Economic shocks more likely to spread within EU – new research
Researchers use new model to measure propagation of regional shocks in Europe
A working paper published by the Bank of Spain sets out a new method to assess the propagation of regional business shocks in Europe.
In The evolution of regional economic interlinkages in Europe, María Dolores Gadea-Rivas, Ana Gómez-Loscos and Danilo Leiva-Leon use a combination of regime-switching models and dynamic model averaging to measure time-varying regional synchronisation. The authors use this technique to study data on 213 European regions from 1980 to 2014.
Applying their results to
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