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"Regional economic growth"
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Uncovering the impact of cultural heritage on economic growth: empirical evidence from Greek regions, 2000–2019
This paper brings empirical evidence on the role of cultural heritage assets in promoting economic growth. The case of Greece at regional level over the period 2000–2019 is taken as an example, owing to important cultural heritage endowment. Economic growth is approached by formulating a neoclassical growth model augmented with a dynamic cultural heritage index. The relationship between economic growth and cultural heritage is examined through a heterogeneous and cross-correlated panel data analysis. The empirical results reveal a positive impact of cultural heritage endowment on economic growth. Also, a significant positive influence of physical capital and a negative impact of unemployment on the economy are evidenced. The conclusions drawn could be useful to regions and countries to upgrade their cultural heritage endowment to accelerate economic growth.
Journal Article
The Economic Resilience of U.S. Counties during the Great Recession
A regional economy perturbed by a shock may move onto a new growth path by reestablishing economic linkages both internally and with other regions. This dynamic property of regions has recently been explained in terms of regional economic resilience. In this paper, we introduce a more refined measure of economic resilience and then apply it to monthly employment data for U.S. counties in the 2007-2009 downturn. We suggest that describing and analyzing the distinct response patterns during this downturn are important starting points for policy makers to understand the spatial resilience of the US economy.
Journal Article
The Path Innovation of Regional Economic Growth: Data Analysis Based on China
Innovative development to some extent overcomes the path-dependent characteristics of knowledge proximity, and the diversity and complexity of regional knowledge and technology foster regional economic growth. This study constructs a dynamic mechanism for maximizing the enterprise profit to explore the conditions enabling regions that can achieve knowledge accumulation and technological leapfrogging. Utilizing the fitness landscape methodology based on customs data from 30 provinces in China and employing genetic algorithms, we analyze two modes of enterprises with similar and different initial conditions under varying leapfrogging scenarios. By applying profit maximization rules within the fitness landscape of the product space, we examine how to promote regional industrial transformation and upgrade. The results indicate that a larger leap range in the production of products by enterprises, reflecting stronger innovative capabilities, significantly enhances the region’s ability for industrial transformation and upgrade. There is a strong positive relationship between the initial industrial foundation and regional economic development. When regions share a similar industrial base, the complexity of regional knowledge becomes more critical. Therefore, an increase in the foundational development of industries and technology-intensive products can enhance the potential for regional path innovation. Past research has primarily been based on the path dependence theory, emphasizing that the most crucial aspect for underdeveloped economies is the accumulation and development of foundational capabilities. However, our study contends that, for emerging economies, it is crucial to enhance the diversity and complexity of knowledge and technology. Particularly, it is essential to, based on a comprehensive understanding of their own strengths, open up new areas and new arenas in development, continually shaping new growth drivers and new strengths. This emerges as a significant factor in regional growth and leapfrog development.
Journal Article
Economic impact of natural disasters, spillovers, and role of human development: case of Indonesia
We investigate how natural disaster damages affect regional economic growth and their spatial spillover effect in various human development (HDI) level settings by utilising a panel annual district-level dataset from Indonesia. We employ Spatial Durbin Model to achieve these objectives. We find that disaster damage to houses has a negative effect on district-level per capita output growth. Meanwhile, the effect of disaster damage to people on economic growth depends on their HDI level, with low-HDI districts affected negatively and high-HDI districts positively. Our analysis also finds spatial spillover effects on neighbouring regions’ growth, and heterogeneous effects across economic sectors.
Journal Article
The Impact of Entrepreneurial Universities on Regional Growth: a Local Intellectual Capital Perspective
The aim of this paper is to demonstrate the relationship between the entrepreneurial universities activities and the local economic growth through an empirical analysis. In order to assess how entrepreneurial universities could play a primary role in creating an entrepreneurial culture, three-pillar activities of Italian higher institutions have been measured and correlated to specific economic variables at the local level. Starting from the concept of a learning region and using findings of the research, the final aim of the study was to introduce the concept of local intellectual capital and, in this perspective, to appreciate the function of entrepreneurial universities in fostering and enhancing the intangible resources of a territory. Therefore, through the analysis of research findings, entrepreneurial universities are considered as acquiring a crucial function as intermediaries that are able to manage and enhance local intellectual capital and to make possible the learning region growth. University managers have to comprehend the relevance of the surrounding environment and of developing an entrepreneurial mindset for the outliving of their institution; at the same time, governments need to design focused policies giving higher priority to nurturing local entrepreneurs, promoting successful entrepreneurial role models and removing bureaucratic impediments to start-ups and business-like initiatives.
Journal Article
Economic development, weather shocks and child marriage in South Asia: A machine learning approach
Globally, 21 percent of young women are married before their 18th birthday. Despite some progress in addressing child marriage, it remains a widespread practice, in particular in South Asia. While household predictors of child marriage have been studied extensively in the literature, the evidence base on macro-economic factors contributing to child marriage and models that predict where child marriage cases are most likely to occur remains limited. In this paper we aim to fill this gap and explore region-level indicators to predict the persistence of child marriage in four countries in South Asia, namely Bangladesh, India, Nepal and Pakistan. We apply machine learning techniques to child marriage data and develop a prediction model that relies largely on regional and local inputs such as droughts, floods, population growth and nightlight data to model the incidence of child marriages. We find that our gradient boosting model is able to identify a large proportion of the true child marriage cases and correctly classifies 77% of the true marriage cases, with a higher accuracy in Bangladesh (92% of the cases) and a lower accuracy in Nepal (70% of cases). In addition, all countries contain in their top 10 variables for classification nighttime light growth, a shock index of drought over the previous and the last two years and the regional level of education, suggesting that income shocks, regional economic activity and regional education levels play a significant role in predicting child marriage. Given the accuracy of the model to predict child marriage, our model is a valuable tool to support policy design in countries where household-level data remains limited.
Journal Article
Optimal Growths from Two Perspectives, with Conditional Macro- and Micro-consistency: Dynamic Summation of Economic Variables Under Differential Regional Representative Production Functions
Although the representative theory of consumer/firm is widely used in particular forms of utility and production functions, is the optimal growth model adequately supported by a multi-regional microeconomic base in a “general form of utility and production functions”? Is the “optimization of macro-aggregate functions” consistent with the “summation of micro-optimal outcomes”? Economists have explored the problem of summation of macro-variables in a special form of production and utility function setting to find some theoretical foundations of macroeconomics in the case of heterogeneous representative consumers. However, heterogeneous representative producers have not been studied enough, and the conclusions are too dependent on the functional form. This study searches for the conditions for macroeconomics to reach micro-foundations in the framework of heterogeneous producers and general functions. Linking the entire macroeconomy through inter-regional capital flows, we distinguish between using and equity capital, construct a multi-regional dynamic optimal growth model in a homogeneous representative consumer and heterogeneous representative manufacturers, compare the summation of the regional dynamics with the aggregate macro-dynamics, and find that (A) the regional and macro-perspectives are generally inconsistent in their optimization results; (B) if the population growth rate is the same across regions, the macro-steady state is a weighted summation of the steady states; and (C) if the inverse of the absolute risk aversion is linearly additive to consumption, the model is reliable. In particular, CARA and CRRA-type utility functions are eligible. The eligible utility function can only be an exponential utility function or a power function utility function (the logarithmic utility function can be considered a degenerate power function utility).
Journal Article
Under What Conditions Do Structural Funds Play a Significant Role in European Regional Economic Growth? Some Evidence from Recent Panel Data
Strengthening economic, social, and territorial cohesion is a central objective of the European Union. However, disparities between European regions are considerable, and there are doubts as to whether they are likely to be attenuated. In recent years, there has been a growing body of literature that examines the effectiveness of the European Union's funds for promoting growth and reducing asymmetries among members. We contribute to this literature by examining the conditions under which the European Union's financial aid may be affecting regional growth. We explore the interactions between transfers and income and other regional characteristics, such as human capital or innovation. We apply this study to a panel of 137 European regions, covering the period from 1995 to 2009. Our conclusions suggest a positive and significant marginal impact of funds only in regions with low levels of human capital and innovation.
Journal Article
Inter-Region Transportation Costs, Regional Economic Growth, and Disparities in China
To examine the correlation between regional economic growth and inter-region transportation costs in China, this study establishes a regional economic growth model embedded with inter-region transportation costs based on the Cobb-Douglas production function. Based on a balanced growth empirical model, this study verifies the correlation by conducting a regression analysis of the panel data of 29 provinces, municipalities, and autonomous regions from 1985 to 2015. The empirical results show that: (1) The per capita GDP growth among the three regions (namely, the eastern, central, and western regions of China) meets a conditional convergence trend, and the decreasing of the inter-region transportation costs increases the convergence speed; (2) The per capita GDP growth is in line with the club convergence trend within each of the three regions; (3) The trend of the output elasticity of the inter-region transportation costs shows that the gradual decrease of inter-region transportation costs has a positive correlation with the narrowing of economic disparity after the year 2000, accelerating \"common prosperity\" across different regions in China.
Journal Article