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Space and Money

In: Monetary Whispers Across Space

Author

Listed:
  • Iwan J. Azis

    (Cornell University, Dyson School of Applied Economics)

Abstract

The importance of regional development for national growth is widely known. Although GDP is essentially the sum of all subnational (regional) GDP, synergy and interdependence between regions and between central and local economies play a critical role in the process. Given the interdependence among regions, individual regions could grow higher than they would individually, e.g., through sharing resources and ideas. When several regions work together, combining their development will achieve a greater national output compared to the case if they work alone. If they prosper and share resources and ideas with other regions, they can create a powerful interconnected network. This network is stronger in a system of subnational regions than in an international context and could fuel national advancement in ways that isolated growth could not. When subnational regions operate in synergy and embrace their interdependence, their seamless coordination fits together like puzzle pieces, painting a brighter picture of the overall economy.

Suggested Citation

  • Iwan J. Azis, 2026. "Space and Money," Springer Books, in: Monetary Whispers Across Space, chapter 0, pages 5-30, Springer.
    • Handle: RePEc:spr:sprchp:978-981-95-4625-1_2
    DOI: 10.1007/978-981-95-4625-1_2
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