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TitleAsymmetric regional dynamics: from bust to recovery
Author(s)Alexandre, Fernando
Costa, Hélder
Portela, Miguel
Rodrigues, Miguel Ângelo Vilela
KeywordsRegional development
Economic convergence
Local government
Fiscal decentralization
International financial crisis
Eurozone crisis
Issue date2018
PublisherUniversidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)
JournalNIPE Working Paper
Abstract(s)Regional convergence stands out in the severe adjustment of the Portuguese economy that followed the international fi nancial crisis.This result contrasts with increasing regional inequality in other European countries. We show that regions' GDP growth rates of the Portuguese economy were driven by debt and exports. Our estimates suggest that differences in regional debt-to-GDP and exports-to-GDP ratios resulted in asymmetric regional economic dynamics. Highly indebted regions had a more severe recession and aslower recovery. Regions more open to trade had a milder recession and a stronger recovery. Finally, our results suggest that fiscal decentralization may improve regions' resilience.
TypeWorking paper
Publisher version
AccessOpen access
Appears in Collections:NIPE - Documentos de Trabalho

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