This paper examines the growth rate volatility of European regions’ per capita GDP from 1992 to 2008. We measure the regional volatility using a new methodology based on Markov matrices, and investigate its main determinants. Volatility displays a geographical pattern and a significant spatial dependence. Output composition appears one of the main drivers of volatility; among the other determinants we find a negative impact of the size of regional economies and of labour market flexibility, and a positive impact of sectoral concentration, financialization of the economy, and, occasionally, of participation in EMU.
Volatility in European regions
BRUNETTI, IRENE;FIASCHI, DAVIDE;GIANMOENA, LISA;PARENTI, ANGELA
2017-01-01
Abstract
This paper examines the growth rate volatility of European regions’ per capita GDP from 1992 to 2008. We measure the regional volatility using a new methodology based on Markov matrices, and investigate its main determinants. Volatility displays a geographical pattern and a significant spatial dependence. Output composition appears one of the main drivers of volatility; among the other determinants we find a negative impact of the size of regional economies and of labour market flexibility, and a positive impact of sectoral concentration, financialization of the economy, and, occasionally, of participation in EMU.| File | Dimensione | Formato | |
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