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Economic Growth in the Regions of Europe Theory and Empirical Evidence from a Spatial Growth Model

:	Sascha Sardadvar
:	Economic Growth in the Regions of Europe Theory and Empirical Evidence from a Spatial Growth Model
:	Physica-Verlag
:	9783790826371
:	1
:	CHF 85.30
:

:	Volkswirtschaft
:	English

:	140
:	Wasserzeichen
:	PC/MAC/eReader/Tablet
:	PDF

Although interest in spatial growth regressions has been growing in recent years, formal theoretical approaches that acknowledge the role of space in economic growth have been sparse. In particular in a regional context, the assumption of independent, non-interacting closed economies can lead to misinterpretations. This book fills the void by discussing neoclassical growth theory in a spatial context, in order to examine growth both theoretically and empirically in a system of N regional economies. A formal model is presented that allows for interregional fixed capital relocations, which are in turn determined by the economies' relative locations in space. It is shown how initial endowments with human capital play a decisive role regarding the evolution of output, and how both convergence and divergence processes may occur. Using a spatial econometric model specification, the theoretical model is tested empirically for 255 European regions.

	Preface	4
	Contents	5
	List of Figures	7
	List of Tables	8
	1 Introduction	9
	Part I Theory of Economic Growth	14
	2 Neoclassical Growth Theory and Standard Models	15
	2.1 From Classical to Neoclassical Growth Theory	15
	2.2 The Basic Outline of Neoclassical Growth Models	18
	2.3 The Solution with Technological Progress and a Cobb-Douglas Production Function	21
	2.4 Human Capital as an Additional Factor of Production	24
	3 Growth Models with Spatial Externalities	29
	3.1 A Neoclassical Growth Model with Identical Steady States	29
	3.2 A Neoclassical Growth Model with Different Steady States	31
	4 Convergence: Theory and Evidence	35
	4.1 Convergence and Disparities of National Economies	36
	4.2 The Formal Derivation of a Convergence Equation	40
	4.3 Empirical Tests of Convergence, Conclusions and Unsolved Questions	44
	Part II A Model of Regional Growth	48
	5 Remarks on Regional Growth	50
	5.1 Agglomeration Effects, Increasing Returns and Polarisation	50
	5.2 Reconsidering Saving and Gross Investment	53
	5.3 Foreign Capital, Its Mobility and the Role of Human Capital	55
	6 Structure of the Model	58
	6.1 Definitions and Assumptions	58
	6.2 The Production Function	60
	6.3 Changes of Inputs to Production	64
	7 Evolution of Factors and Output	69
	7.1 Steady States	69
	7.2 Simulation Results	72
	7.3 Formal Derivations	79
	8 Implications for Output Growth	82
	8.1 Taylor Approximation	82
	8.2 Solution for Output Growth	85
	8.3 Summary and Outlook	88
	Part III Empirics	91
	9 Regions, Variables and Data	92
	9.1 Observation Units, Observation Period and Distance Measures	92
	9.2 Variables	95
	9.3 An Illustration of Recent Developments	99
	10 Spatial Econometric Specification and Estimation	106
	10.1 Spatial Econometric Models	106
	10.2 The Model Specification	108
	10.3 Maximum Likelihood Estimation	110
	11 Testing the Theoretical Model	112
	11.1 Results	112
	11.2 Interpretation and Concluding Remarks	115
	12 Summary	118
	Appendices	121
	Appendix 1: Regions of the Observation Area	121
	Appendix 2: Supplementary EconometricResults	124
	Appendix 3: Intra-state Developments1995 to 2004	126
	Appendix 4: List of Symbols	129
	References	132