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Specialization and asymmetries in macroeconomic fluctuations: Evidence for the European regions

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Jordi Pons-Novell
Daniel Tirado-Fabregat

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Abstract

Pons-Novell J. and Tirado-Fabregat D. A. (2006) Specialization and asymmetries in the macroeconomic fluctuations: evidence for the European regions, Regional Studies 40 , 695--706. This paper examines the hypothesis that there is an inverse relationship between specialization in production and the symmetry of cyclical fluctuations in the regions of Europe. In so doing, an index of asymmetries for the cyclical fluctuations of per capita gross domestic product (GDP) in the regions of Europe is constructed and various geographical patterns are reported. From the sample, the Mediterranean regions show the highest levels of asymmetry. In addition, an econometric analysis of the determinants of the asymmetries in regional fluctuations is carried out. The results show the significance of specialization in production as a determinant of asymmetries in the regions and the importance of the geographical location of a region in accounting for its level of asymmetry. Furthermore, regions whose neighbours show highs levels of asymmetry tend to show similarly high levels of asymmetry. Pons-Novell J. et Tirado-Fabregat D. A. (2006) La spécialisation et l'asymétrie dans les fluctuations macroéconomiques dans les régions d'Europe, Regional Studies 40 ,695--706. Cet article cherche à examiner l'hypothèse suivant: il existe un rapport inverse entre la spécialisation de la production et la symétrie des fluctuations cycliques dans les régions d'Europe. Par la suite, on construit une indice des asymétries des fluctuations cycliques du PIB par tête dans les régions d'Europe et on signale diverses distributions géographiques. De l'échantillon il s'avère que les régions méditerranéennes montrent les niveaux d'asymétrie les plus élevés. En plus, on fait une analyse économétrique des déterminants des asymétries des fluctuations régionales. Les résultats laissent voir l'importance de la spécialisation de la production comme déterminant des asymétries dans les régions et l'importance de la localisation d'une région comme déterminant de son niveau d'asymétrie. Qui plus est, les régions dont les voisins démontrent des niveaux élevés d'asymétrie ont tendance à démontrer aussi des niveaux élevés d'asymétrie. Spécialisationrégionale Cycleséconomiques Intégration économique Partage des risques Econométrie géographique Pons-Novell J. und Tirado-Fabregat D. A. (2006) Spezialisierung und Asymmetrien in den makroökonomischen Schwankungen: Belege für die europäischen Regionen, Regional Studies 40 , 695--706. Dieser Aufsatz untersucht die Hypothese, daß es in den Regionen Europas eine entgegengesetzte Beziehung zwischen Spezialisierung bei der Produktion und der Symmetrie zyklischer Schwankungen gibt. Zugleich wird ein Verzeichnis der Asymmetrien für die zyklischen Schwankungen des Pro-Kopf-Bruttoinlandsprodukts aufgestellt, und es werder verschiedene geographische Muster festgestellt. Die Mittelmeerregionen weisen die höchsten Werte der Asymmetrie der Stichprobe auf. Außerdem wird eine ökonometrische Analyse der bestimmenden Faktoren der Asymmetrien bei regionalen Schwankungen erstellt. Die Ergebnisse beweisen die Signifikanz der Spezialisierung einer Region als Determinant regionaler Asymmetrie sowie die Bedeutung des geographischen Standorts einer Region bei der Erklärung des Ausmaßes der Asymmetrie. Darüberhinaus verzeichnen die Regionen, deren Nachbargebiete ein hohes Ausmass an Asymmetrie aufweisen, selbst ähnlich hohe Asymmetrien auf. Regionale Asymmetrien Geschäftszyklen Wirtschaftliche Integration Risikobeteiligung RäumlicheÖkonometrik Pons-Novell J. y Tirado-Fabregat D. A. (2006) Especialización y asimetrías en las fluctuaciones macroeconómicas, Regional Studies 40 , 695--706. En este artículo examino si es cierta la hipótesis de que existe una relación inversa entre la especialización en la producción y la simetría de las fluctuaciones cíclicas en las regiones de Europa. De este modo se elabora un índice de asimetrías para las fluctuaciones cíclicas del PIB per cápita en las regiones europeas aportando información sobre diferentes modelos geográficos. A partir de esta muestra, las regiones mediterráneas demuestran los niveles más altos de asimetría. Además, se lleva a cabo un análisis econométrico de los determinantes de las asimetrías en las fluctuaciones regionales. Los resultados indican que la especialización en la producción como determinante de asimetrías en las regiones y el lugar geográfico de una región son importantes para determinar su nivel de asimetría. Asimismo las regiones cuyos vecinos presentan altos niveles de asimetría tienden a mostrar niveles altos similares de asimetría. Especialización regional Ciclos comerciales Integración económica Compartir riesgos Factores econométricos espaciales 

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Article provided by Taylor and Francis Journals in its journal Regional Studies.

Volume (Year): 40 (2006)
Issue (Month): 7 (October)
Pages: 695-706
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Handle: RePEc:taf:regstd:v:40:y:2006:i:7:p:695-706

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Keywords: Regional specialization; Business cycles; Economic integration; Risk sharing; Spatial econometrics;

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  3. Sorensen, Bent E & Yosha, Oved, 1999. "Risk Sharing and Industrial Specialization: Regional and International Evidence," CEPR Discussion Papers 2295, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  4. Anselin, Luc & Bera, Anil K. & Florax, Raymond & Yoon, Mann J., 1996. "Simple diagnostic tests for spatial dependence," Regional Science and Urban Economics, Elsevier, vol. 26(1), pages 77-104, February. [Downloadable!] (restricted)
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  6. Engel, Charles M & Rose, Andrew K, 2001. "Currency Unions and International Integration," CEPR Discussion Papers 2659, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  8. Alberto Alesina & Robert J. Barro, 2002. "Currency Unions," The Quarterly Journal of Economics, MIT Press, vol. 117(2), pages 409-436, May. [Downloadable!] (restricted)
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  9. Andrew K. Rose, 2000. "One money, one market: the effect of common currencies on trade," Economic Policy, CEPR, CES, MSH, vol. 15(30), pages 7-46, 04. [Downloadable!] (restricted)
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  11. Kalemli-Ozcan, Sebnem & Sorensen, Bent E. & Yosha, Oved, 2001. "Economic integration, industrial specialization, and the asymmetry of macroeconomic fluctuations," Journal of International Economics, Elsevier, vol. 55(1), pages 107-137, October. [Downloadable!] (restricted)
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