A spatio-temporal econometric model of regional growth in Spain |
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Authors: | Miguel A Márquez Julián Ramajo Geoffrey J D Hewings |
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Institution: | (1) Department of Economics, University of Extremadura, Avenida de Elvas s/n, 06071 Badajoz, Spain;(2) Regional Economics Applications Laboratory (REAL), University of Illinois at Urbana-Champaign, Urbana, IL, USA |
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Abstract: | In this paper, a combined cross-section and time-series econometric analysis of Spanish regional growth is presented. This
analysis operates with a database where the number of cross-sectional units is small for a typical panel of data, while the
time dimension is clearly dominant. First, using recent techniques in the econometric analysis of panel data (both panel unit
root and panel co-integration tests), a co-integrating relationship between the level of regional output and the level of
regional input factors is found, and the steady-state equilibrium production function is estimated. Second, a dynamic spatio-temporal
panel error correction model is used in order to describe the short-run regional growth adjustment process in space and time.
As conclusion, it is possible to identify significant spatial effects in the Spanish regional growth after controlling for
temporal variation of the implied variables. |
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Keywords: | |
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