Search results

This paper investigates the main determinants of economic growth in the European Union from a regional perspective. The analysis is based on a recently available dataset from the European Cluster Observatory covering 253 European regions over the period 2002-2008. In addition to the traditional determinants of regional growth (such as investment, human capital developments, innovation and infrastructure endowment), the growth analysis accounts for spatial effects related to the existence of externalities from neighbouring regions. The spatial Durbin fixed-effect panel specification captures spatial feedback effects from the neighbours through spatially lagged dependent and independent variables. Social-economic environment and traditional determinants of growth are found to be significant. In particular, investment, infrastructure and human capital endowment, accessibility and innovation capacity explain both growth dynamics and cross regional differences. We do not find evidence of convergence among regions over the study period. By contrast, we detect a regional cluster in the core of Europe specialised in activities with high growth potential. Our findings confirm the significance of spatial spillovers. Specifically, business investment and skilled workforce migration have a positive ? direct and indirect ? impact on economic growth of the European regions.

Looking at historical cross-country interactions, this book examines the role of the US in the world economy. Illustrating that US shocks tend to have a global nature and that Monetary Union only partially shelters the Euro area from its external environment, the US should fully assume its responsibility, minimizing shock transmission.

Looking at historical cross-country interactions, this book examines the role of the US in the world economy. Illustrating that US shocks tend to have a global nature and that Monetary Union only partially shelters the Euro area from its external environment, the US should fully assume its responsibility, minimizing shock transmission.

"How has increasing economic integration at regional and global levels affected the functioning of the global economy? What are the consequences of globalisation and regionalism for world trade, production processes and domestic economies? What kind of economic adjustments do these phenomena imply in terms of factor mobility and relative costs?" "Globalisation, Regionalism and Economic Interdependence addresses these and other questions by exploring the relationship between globalisation and regionalism from both academic and policy-making perspectives. It assesses the extent to which increased global and regional integration has changed the functioning of the world economy and analyses the implications for global trade, the relocation of production, structural changes and the international transmission of shocks. With contributions from both academics and professionals, this book is an invaluable guide to the increasingly important effects of the interaction between globalisation and various different forms of regional integration."--Jacket