Kostas Karamanis

University of Ioannina,

Greece

kkaraman@teiep.gr

Greek labour market: The evaluation of minimum wage and unemployment during the period 2000-2017

Christina Beneki

Ionian University,

Greece

benekic@ionio.gr

Marilou Ioakimidis

University of Peloponnese and National and 

Kapodistrian University of Athens,

Greece

mioakeim@econ.uoa.gr

Abstract. The aim of this paper is to analyze the relationship between the minimum wage level and the rates of unemployment and employment at Greek labour market, 2000 to 2017. According to theoretical and empirical studies, the relationship between labour market and the minimum wage rate is either positive, or negative, or even not related at all, depending on the assumptions about the characteristics of the labour market. Our study concludes that there is no clear correlation between the level of minimum wage and unemployment in the case of Greek labour market. Evidence is presented that employment and unemployment rates at Greek labour market during this period are due primarily to the factors other than increases or decreases in the minimum wage. This conclusion is supported by the research studies conducted in other countries.

Received: June, 2018

1st Revision: September, 2018

Accepted: November, 2018

DOI: 10.14254/2071-8330.2018/11-4/7

JEL Classification: J21, J31, J64

Keywords: labour market, minimum wage, unemployment, employment, Greece