The Crisis Sensitivity of European Countries and Regions: Stylized Facts and Spatial Heterogeneity
AbstractThis 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 InfoPaper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 11-071/3.
Date of creation: 21 Apr 2011
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recession; austerity; Europe; spatial heterogeneity;
Other versions of this item:
- Stefan P. T. Groot & J. L. Möhlmann & J. H. Garretsen & Henri L. F. de Groot, 2011. "The crisis sensitivity of European countries and regions: stylized facts and spatial heterogeneity," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 4(3), pages 437-456.
- E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
- F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
- R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-08-23 (All new papers)
- NEP-EEC-2012-08-23 (European Economics)
- NEP-EUR-2012-08-23 (Microeconomic European Issues)
- NEP-GEO-2012-08-23 (Economic Geography)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Henri L.F. De Groot & Gert-Jan Linders & Piet Rietveld & Uma Subramanian, 2003.
"The Institutional Determinants of Bilateral Trade Patterns,"
ERSA conference papers
ersa03p421, European Regional Science Association.
- Henri L. F. de Groot & Gert-Jan Linders & Piet Rietveld & Uma Subramanian, 2004. "The Institutional Determinants of Bilateral Trade Patterns," Kyklos, Wiley Blackwell, vol. 57(1), pages 103-123, 02.
- Henri L.F. de Groot & Gert-Jan Linders & Piet Rietveld & Uma Subramanian, 2003. "The Institutional Determinants of Bilateral Trade Patterns," Tinbergen Institute Discussion Papers 03-044/3, Tinbergen Institute, revised 30 Oct 2003.
- Reinhart, Carmen & Rogoff, Kenneth, 2009.
"The Aftermath of Financial Crises,"
CEPR Discussion Papers
7209, C.E.P.R. Discussion Papers.
- 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, vol. 6(2), pages 1-30, DECEMBER.
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