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Economic Growth in the Regions of Europe - Theory and Empirical Evidence from a Spatial Growth Model
of: Sascha Sardadvar
Physica-Verlag, 2011
ISBN: 9783790826371 , 140 Pages
Format: PDF
Copy protection: DRM
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Economic Growth in the Regions of Europe - Theory and Empirical Evidence from a Spatial Growth Model
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
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