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Interest Rates and Convergence across Italian Regions

Author

Listed:
  • Sheila Dow
  • Alberto Montagnoli
  • Oreste Napolitano

Abstract

Dow S., Montagnoli A. and Napolitano O. Interest rates and convergence across Italian regions, Regional Studies . The purpose of this paper is to investigate the evidence for economic convergence across Italian regions using trends in interest rate spreads and premia as indicators of regional credit conditions. The results indicate the presence of persistent interest rate differentials, and thus an absence of convergence across the twenty political regions, but a high degree of convergence is observed within the four macroeconomic areas. Dow S., Montagnoli A. and Napolitano O. 意大利区域的利息率与收敛,区域研究。使用利率差以及风险溢价作为区域信用状况 的指标,本文考察了意大利区域经济收敛相关的证据。结果表明存在着持续的利率差 ,也因此在20个政区之 间没有出现经济收敛,但在四个宏观经济区之间发现了了较高程度的经济收敛。 利率 单根 面板数据 收敛 意大利 Dow S., Montagnoli A. et Napolitano O. Les taux d'intérêt et la convergence à travers les régions italiennes, Regional Studies . A partir des tendances des marges d'intérêt sur les crédits et des primes sur les taux d'intérêt comme indicateurs des conditions de crédit régionales, cet article cherche à examiner les raisons en faveur de la convergence à travers les régions italiennes. Les résultats laissent voir la présence des différentiels de taux d'intérêt et, par la suite, un manque de convergence à travers les vingt régions administratives, mais on constate un niveau élevé de convergence au sein des quatre zones macro-économiques. Taux d'intérêt Racine unitaire Echantillon permanent Convergence Italie Dow S., Montagnoli A. und Napolitano O. Zinssätze und Konvergenz in italienischen Regionen, Regional Studies . In diesem Beitrag untersuchen wir anhand der Trends bei den Zinsspannen und Prämien als Indikatoren der regionalen Kreditbedingungen die Belege für eine wirtschaftliche Konvergenz in den italienischen Regionen. Die Ergebnisse lassen auf die Präsenz von persistierenden Differenzialen bei den Zinssätzen und somit auf die Abwesenheit einer Konvergenz innerhalb der 20 politischen Regionen schließen, wohingegen innerhalb der vier makroökonomischen Gebiete ein hohes Maß an Konvergenz beobachtet wird. Zinssätze Einheitswurzel Paneldaten Konvergenz Italien Dow S., Montagnoli A. y Napolitano O. Tipos de interés y convergencia en las regiones italianas, Regional Studies . La finalidad de este artículo es investigar las evidencias de la convergencia económica en las regiones italianas a partir de las tendencias en los diferenciales del tipo de interés y las primas como indicadores de las condiciones del crédito regional. Los resultados indican la presencia de diferenciales persistentes del tipo de interés y, por tanto, una ausencia de convergencia en las veinte regiones políticas, aunque se observa un alto grado de convergencia en las cuatro áreas macroeconómicas. Tipos de interés Raíz unitaria Datos de panel Convergencia Italia

Suggested Citation

  • Sheila Dow & Alberto Montagnoli & Oreste Napolitano, 2012. "Interest Rates and Convergence across Italian Regions," Regional Studies, Taylor & Francis Journals, vol. 46(7), pages 893-905, October.
  • Handle: RePEc:taf:regstd:v:46:y:2012:i:7:p:893-905
    DOI: 10.1080/00343404.2010.536760
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    1. Bayoumi, Tamim A. & Rose, Andrew K., 1993. "Domestic savings and intra-national capital flows," European Economic Review, Elsevier, vol. 37(6), pages 1197-1202, August.
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    6. Rinaldo Evangelista & Simona Iammarino & Valeria Mastrostefano & Alberto Silvani, 2002. "Looking for Regional Systems of Innovation: Evidence from the Italian Innovation Survey," Regional Studies, Taylor & Francis Journals, vol. 36(2), pages 173-186.
    7. Maddala, G S & Wu, Shaowen, 1999. " A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 61(0), pages 631-652, Special I.
    8. Gaetano Carmeci & Luciano Mauro, 2002. "TheConvergence of the Italian Regions and Unemployment: Theory and Evidence," Journal of Regional Science, Wiley Blackwell, vol. 42(3), pages 509-532.
    9. Mongelli, Francesco Paolo & De Grauwe, Paul, 2005. "Endogeneities of optimum currency areas: what brings countries sharing a single currency closer together?," Working Paper Series 468, European Central Bank.
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    11. Mauro, Luciano, 2004. "The macroeconomics of Italy: a regional perspective," Journal of Policy Modeling, Elsevier, vol. 26(8-9), pages 927-944, December.
    12. Dow, Sheila C, 1982. "The Regional Composition of the Money Multiplier Process," Scottish Journal of Political Economy, Scottish Economic Society, vol. 29(1), pages 22-44, February.
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    Cited by:

    1. Handler, Heinz, 2013. "The eurozone: piecemeal approach to an optimum currency area," MPRA Paper 67183, University Library of Munich, Germany.
    2. David Bailey & Lisa de Propris, 2014. "Editorial: Recession, Recovery and Resilience?," Regional Studies, Taylor & Francis Journals, vol. 48(11), pages 1757-1760, November.
    3. Sheila Dow, 2016. "Ontology and Theory for a Redesign of European Monetary Union," World Economic Review, World Economics Association, vol. 2016(6), pages 1-1, February.
    4. Giannola, Adriano & Petraglia, Carmelo & Scalera, Domenico, 2016. "Net fiscal flows and interregional redistribution in Italy: A long-run perspective (1951–2010)," Structural Change and Economic Dynamics, Elsevier, vol. 39(C), pages 1-16.
    5. repec:sgh:gosnar:y:2017:i:2:p:101-130 is not listed on IDEAS
    6. Kounetas, Kostas & Napolitano, Oreste, 2015. "Too much EMU? An investigation of technology gaps," MPRA Paper 67600, University Library of Munich, Germany.
    7. repec:spr:lsprsc:v:10:y:2017:i:2:d:10.1007_s12076-016-0180-8 is not listed on IDEAS

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