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The determinants of economic growth in European regions

Doppelhofer, Gernot; Crespo-Cuaresma, Jésus; Feldkircher, Martin
Working paper
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URI
http://hdl.handle.net/11250/163180
Date
2008-12
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  • Discussion papers (SAM) [674]
Abstract
We use Bayesian Model Averaging (BMA) to evaluate the robustness of determinants

of economic growth in a new dataset of 255 European regions in the 1995-2005

period. We use three different specifications based on (1) the cross-section of regions,

(2) the cross-section of regions with country fixed effects and (3) the cross-section of regions with a spatial autoregressive (SAR) structure. We investigate the existence of parameter heterogeneity by allowing for interactions of potential explanatory variables

with geographical dummies as extra regressors. We find remarkable differences between the determinants of economic growth implied by differences between regions and those within regions of a given country. In the cross-section of regions, we find evidence for conditional convergence with speed around two percent. The convergence process between countries is dominated by the catching up process of regions in Central and Eastern Europe (CEE), whereas convergence within countries is mostly a characteristic of regions in old EU member states. We also find robust evidence of positive growth of capital cities, a highly educated workforce and a negative effect of population density.
Publisher
Norwegian School of Economics and Business Administration. Department of Economics
Series
Discussion paper
2008:25

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