Journal Article

The geography of the economic crisis in Europe: national macroeconomic conditions, regional structural factors and short-term economic performance

Riccardo Crescenzi, Davide Luca and Simona Milio

in Cambridge Journal of Regions, Economy and Society

Volume 9, issue 1, pages 13-32
Published in print March 2016 | ISSN: 1752-1378
Published online January 2016 | e-ISSN: 1752-1386 | DOI: https://dx.doi.org/10.1093/cjres/rsv031

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  • Prices, Business Fluctuations, and Cycles
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This article explores the linkages between pre-2008 crisis national macroeconomic conditions, regional resistance factors and depth of the crisis in the regions of the EU27. The results suggest that only a limited set of macroeconomic factors shape the regional reaction to the crisis. A healthy current account surplus is associated with stronger economic performance during the post-2008 recession. Conversely, high public debt countries are more successful in sheltering their regional economies in the short run. When looking at regional-level resistance, human capital is the single most important positive factor. Conversely, research and development-intensive regions are more exposed to negative shocks.

Keywords: economic crisis; crisis consequences; European Union; regional resistance; spatial heterogeneity; E32; O52; P48; R11

Journal Article.  8854 words.  Illustrated.

Subjects: Prices, Business Fluctuations, and Cycles ; Economywide Country Studies ; Other Economic Systems ; Urban, Rural, and Regional Economics

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