Karkalakos Sotirios

Καρκαλάκος Σωτήριος

Karkalakos Sotirios

Professor, Department of Economics


Teaching Field

Business Economics

Sotiris Karkalakos holds the position of Professor at University of Piraeus. He received his Ph.D. in Applied Economics from University of Illinois at Urbana-Champaign (USA) and an M.Sc. in Financial Economics from Florida Atlantic University (USA). He graduated Summa Cum Laude in Economics (B.A.) from the University of Piraeus (Greece).

He has previously held positions at the University of Exeter (UK), Keele University (UK), DePaul University (USA) and University of Illinois at Urbana-Champaign (USA). His main research interests are empirical regional economics, corporate taxation, spatial analysis, and microeconometrics. His work combines expertise in valuation strategy of real estate assets, spatial allocation of financial activity and competition effects. He is interested in the design of spatial networks mostly likely to promote sales or reallocate resources (i.e., transfer pricing).

He attends numerous international conferences and workshops. He regularly publishes papers in international journals such as European Economic Review, Canadian Journal of Economics, Regional Science and Urban Economics, Energy Economics, International Journal of Finance and Economics, Journal of Macroeconomics, Applied Economics, International Business Review and Journal of Applied Economics as well as serving as referee for multiple international journals.

Undergraduate Courses

  • Regional Economics |5th Semester (mandatory)
  • Spatial Analysis |6th Semester (elective)
  • Economic Development |7th Semester (mandatory)
  • Corporations and Investments |8th Semester (elective)

Graduate Courses

    M.Sc. in Economic and Business Strategy                                   

  • Corporate Resource Planning and Logistics | 3rd semester (elective)
  • Business Statistics  | 1st semester (mandatory)

   M.Sc. in Economics of Health Management

    • Logistics in health Services | 3rd semester (elective)


1.Charalampos Agiropoulos, Michael Polemis, Michael Siopsis and Sotiris Karkalakos. Revisiting the finance-growth nexus: A socioeconomic approach, International Journal of Finance and Economics, forthcoming.

2.Thodoris Makridakis and Karkalakos Sotiris, 2020. “Spatial Hedonic Models for Environmental Hazards and Health Outcomes”, Applied Economics, 52, (35), pages 3830-3841.

3.Nikos Benos, Sotiris Karkalakos  and Stefania Zotou, 2019. “Spatial and Economic Patterns in Life Expectancy among US States”, Applied Economics, 51, (54), pages 5856–5869.

4. Constantina Kottaridi, Konstantina Louloudi and Karkalakos Sotiris, 2019. “Human capital, skills and competencies: varying effects on inward FDI in the EU context”, International Business Review, 28 (2), pages 375-390.

5. Thodoris Makridakis, Haris Agiropoulos and Karkalakos Sotiris, 2018. “Growth, Electric Power Consumption Externalities and Patterns of Localization of Emissions”, Journal of Economics, Management and Trade, 21(12), pages 1-15.

6. Fotis Panagiotis, Karkalakos Sotiris and Dimitrios Asteriou, 2017. “The relationship between energy demand and real GDP growth rate: the role of price asymmetries and spatial externalities within 34 countries across the globe”, Energy Economics, vol. 66, pages 69-84.

7. Kanas, Angelos & Karkalakos, Sotiris, 2017. “Equity flows, stock returns and exchange rates “, International Journal of Finance and Economics, vol. 22, pages 159-168.

8. Drivas, Kyriakos & Economidou, Claire & Karkalakos, Sotiris & Tsionas, Efthymios, 2016. “Mobility of Knowledge and Local Innovation Activity”, European Economic Review, vol. 85, pages 39-61.

9. Benos, Nikos & Karagiannis, Stelios & Karkalakos, Sotiris, 2015. “Proximity and growth spillovers in European regions: The role of geographical, economic and technological linkages“, Journal of Macroeconomics, Elsevier, vol. 43(C), pages 124-139.

10. Kyriakos, Drivas, Claire Economidou & Sotiris Karkalakos, 2014. “Spatial Aspects of Innovation Activity in the US,” Journal of the Knowledge Economy, Springer, vol. 5(3), pages 464-480.

11. Deltas, George & Karkalakos, Sotiris, 2013. “Similarity of R&D activities, physical proximity, and R&D spillovers,” Regional Science and Urban Economics, Elsevier, vol. 43(1), pages 124-131.

12.  Karkalakos Sotiris, 2011. “Identifying and Exploring Sources of Knowledge Spillovers in European Union: Evidence from Patenting Data”, Spoudai: Journal of Economics and Business, 61 (3-4), pages 7-25.

13. Karkalakos, Sotiris, 2010. “Capital Heterogeneity, Industrial Clusters and Environmental Consciousness,” Journal of Economic Integration,  vol. 25, pages 353-375.

14.  Agiakloglou Christos & Sotiris Karkalakos, 2009. “A spatial and economic analysis for telecommunications: Evidence from the European Union,” Journal of Applied Economics, vol. 12, pages 11-32.

15.  Karkalakos Sotiris & Christos Kotsogiannis, 2007. “A spatial analysis of provincial corporate income tax responses: evidence from Canada,” Canadian Journal of Economics, Canadian Economics Association, vol. 40(3), pages 782-811.

16. Sotiris Karkalakos, 2005. “Regional Technological Differences: The Case of Southern European Union,” The Journal of Technology Transfer, Springer, vol. 30(3), pages 315-326.

17. Sotiris Karkalakos, 2005.”The Effects of Technological Diffusion on the Spatial Distribution of Patents, Journal of Global Business, 16(30), pages 21-30.


Karkalakos, Sotiris & Makris, Miltiadis, 2008. “Capital Tax Competition in the European Union: Theory and Evidence from Two Natural Experiments,” MPRA Paper 21437, University Library of Munich, Germany, revised 2010.

Preliminary Work

1. “R&D networks and wages in unionised labour markets: Theory and evidence”, (with V. Ziko)

2. “Population, benefits and growth”, (with K. Tsimbos and G. Veropoulou).

3. “Cash holdings and corporate Diversification”, (with D. Fullerton).

4. “Strategic competition among multinational companies: Evidence from the European Union”.

5. “Technological Growth, Entrepreneurship and Unemployment: Estimating the Openness Premium”, (with K. Dellis).

Spring Semester 2023-2024

    • Monday, 12:00-14:00