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Volatility in European Regions

Irene Brunetti, Davide Fiaschi (), Lisa Gianmoena and Angela Parenti ()

Discussion Papers from Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy

Abstract: is paper examines the growth rate volatility of per capita GDP of European regions in 1992-2008. We measure the regional volatility using a new methodology based onMarkov matrices and we investigate its main determinants. Volatility displays a geographical pattern and a significant spatial dependence. Output composition appears one of the main driver of volatility; among the other determinants we find a negative impact of the size of regional economies and of the flexibility of labour market, and a positive impact of the sectoral concentration, of the financialization of economy, and of the participation to EMU.

Keywords: Markov Matrix; Asymmetric Fluctuations; Output Com-position; Size Effect; Spatial Dependence. (search for similar items in EconPapers)
JEL-codes: C20 E32 O40 (search for similar items in EconPapers)
Date: 2015-07-01
New Economics Papers: this item is included in nep-eec, nep-mac, nep-ore and nep-ure
Note: ISSN 2039-1854
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Citations: View citations in EconPapers (2) Track citations by RSS feed

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Journal Article: Volatility in European regions (2017) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:pie:dsedps:2015/201

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