Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/123855
Authors: 
Ramajo, Julian
Marquez, Miguel A.
Hewings, Geoffrey J.D.
Year of Publication: 
2013
Series/Report no.: 
53rd Congress of the European Regional Science Association: "Regional Integration: Europe, the Mediterranean and the World Economy", 27-31 August 2013, Palermo, Italy
Abstract: 
This paper contributes to the recent literature in spatial econometrics that focuses on space-time data modeling implementing a multi-location time-series statistical framework to analyze a regional system. Therefore, taking as a point of departure the Global Vector Autoregression approach introduced in Pesaran et al. (2004), a multiregional spatial vector autoregressive model (MultiREG-SpVAR) is formulated and then applied to study the spatio-temporal transmission of macroeconomic shocks across the regions in Spain. The empirical application analyzes the extent to which a region?s economic output growth is influenced by the growth of its neighbors (push-in or inward growth effect), and also investigates the relevance of spillovers derived from temporary region specific output growth shocks (push-out or outward growth effect). Our results identify some regions that perform as ?growth generating? within the Spanish regional system since growth shocks from these regions spill over to a large number of regions of the country, playing a key role in transmitting regional business cycles. The policy implications of our results suggest that national and/or regional governments should stimulate economic activity in these leading regions in order to favor the economic recovery process of the whole Spanish economy.
Subjects: 
Regional growth
spatial econometrics
vector autoregressions
spillovers
Document Type: 
Conference Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.