Panagiotis KOUDOUMAKIS
Dr. Civil Engineer, Democritus University of Thrace (DUTh), Department of Civil Engineering, Greece
pkoudoum@civil.duth.gr
George BOTZORIS
Assistant Professor, Democritus University of Thrace (DUTh), Department of Civil Engineering, Greece
gbotzori@civil.duth.gr
Angelos PROTOPAPAS
Professor, Democritus University of Thrace (DUTh), Department of Civil Engineering, Greece
aproto@civil.duth.gr
Vassilios PROFILLIDIS
Professor, Democritus University of Thrace (DUTh), Department of Civil Engineering, Greece
vprofill@civil.duth.gr
Abstract
In this paper, the impact of the economic crisis on the convergence of the Greek region’s economy to the European average is examined. In particular, it is being considered the condition of absolute β-convergence using the econometric model of Barro and Sala-i-Martin. The dependent variable was represented by the average value of Gross Domestic Product (GDP) per capita in Purchasing Power Standards (PPS). Additionally the hypothesis of the σ-convergence of the regions of the EU and Greece is being considered, based on the coefficient of variation weighted by population. The results of both absolute β-convergence and σ-convergence suggest a declining trend of convergence and persistence of inequalities for the regions of the EU, following the outbreak of 2008 economic crisis. Regarding the regions of Greece, the results indicate, on the one hand, their deviation from the average income of the regions of the EU and, on the other, a significant increase in the regional disparities in the period 2000-2016.
Keywords: Convergence, Disparities, Economic Crisis, Regions
JEL classification: O41, R11, R12
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