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Long-Run Dynamics Of Regional Competitivenes In Financial And Insurance Activities

Author

Listed:
  • JULA, Dorin

    (Institute for Economic Forecasting, NIER, Romanian Academy and Ecological University, Faculty of Financial Management, Bucharest, Romania)

  • JULA, Nicolae-Marius

    (University of Bucharest, Faculty of Business Administration, Bucharest, Romania)

Abstract

In order to analyse the long-term economic evolution, we started from the hypothesis that, at regional level, the ability of the economic sectors to support their own development and the evolution of productivity are relevant indicators for sectoral competitiveness. To this end we tested for 104 Union European regions (NUTS-1 level) the extent to which the regional efforts to support research activities cause the development processes in the financial and insurance activities. As a methodology, we used unit root tests in panel, dynamic panel analysis, and cointegration models. We have identified a stable long-term relationship between productivity and the dynamics of research activities, and also that the increase in productivity in financial and insurance activities exceeds, on average, the overall increase in productivity at the regional level.

Suggested Citation

  • JULA, Dorin & JULA, Nicolae-Marius, 2019. "Long-Run Dynamics Of Regional Competitivenes In Financial And Insurance Activities," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 7(1), pages 177-187, October.
    • Handle: RePEc:vls:rojfme:v:7:y:2019:i:1:p:177-187
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    References listed on IDEAS

    as
    1. Dobrescu, Emilian, 2011. "Sectoral Structure and Economic Growth," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 5-36, September.
    2. Schwert, G William, 2002. "Tests for Unit Roots: A Monte Carlo Investigation," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(1), pages 5-17, January.
    3. Manuel Arellano & Stephen Bond, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(2), pages 277-297.
    Full references (including those not matched with items on IDEAS)

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    Keywords

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    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • C58 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Financial Econometrics
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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