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The geography of the economic crisis in Europe: national macroeconomic conditions, regional structural factors and short-term economic performance.

Crescenzi, Riccardo and Luca, Davide and Milio, Simona (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). pp. 13-32. ISSN 1752-1378

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Identification Number: 10.1093/cjres/rsv031

Abstract

This paper explores the linkages between pre-2008 crisis national macro-economic conditions, regional resistance factors and depth of the crisis in the regions of the EU27. The results suggest that only a limited set of macro-economic 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.

Item Type: Article
Official URL: http://cjres.oxfordjournals.org/
Additional Information: © 2016 The Authors
Subjects: H Social Sciences > HC Economic History and Conditions
J Political Science > JN Political institutions (Europe)
JEL classification: E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles > E32 - Business Fluctuations; Cycles
O - Economic Development, Technological Change, and Growth > O5 - Economywide Country Studies > O52 - Europe
P - Economic Systems > P4 - Other Economic Systems > P48 - Political Economy; Legal Institutions; Property Rights
R - Urban, Rural, and Regional Economics > R1 - General Regional Economics > R11 - Regional Economic Activity: Growth, Development, and Changes
Sets: Departments > Geography and Environment
Date Deposited: 20 Oct 2015 15:38
Last Modified: 22 Mar 2016 16:43
Projects: ES/M008436/1, ES/M008436/1
Funders: Economic and Social Research Council, Economic and Social Research Council
URI: http://eprints.lse.ac.uk/id/eprint/64061

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