This article explores the linkages between pre-2008 crisis national macroeconomic conditions, regional resistance factors and depth of the crisis in the regions of the EU27. The results suggest that only a limited set of macroeconomic factors shape the regional reaction to the crisis. A healthy current account surplus is associated with stronger economic performance during the post-2008 recession. Conversely, high public debt countries are more successful in sheltering their regional economies in the short run. When looking at regional-level resistance, human capital is the single most important positive factor. Conversely, research and development-intensive regions are more exposed to negative shocks.
Crescenzi, R., Luca, D., Milio, S. (2016). The geography of the economic crisis in Europe: National macroeconomic conditions, regional structural factors and short-term economic performance. CAMBRIDGE JOURNAL OF REGIONS, ECONOMY AND SOCIETY, 9(1), 13-32 [10.1093/cjres/rsv031].
The geography of the economic crisis in Europe: National macroeconomic conditions, regional structural factors and short-term economic performance
CRESCENZI, RICCARDO;
2016-01-01
Abstract
This article explores the linkages between pre-2008 crisis national macroeconomic conditions, regional resistance factors and depth of the crisis in the regions of the EU27. The results suggest that only a limited set of macroeconomic factors shape the regional reaction to the crisis. A healthy current account surplus is associated with stronger economic performance during the post-2008 recession. Conversely, high public debt countries are more successful in sheltering their regional economies in the short run. When looking at regional-level resistance, human capital is the single most important positive factor. Conversely, research and development-intensive regions are more exposed to negative shocks.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.