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Shock absorber and shock diffuser: the multiple roles of industrial diversity in shaping regional economic resilience after the Great Recession
The Annals of Regional Science ( IF 1.709 ) Pub Date : 2023-07-02 , DOI: 10.1007/s00168-023-01233-2
Jing Chen , Xiaojing Li , Yuanyuan Zhu

Given that little attention has been paid to the multiple and even conflicting roles of related variety and unrelated variety in shaping regional economic resilience, this study develops a framework that incorporates the industrial portfolio effect, the risk spreading effect, the labor matching effect, and the knowledge spillover effect to analyze the relationship between industrial diversity and economic resilience. Based on the developed framework, spatial econometric models are then employed to analyze the impacts of related variety and unrelated variety on economic resilience in U.S. Metropolitan Statistical Areas (MSAs) after the Great Recession. The empirical results from the estimation of the spatial Durbin error models show that a high level of related variety tends to undermine MSAs’ capacity to adapt to external shocks with respect to the 1-year period 2009–2010, the 3-years period 2009–2012, and the 5-years period 2009–2014, suggesting that due to the risk spreading effect, related variety acts as a shock diffuser in response to the crisis. By comparison, the role of unrelated variety as a shock absorber is significant in terms of direct effect, and the spatial spillovers of unrelated variety on economic resilience cannot be ignored with respect to the 3-years period 2009–2012 and the 5-years period 2009–2014.



中文翻译:

减震器和减震器:大衰退后产业多样性在塑造区域经济弹性方面的多重作用

鉴于人们很少关注相关品种和不相关品种在塑造区域经济韧性方面的多重甚至相互冲突的作用,本研究开发了一个框架,将产业组合效应、风险分散效应、劳动力匹配效应和知识溢出效应分析产业多样性与经济韧性之间的关系。基于所开发的框架,采用空间计量经济学模型来分析大衰退后相关品种和不相关品种对美国大都市统计区(MSA)经济弹性的影响。空间杜宾误差模型估计的实证结果表明,2009-2010 年 1 年期、2009-2009 年 3 年期,高水平的相关多样性往往会削弱 MSA 适应外部冲击的能力。 2012年和2009-2014年这5年,表明由于风险分散效应,相关品种在应对危机时起到了冲击分散器的作用。相比之下,从直接效应来看,非相关品种的减震作用显着,2009-2012年3年和5年期间,非相关品种对经济韧性的空间溢出效应不容忽视。 2009–2014。相关品种充当应对危机的冲击扩散器。相比之下,从直接效应来看,非相关品种的减震作用显着,2009-2012年3年和5年期间,非相关品种对经济韧性的空间溢出效应不容忽视。 2009–2014。相关品种充当应对危机的冲击扩散器。相比之下,从直接效应来看,非相关品种的减震作用显着,2009-2012年3年和5年期间,非相关品种对经济韧性的空间溢出效应不容忽视。 2009–2014。

更新日期:2023-07-03
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