Increasing linkages among European regions. The role of sectoral composition

Gadea-Rivas, M.D. (Universidad de Zaragoza) ; Gómez-Loscos, A. ; Leiva-Leon, D.

Resumen: This paper analyses changes in economic regional interlinkages in Europe over time and investigates the factors that could explain the dynamics of these changes. Our four main findings are the following: (i) we detect a significant surge in regional synchronisation after the Great Recession; (ii) we identify the regions most interrelated with the rest of Europe, namely, Ile de France, Inner London and Lombardia; (iii) we find that sectoral composition explains regional synchronisation in Europe, mainly after the Great Recession and (iv) we document that sectoral composition has important implications for aggregate economic fluctuations, in particular, that similarities in services-related sectors across regions explain a nonlinear relationship between sectoral composition and regional business cycle synchronisation. We also propose a new method to measure time-varying synchronisation in small samples that combines regime-switching models and dynamic model averaging.

Idioma: Inglés

DOI: 10.1016/j.econmod.2018.11.009

Año: 2018

Publicado en: ECONOMIC MODELLING 80 (2018), 222-243
ISSN: 0264-9993

Factor impacto JCR: 2.056 (2018)

Categ. JCR: ECONOMICS rank: 93 / 363 = 0.256 (2018) - Q2 - T1

Factor impacto SCIMAGO: 1.039 - Economics and Econometrics (Q2)

Financiación: info:eu-repo/grantAgreement/ES/MICINN/ECO2017-83255-C3-1-P
Financiación: info:eu-repo/grantAgreement/ES/MICINN/ECO2017-83255-C3-3-P

Tipo y forma: Artículo (PostPrint)

Área (Departamento): Área Economía Aplicada (Dpto. Estruc.Hª Econ.y Eco.Pb.)