Resumen de A State-Space Modelization of Economic Growth Among Spanish Regions
Román Mínguez Salido, Manuel Vargas Vargas
Growth and integration among regional economies, as well as the possible relationship between those, have been one of the most analysed fields in regional economy during the last two decades. In addition to theoretical interest in discriminating alternative models of economic growth, the specialists in regional economic policy have focused on empirical analysis in order to perform knowledge on regional reality, the detection, description and possible solutions for economic inequalities. The results obtained are not conclusive, since the existence of convergence or economic integration depends at the end on the temporary or spatial area considered. Furthermore, the diversity of statistical methods and methodological approaches hinders the comparison of results and the interpretation of conclusions. In the Spanish case, the convergence among regions has been approached by the classic concepts of sigma-convergence and beta-convergence, from which there has been obtained a conditional convergence in terms of labour productivity or income per capita. Similar conclusions have been reached using statistical concentration criteria. All these results lead us to the existence of convergence clubs, which justify the adoption of investment policies in the poorest regions. In doing so, there will be modified the structural factors of the steady state on these economies. However, the results obtained applying classic techniques have been partially rejected in several studies. Furthermore, pro-convergence economic factors show a dynamical structure which, in some cases, is not correctly analysed using these sort of techniques. The paper analyses the regional economic convergence from a time series point of view. The primary aim of this paper is to detect dynamic common factors in order to identify convergence clubs among spanish regions, to estimate stochastic unit root for those common factors and, finally, to estimate of the long run components of each economy.
