8. Maciej Grodzicki, 2018. "Prices of Value Added and Competitiveness in Global Value Chains," SPRU Working Paper Series 2018-14, SPRU - Science Policy Research Unit, University of Sussex Business School.
    9. Natalya Yu. Yaroshevich, 2020. "Production differentiation in the industrial markets for mechanical engineering: Supply factors," Upravlenets, Ural State University of Economics, vol. 11(5), pages 47-57, November.
    10. Tsoulfidis, Lefteris, 2018. "Ricardo’s Theory of Value is Still Alive and Well in Contemporary Capitalism," MPRA Paper 85822, University Library of Munich, Germany, revised 10 Apr 2018.

    More about this item

    Keywords

    Unequal exchange; Absolute cost advantage; Classical theory of value; Factor content; Input–output;
    All these keywords.

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

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