Suchergebnisse

The objective of this article is to study long-run purchasing power parity (PPP) for a panel of 21 OECD countries from the end of the Bretton Woods era by applying a wide range of the econometric techniques available. This will allow us to present a comprehensive up to date examination of the empirical validity of PPP, covering the weak and strong versions of the hypothesis with individual and panel analysis, including the absence or presence of cross-dependency, the linear or non-linear behaviour of the real exchange rates, and the degree of persistence. Overall, the results provide evidence in favour of PPP.

AbstractThis paper uses a novel semi‐non‐parametric approach, the so‐called stochastic non‐parametric envelopment on Z‐variables data (StoNEZD), to measure the performance of 279 European regions (in 28 EU member states and Norway) in the years 2000, 2007, and 2014. The StoNEZD approach combines the main virtues of the parametric and non‐parametric methods in a unifying framework. The proposed model accounts explicitly for the presence of contextual/exogenous factors that might affect the regional performance and allows for the use of statistical inference methods to explore the effects of such variables (agriculture‐to‐ gross value added (GVA) share, employment rate, and euro area membership). According to our results, a larger agriculture‐to‐GVA ratio has a negative impact on regional growth rates, whereas a higher employment rate has a positive influence on regional economic levels. In overall terms, the euro area membership appears to reduce regional average growth rates but seems to enhance regional average efficiency scores.

AbstractApplying a spatialized data envelopment analysis, this paper estimates and analyzes the efficiency of European Union NUTS‐2 regions during the period 2000–2014. The space‐dependent efficiency scores estimated with the proposed model show a bimodal distribution that is not detected by the aspatial approach. The results confirm the crucial role of location of production units, offering important new insights on both the causes of regional disparities in labor productivity and the observed polarization of the European distribution of per capita income. The findings further suggest significant differences for the two subgroups (spatial clusters) of regional economies found in the correlation analysis between the efficiency scores and the components of the EU Regional Competitiveness Index. Consequently, policies suitable for one group of regions may not be suitable or appropriate for the other.

ABSTRACTThe objective of this article is to present a new way to incorporate the sectoral dimension within the components of regional growth provided by the traditional shift–share analysis. The new methodology elaborates the way that the dynamics of a specific sector in a region are influenced by the performance of other sectors, the latter decomposed between national, structural, and differential effects. To illustrate this extension of the shift–share method, an application is provided using data for the Spanish region of Extremadura for the period 1990–2004. The results highlight how these new components can shed new insights into the analysis of sectoral and regional economic growth processes.

In this paper we focus on the dynamic effects under which the regional economic growth processes are accomplished, breaking them down into two broad types: neighborhood and economy-wide effects. By means of a proposed dynamic space–time empirical model, the competition structure within a multiregional economic system is developed. Cointegration and error-correction modeling techniques are used to support the existence of this competition structure over both the short and long term. As an application, we show the dynamic effects on the evolution of the regional performance of Spanish regions over the period 1972–2000. Our results indicate that some macroeconomic forces are operating through time on this Spanish system because positive and negative effects are detected both at economy-wide and at neighborhood levels. Further, the findings show that a new taxonomy of the Spanish regions could provide some guidance for the development of appropriate measures for regional economic policy.