Institutional change and the development of lagging regions in Europe
Andrés Rodríguez-Pose () and
Tobias Ketterer ()
International Center for Public Policy Working Paper Series, at AYSPS, GSU from International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University
The success of the policy in delivering greater economic convergence does not hide the fact that we are witnessing a decline in the returns of intervention in the three main growth axes. There is, for example, growing concern about a potential exhaustion of additional investments in transport infrastructure and of improvements in accessibility as drivers of growth in certain lagging regions of Europe (Crescenzi and Rodríguez-Pose, 2012). While this issue remains controversial, the truth is that physical capital, human capital, and technology can explain a waning share of the variation in regional economic growth in Europe. Growth theories that accounted for differences in economic performance relatively well two decades ago are becoming less capable of doing so. The residual factor is growing, meaning that, in spite of improvements in growth theory, we tend to know less about what determines regional growth in Europe.
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Working Paper: Institutional change and the development of lagging regions in Europe (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:ays:ispwps:paper1806
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