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The geography of the economic crisis in Europe: national macroeconomic conditions, regional structural factors and short-term economic performance

Riccardo Crescenzi, Davide Luca and Simona Milio

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: This paper explores the linkages between pre-2008 crisis national macro-economic conditions, regional resistance factors and depth of the crisis in the regions of the EU27. The results suggest that only a limited set of macro-economic factors shape the regional reaction to the crisis. A healthy current account surplus is associated with stronger economic performance during the post-2008 recession. Conversely, high public debt countries are more successful in sheltering their regional economies in the short-run. When looking at regional-level resistance, human capital is the single most important positive factor. Conversely, research and development-intensive regions are more exposed to negative shocks.

Keywords: economic crisis; crisis consequences; European Union; regional resistance; spatial heterogeneity.; ES/M008436/1 (search for similar items in EconPapers)
JEL-codes: E32 O52 P48 R11 (search for similar items in EconPapers)
Date: 2016-01-12
New Economics Papers: this item is included in nep-cse, nep-eec, nep-geo, nep-mac and nep-ure
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Published in Cambridge Journal of Regions, Economy and Society, 12, January, 2016, 9(1), pp. 13-32. ISSN: 1752-1378

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