Artikel
Cycles inside cycles: Spanish regional aggregation
This paper sets out a comprehensive framework to identify regional business cycles within Spain and analyses their stylised features and the degree of synchronisation both within them and between them and the Spanish economy. We show that the regional cycles are quite heterogeneous although they display some degree of synchronisation. We also propose a dynamic factor model to cluster the regional comovements. We find that the Spanish business cycle is not the same as those of the 17 regions, but is the sum of the different regional behaviours. Clusters with a high industrial weight, per capita income and human capital and a low unemployment rate are also more synchronized. The implications derived from our results are useful both for policy makers and analysts.
- Sprache
-
Englisch
- Erschienen in
-
Journal: SERIEs - Journal of the Spanish Economic Association ; ISSN: 1869-4195 ; Volume: 3 ; Year: 2012 ; Issue: 4 ; Pages: 423-456 ; Heidelberg: Springer
- Klassifikation
-
Wirtschaft
Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
Business Fluctuations; Cycles
Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
- Thema
-
business cycle
synchronisation measures
dynamic factor models
regional policy
Regionaler Konjunkturzyklus
Konjunkturzusammenhang
Regionalpolitik
Spanien
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Gadea, Maria Dolores
Gómez-Loscos, Ana
Montañés, Antonio
- Ereignis
-
Veröffentlichung
- (wer)
-
Springer
- (wo)
-
Heidelberg
- (wann)
-
2012
- DOI
-
doi:10.1007/s13209-011-0068-1
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Gadea, Maria Dolores
- Gómez-Loscos, Ana
- Montañés, Antonio
- Springer
Entstanden
- 2012
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