Asymmetric macroeconomic volatility in European regions
| Autor: | Davide Fiaschi, Angela Parenti, Lisa Gianmoena |
|---|---|
| Rok vydání: | 2017 |
| Předmět: |
Economics
Geography Planning and Development Public expenditure Monetary economics financial deepening Financial deepening Gross domestic product spatial panel model Econometrics and Finance (all)2001 Economics European Monetary Union (EMU) Sectoral output 0502 economics and business Per capita Earth and Planetary Sciences (miscellaneous) government expenditure output composition output concentration Economics Econometrics and Finance (all)2001 Economics Econometrics and Finance (miscellaneous) Statistics Probability and Uncertainty 050207 economics Spatial dependence Aggregate demand 050205 econometrics Planning and Development Geography 05 social sciences Statistics International economics Econometrics and Finance (miscellaneous) Probability and Uncertainty Volatility (finance) General Economics Econometrics and Finance |
| DOI: | 10.6084/m9.figshare.4806877 |
| Popis: | Asymmetric macroeconomic volatility in European regions. Spatial Economic Analysis. This paper investigates, on the basis of a theoretical spatial model, the determinants of macroeconomic volatility of per capita gross domestic product (GDP) in a panel of 257 NUTS-2 European regions in 1992–2008, considering positive and negative fluctuations separately. Evidence is found of strong positive spatial dependence, and of considerable asymmetric effects on macroeconomic volatility of sectoral output (its composition and concentration), of composition of aggregate demand, and of other regional/country characteristics. In particular, while public expenditure exerts a stabilizing effect on both types of fluctuations, financial depth amplifies negative fluctuations. Finally, inflation fluctuations and participation in European Monetary Union (EMU) appear to have no effect on macroeconomic volatility. |
| Databáze: | OpenAIRE |
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