Artikel

The impact of economic specialization on regional economic development in the European Union: Insights for formation of smart specialization strategy

The smart specialization concept was implemented in the EU in 2014, stating that regions have to specify specialization areas for development of innovations. Economic specialization reveals a comparative advantage in that field. However, there are different arguments linking specialization to economic development. This study analyzes these arguments and aims to investigate the impact of economic specialization on regional economic development and to give insights into identifying prospective areas in regional economies. A panel fixed effect estimation of industry-level regional data suggests that economic specialization in broader regional employment, called relative specialization, is ambiguously associated with economic development. Our findings suggest that neither economic specialization nor economic diversity are a clear-cut solution for ensuring economic growth. Economic structure in EU regions differs, and there is no one answer for which approach is better for economic development. Specialization measures, particularly the location quotient, cannot fully capture the dynamics in the industry structure that could be essential for formation of regional development strategy.

Sprache
Englisch

Erschienen in
Journal: Economies ; ISSN: 2227-7099 ; Volume: 9 ; Year: 2021 ; Issue: 2 ; Pages: 1-15 ; Basel: MDPI

Klassifikation
Wirtschaft
Thema
economic growth
economic specialization
economic structure
EU regions
smart specialization
tradable sectors

Ereignis
Geistige Schöpfung
(wer)
Dzemydaitė, Giedrė
Ereignis
Veröffentlichung
(wer)
MDPI
(wo)
Basel
(wann)
2021

DOI
doi:10.3390/economies9020076
Handle
Letzte Aktualisierung
10.03.2025, 11:41 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Artikel

Beteiligte

  • Dzemydaitė, Giedrė
  • MDPI

Entstanden

  • 2021

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