Resilience to crisis and GDP recovery at county level in Romania

Zaman, Gheorghe and Georgescu, George (2015): Resilience to crisis and GDP recovery at county level in Romania.

Abstract

The paper focuses on the issue of regional resilience against the recent financial and economic crisis in the case of Romania, taking the county as territorial unit of observation. Based on the idea that the shock of a crisis impact spreads asymmetrically in the territory, with different contagion effects, the study advance a new approach of the speed and duration of GDP decline recovering. Data analysis showed that, at macroeconomic level, Romania has not proved resilient to the crisis impact, after two years of recession and a recovery period of 4 years succeeding barely in 2014 to return to the GDP level achieved in 2008. The research highlighted the differentiated recovery duration of the economic decline in territory, in 2014 many counties having to recover in the coming years remained GDP gaps, up to 10 pp or even more. The study paid a specific attention to the crisis impact on employment, focusing on R&D sector as revealing the endogenous growth generating potential at county level.

• Item Type: MPRA Paper
• Language: English
• Keywords: global crisis; regional economic resilience; economic decline recovery; employment; knowledge-based re-industrialization
• Subjects: G - Financial Economics > G0 - General > G01 - Financial Crises; I - Health, Education, and Welfare > I2 - Education and Research Institutions > I28 - Government Policy; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O18 - Urban, Rural, Regional, and Transportation Analysis ; Housing ; Infrastructure; O - Economic Development, Innovation, Technological Change, and Growth > O3 - Innovation ; Research and Development ; Technological Change ; Intellectual Property Rights > O33 - Technological Change: Choices and Consequences ; Diffusion Processes; R - Urban, Rural, Regional, Real Estate, and Transportation Economics > R1 - General Regional Economics > R12 - Size and Spatial Distributions of Regional Economic Activity; R - Urban, Rural, Regional, Real Estate, and Transportation Economics > R5 - Regional Government Analysis > R58 - Regional Development Planning and Policy

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