Spatiotemporal Analysis of Regional Systems

Julian Ramajo, Miguel A. Márquez and Geoffrey Hewings
Authors registered in the RePEc Author Service: Miguel A. Márquez

International Regional Science Review, 2017, vol. 40, issue 1, 75-96

Abstract: This article contributes to the recent literature in spatial econometrics that focuses on space–time data modeling implementing a multilocation time-series statistical framework to analyze a regional system. Drawing on the global vector autoregression approach introduced in Pesaran, Schuermann, and Weiner, a multiregional spatial vector autoregressive (MultiREG-SpVAR) model is formulated and then applied to study the spatiotemporal 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 generators†within the Spanish regional system since growth shocks from these regions spillover to a large number of regions of the country, playing a key role in the transmission of 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 enhance the economic recovery process of the whole Spanish economy.

Keywords: regional growth; spatial econometrics; vector autoregressions; spillovers (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:inrsre:v:40:y:2017:i:1:p:75-96

DOI: 10.1177/0160017615571586

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