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Why do regional economies behave differently? A modelling approach to analyse region-specific dynamics along the business cycle

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  • Jesús Miguel Lasarte-López
  • Mariano Carbonero-Ruz
  • Olexandr Nekhay
  • María Luisa Rodero-Cosano

Abstract

Even though the evolution of regional economic activity is substantially explained by national/common economic shocks, regional economies can still engage in significant differential or divergent behaviours with regard to the national average across business cycles. In this article, we describe a modelling approach based on factor models that estimates differences in quarterly regional GDP levels and allows for the evaluation of the variables that best explain these differentials. To provide an example of the application of this approach, two Spanish regions are used: Andalusia and Catalonia.

Suggested Citation

  • Jesús Miguel Lasarte-López & Mariano Carbonero-Ruz & Olexandr Nekhay & María Luisa Rodero-Cosano, 2021. "Why do regional economies behave differently? A modelling approach to analyse region-specific dynamics along the business cycle," Applied Economics Letters, Taylor & Francis Journals, vol. 28(16), pages 1391-1399, September.
    • Handle: RePEc:taf:apeclt:v:28:y:2021:i:16:p:1391-1399
    DOI: 10.1080/13504851.2020.1820436
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    Cited by:

    1. Pavlo T. Bubenko & Olena V. Dymchenko & Olha O. Rudachenko & Serhii M. Haidenko & Oleg A. Diegtiar, 2021. "Territorial organization of innovative development: Entrepreneurial aspect of sustainability," RIVISTA DI STUDI SULLA SOSTENIBILITA', FrancoAngeli Editore, vol. 0(2), pages 171-185.

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