English, Article edition: Increasing Returns and the Growth of Industries in the EU Regions: Paradoxes and Conundrums Alvaro Angeriz; John McCombie; Mark Roberts

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Increasing Returns and the Growth of Industries in the EU Regions: Paradoxes and Conundrums
Author
  • Alvaro Angeriz
  • John McCombie
  • Mark Roberts
Physical Description
  • article
Notes
  • Verdoorn's law is estimated in a spatial econometric framework for individual manufacturing industries using EU regional data. Estimates of encompassing returns to scale are large, but other explanatory variables, including measures of industrial specialization and diversity, tend to be insignificant. The method of normalization with either output or input growth as the regressor matters, and the use of an instrumental variable approach does not resolve this problem. As in other studies, the static-dynamic Verdoorn law paradox exists. A theoretical argument is made, however, that the dynamic Verdoorn law is the correct specification and this is confirmed empirically. Rendements croissants et croissance des industries dans les regions de l'UE: paradoxes et enigmes Resume La loi de Verdoorn est estimee dans un cadre conceptuel econometrique spatial pour les industries de fabrication individuelles en utilisant des donnees regionales de l'UE. Les estimations des rendements croissants a l'echelle, englobant, sont importantes, mais d'autres variables explicatives, comprenant des mesures de specialisation et de diversite industrielles, ont tendance a etre insignifiantes. La methode de normalisation utilisant comme variable independante soit la croissance d'entree soit celle de sortie importe, et l'utilisation d'une approche IV ne resout pas ce probleme. Comme dans d'autres etudes, le paradoxe statique-dynamique de la loi de Verdoorn est present. Cependant, dans un argument theorique, nous avancons que la loi de Verdoorn dynamique est la specification correcte, ce qui est confirme empiriquement. Aumento de las ganancias y crecimiento de la industria en las regiones de la UE: paradojas y acertijos Resumen Se estima la Ley de Verdoorn en un marco econometrico espacial para empresas manufactureras individuales usando los datos regionales de la UE. Las estimaciones para las ganancias englobadas a escala son grandes, pero otras variables explicativas, incluyendo las medidas de especializacion y diversidad industrial, tienden a ser insignificantes. Importa el metodo de normalizacion ya sea usando crecimiento de ganancias o entradas como regressor, y el uso de un enfoque IV no resuelve este problema. Al igual que en otros estudios existe la paradoja estatica-dinamica de la ley de Verdoorn. Sin embargo, se argumenta teoricamente que la dinamica ley de Verdoorn es la especificacion correcta y esto se confirma empiricamente. [image omitted]
  • Increasing returns, Verdoorn's law, manufacturing, productivity growth, spatial econometrics,
  • RePEc:taf:specan:v:4:y:2009:i:2:p:127-148
Language
  • English
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