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The private sector Greek labour market during the crisis

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  • Costas N. Kanellopoulos

    (Bank of Greece)

Abstract

This article examines the effects of the economic crisis and the institutional reforms undertaken in the Greek private sector labour market using Social Security Fund (IKA) data. The data used are classified by the number of insured employees, their wages as well as the number of active firms. The number of employees and the number of firms have been trending downwards since the summer of 2008, with the trend intensifying particularly in 2011 and 2012. However, since January 2013 a recovery has been recorded. The latter changes appear to partly reflect the effect of the labour market reforms implemented during the crisis. The evolution of the variables examined shows that if wage adjustment had been implemented earlier, the employment losses or equivalently the size and duration of unemployment may not have been so high.

Suggested Citation

  • Costas N. Kanellopoulos, 2014. "The private sector Greek labour market during the crisis," Economic Bulletin, Bank of Greece, issue 39, pages 21-36, July.
    • Handle: RePEc:bog:econbl:y:2014:i:39:p:21-36
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    More about this item

    Keywords

    Wage rigidity; Economic adjustment program; Labor market reforms;
    All these keywords.

    JEL classification:

    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy
    • K31 - Law and Economics - - Other Substantive Areas of Law - - - Labor Law

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