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