Determinants of the Receipts from Shipping Services : The Case of Greece

Despite the fact that receipts from the provision of shipping services recorded on the Greek Balance of Payments represent nearly half of the total receipts of services rendered, the factors that determine them have not been explored for the Greek economy. Therefore, the main purpose of this paper is to investigate the determinants of shipping receipts in the Greek economy and to provide evidence for their impact on the Greek balance of payments. The results of the econometric methodology using an error correction model (ECM) provide evidence of the existence of a stable long-run relationship between the shipping receipts, the freight rates and outstanding credit to shipping companies