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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

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 specialisation et l'asymetrie dans les fluctuations macroeconomiques dans les regions d'Europe, Regional Studies 40,695-706. Cet article cherche a examiner l'hypothese suivant: il existe un rapport inverse entre la specialisation de la production et la symetrie des fluctuations cycliques dans les regions d'Europe. Par la suite, on construit une indice des asymetries des fluctuations cycliques du PIB par tete dans les regions d'Europe et on signale diverses distributions geographiques. De l'echantillon il s'avere que les regions mediterraneennes montrent les niveaux d'asymetrie les plus eleves. En plus, on fait une analyse econometrique des determinants des asymetries des fluctuations regionales. Les resultats laissent voir l'importance de la specialisation de la production comme determinant des asymetries dans les regions et l'importance de la localisation d'une region comme determinant de son niveau d'asymetrie. Qui plus est, les regions dont les voisins demontrent des niveaux eleves d'asymetrie ont tendance a demontrer aussi des niveaux eleves d'asymetrie. Specialisationregionale Cycleseconomiques Integration economique Partage des risques Econometrie geographique Pons-Novell J. und Tirado-Fabregat D. A. (2006) Spezialisierung und Asymmetrien in den makrookonomischen Schwankungen: Belege fur die europaischen 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 fur die zyklischen Schwankungen des Pro-Kopf-Bruttoinlandsprodukts aufgestellt, und es werder verschiedene geographische Muster festgestellt. Die Mittelmeerregionen weisen die hochsten Werte der Asymmetrie der Stichprobe auf. Ausserdem wird eine okonometrische 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 Erklarung des Ausmasses der Asymmetrie. Daruberhinaus verzeichnen die Regionen, deren Nachbargebiete ein hohes Ausmass an Asymmetrie aufweisen, selbst ahnlich hohe Asymmetrien auf. Regionale Asymmetrien Geschaftszyklen Wirtschaftliche Integration Risikobeteiligung RaumlicheOkonometrik Pons-Novell J. y Tirado-Fabregat D. A. (2006) Especializacion y asimetrias en las fluctuaciones macroeconomicas, Regional Studies 40, 695-706. En este articulo examino si es cierta la hipotesis de que existe una relacion inversa entre la especializacion en la produccion y la simetria de las fluctuaciones ciclicas en las regiones de Europa. De este modo se elabora un indice de asimetrias para las fluctuaciones ciclicas del PIB per capita en las regiones europeas aportando informacion sobre diferentes modelos geograficos. A partir de esta muestra, las regiones mediterraneas demuestran los niveles mas altos de asimetria. Ademas, se lleva a cabo un analisis econometrico de los determinantes de las asimetrias en las fluctuaciones regionales. Los resultados indican que la especializacion en la produccion como determinante de asimetrias en las regiones y el lugar geografico de una region son importantes para determinar su nivel de asimetria. Asimismo las regiones cuyos vecinos presentan altos niveles de asimetria tienden a mostrar niveles altos similares de asimetria. Especializacion regional Ciclos comerciales Integracion economica Compartir riesgos Factores econometricos espaciales

Suggested Citation

  • Jordi Pons-Novell & Daniel Tirado-Fabregat, 2006. "Specialization and asymmetries in macroeconomic fluctuations: Evidence for the European regions," Regional Studies, Taylor & Francis Journals, vol. 40(7), pages 695-706.
    • Handle: RePEc:taf:regstd:v:40:y:2006:i:7:p:695-706
    DOI: 10.1080/00343400600660755
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    2. Longhi, Christian & Musolesi, Antonio & Baumont, Catherine, 2014. "Modeling structural change in the European metropolitan areas during the process of economic integration," Economic Modelling, Elsevier, vol. 37(C), pages 395-407.
    3. Gajewski Pawe³, 2018. "Demand and Supply Shock Symmetry across Polish Voievodships," Lodz Economics Working Papers 5/2018, University of Lodz, Faculty of Economics and Sociology.
    4. Masagus M. Ridhwan & Henri L.F. de Groot & Peter Nijkamp, 2010. "The Impact of Monetary Policy on Economic Activity - Evidence from a Meta-Analysis," Tinbergen Institute Discussion Papers 10-043/3, Tinbergen Institute.
    5. Salá Rios, Mercé & Farré Perdiguer, Mariona & Torres Solé, Teresa, 2011. "El ciclo económico de Cataluña. Un análisis de la simetría respecto a España y a la UEM/Catalonia's Business Cycle. An Analysis of the Symmetry in Relation to Spain and the EMU," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 29, pages 913(24á.)-9, Diciembre.

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