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The Crisis Sensitivity of European Countries and Regions: Stylized Facts and Spatial Heterogeneity

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Author Info

  • Stefan P.T. Groot

    ()
    (VU University Amsterdam)

  • Jan L. Mohlmann

    ()
    (VU University Amsterdam)

  • Harry Garretsen

    ()
    (University of Groningen)

  • Henri L.F. de Groot

    ()
    (VU University Amsterdam)

Abstract

This paper investigates the impact of the recent global recession on European countries and regions. We first present several stylized facts as to the heterogeneous impact of the global recession on individual European countries and regions. We then offer an investigation of three main classes of explanations for spatial heterogeneity in the severity of the crisis. The first is the extent to which countries are integrated in the global economy via financial and trade linkages. A second class of potential explanations is found in differences in the institutional framework of countries. A third possible cause why some countries and notably also regions are more affected than others is differences in their sectoral composition. We show that especially variation in the sectoral composition contributes to the variation in the effects of the current crisis, both at the country level and at the detailed regional level across the EU.

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Bibliographic Info

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 11-071/3.

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Date of creation: 21 Apr 2011
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Handle: RePEc:dgr:uvatin:20110071

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Web page: http://www.tinbergen.nl

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Keywords: recession; austerity; Europe; spatial heterogeneity;

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  1. Reinhart, Carmen M. & Rogoff, Kenneth S., 2009. "The Aftermath of Financial Crises," Scholarly Articles 11129155, Harvard University Department of Economics.
  2. Henri L.F. de Groot & Gert-Jan Linders & Piet Rietveld & Uma Subramanian, 2003. "The Institutional Determinants of Bilateral Trade Patterns," Tinbergen Institute Discussion Papers, Tinbergen Institute 03-044/3, Tinbergen Institute, revised 30 Oct 2003.
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Cited by:
  1. Robert J. Stimson, 2012. "Troubling Times-The GFC and its Implications for Regional Performance. Part One: The United States And Europe," Romanian Journal of Regional Science, Romanian Regional Science Association, Romanian Regional Science Association, vol. 6(2), pages 1-30, DECEMBER.
  2. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "The Aftermath of Financial Crises," American Economic Review, American Economic Association, American Economic Association, vol. 99(2), pages 466-72, May.
  3. Steven Brakman & Harry Garretsen & Charles van Marrewijk, 2014. "The Crisis and Regional Resilience in Europe: On the Importance of Urbanization and Specialization," CESifo Working Paper Series 4724, CESifo Group Munich.

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