1,721,025 research outputs found
Regional effects of monetary policy in the U.S.: An empirical re-assessment
No full textThis paper provides an empirical re-assessment of the regional effects of monetary policy in the U.S. We use the narrative series of Romer and Romer (2004) as a measure of monetary policy shocks and impulse response functions estimated directly from a single equation spatial model. We find that monetary policy tightening leads to a persistent decrease in regional real personal income and employment, with asymmetric effects across regions that are magnified by spatial spillovers. The magnitude of the effects depends on the period under analysis and on the direction of the monetary policy shock. We also provide evidence of the existence of the interest rate and the housing market channels, although there is weak support for the presence of the credit channels at the regional level
The role of regional competitiveness in shaping the heterogeneous impact of the Great Recession
No full textThis paper assesses the employment resilience of 202 European regions to the Great Recession by investigating the role of regional competitiveness. By using the regional shift component derived from a multiple bases shift–share analysis of employment change as a measure of regional endogenous employment growth, we show that pre-crisis regional competitiveness determinants are associated with positive performances during the crisis period. However, the variables considered explain well the different vulnerability of the economies, but less convincingly the ability to recover. Taking into account the spatial interactions among regions, results are confirmed and allow us to identify spillover effects
Exploring the tourism markets’ convergence hypothesis in Italy
No full textThis article aims at investigating the tourism markets’ convergence hypothesis across Italy’s 20 major source markets. To reach our goal, we use monthly data of tourist arrivals and overnights over the period 2008–2018 and the time-varying factor model developed by Phillips and Sul (2007, 2009). Our findings suggest the absence of full (absolute) convergence, leading us to accept the hypothesis of club convergence. We show that the traditionally more important source markets have a tendency to persist, while Asian countries show heterogeneous behaviour. Furthermore, the relative decline in the contribution to total arrivals and overnights of several international source markets calls for a reconsideration of the promotional strategies to stimulate inbound tourism from these countries
Do European Cohesion Policies Mitigate the Impact of Fiscal Consolidation on Regional Income Inequality?
Full text linkIn this paper we investigate the role of EU Structural and Investment Funds in affecting the dynamic impact of regional fiscal consolidation on regional income inequality. Relying on a panel of 162 NUTS-2 regions of twelve European countries, we find that regional spending cuts increase regional inequality in the medium-term, with the effects surviving to a large battery of robustness checks. The uneven distributional impact of regional austerity measures is however cushioned by larger EU funds expenditures, especially through the European Regional Development Fund (ERDF), with the effect magnified during periods of recession and when the regional quality of government is higher
Capitale territoriale, crisi e politiche di intervento
No full textIl lavoro si propone di identificare i fattori di natura territoriale che facilitano la capacità di resistenza alla crisi e la possibilità di resilienza dei sistemi economici, con particolare riferimento a quelli regionali. Il saggio si snoda attraverso diversi livelli territoriali (regionale, provinciale) e analizza in modo particolare la crescita di alcune variabili di performance e un ampio insieme delle loro determinanti a diversi livelli di governo. Particolare attenzione viene rivolta alla natura degli elementi del capitale territoriale. Si evidenzia anche l'importanza degli effetti spaziali su questo processo, in particolar modo quando si scende a livello sub-regionale, dove ignorare le esternalità spaziali può portare a valutazioni errate
The effect of pandemic crises on fertility
No full textThis paper examines the dynamic effects of pandemic crises on fertility rates for a large, unbalanced sample of 182 developed and developing countries during the period 1996-2019. We find that major pandemics are associated with significant and persistent declines in fertility rates of about 2%, on average. These effects are significantly larger for pandemics characterized by a very large number of confirmed cases relative to the population (up to 61/2%) and by deep recessions (up to 5%). In addition, the effects are larger in advanced economies (up to 5%) and for younger women, on average
Moving closer? Comparing regional adjustments to shocks in EMU and the United States
No full textThis paper analyzes alternative channels of adjustment to nominal exchange rate flexibility in response to shocks faced by countries and regions that are part of a monetary union. Over our full sample period of analysis (1977–2018), the results suggest a dominant role of interstate migration as an adjustment channel to labor demand shocks for the United States. In contrast, European countries tend to adjust to negative labor demand shocks mainly through changes in labor force participation and unemployment. Labor mobility is lower in the euro area, regardless of whether one is looking at cross-country migration or within-country mobility. Price flexibility is more important as a shock absorber to labor demand shocks in the EMU compared to the United States. We also document that risk-sharing mechanisms have been, on average, more effective in smoothing income fluctuations in the United States than in the EMU. The strength of these channels, however, has changed over time both for the EMU and in the United States. In particular, the results suggest that the pattern of regional adjustments to shocks in EMU and the United States is moving closer, partly because of strengthening of adjustment channels in the EMU and partly because of weakening of these channels in the United States
The role of tourism in island economic growth and resilience: A panel analysis for the European Mediterranean countries (2000–2015)
Full text linkPurpose: The purpose of this paper is to verifying the economic resilience of islands and, in particular, the role of the tourism sector in the reaction to the most recent economic crisis. The analysis concerns insular contexts, such as the greater island regions in the Mediterranean basin. Design/methodology/approach: Static and dynamic panel data techniques are used for a sample of 13 island economies over a period of 16 years. Findings: Results show that the growth factors for regional islands are similar to the ones usually considered for other regions, but the tourism-led growth hypothesis is highly supported. Tourism demand more than supply plays a role together with accessibility. The crisis has reduced the importance of tourism supply, while tourism demand and accessibility have remained crucial for growth together with other traditional engines of growth. Originality/value: To the best of authors’ knowledge, none of the current works has considered territorial determinants and tourism indicators inside the same framework analyzing growth in island economies by considering the changes occurred during the crisis explicitly
Regional inequalities, economic crises and policies: an international panel analysis
No full textThis paper examines the effects of economic downturns on regional inequalities. In a sample of 25 OECD countries for 1990–2014 period, we show that economic downturns are associated with a significant and long-lasting reduction in regional inequalities. Expansionary fiscal policy as well as higher share of the European development (cohesion) funds facilitate the response of lagging regions to negative nation-wide shocks, contributing to further stimulate the reduction in regional disparities. Additional evidence suggests that the effect of downturns tends to be larger in economies with a higher initial level of regional disparities in unemployment and human capital endowment
The (controversial) role of the UNESCO WHL Management Plans in promoting sustainable tourism development
No full textThis paper investigates the relationship between tourism and planning in UNESCO
World Heritage List (WHL) sites. It concentrates on the relation between
Management Plans (MPs) and other (local and regional) planning instruments and
policies able to influence the promotion of sustainable and responsible development.
This is explored through an examination of two important tourist locations in Sicily:
Agrigento (the Valley of the Temples) and the Aeolian Islands, which have both
been recognized as World Heritage Sites by UNESCO. The analysis of these case
studies will point out the challenge of integrating different management and
planning regimes. The paper shows how supranational policies often lose their
efficacy in relation to regional and local planning systems. It underlines how the
interrelation between the WHL MP and other (local and regional) plans is on the
one hand necessary and on the other hand problematic, due to the difficult
integration between planning instruments operating in the same area, but managed
by different actors, with different time schedules, resources and legal effectiveness
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