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An Empirical Analysis on the Effect of Economic Volatility on Regional Economic Growth

  • Journal of Regional Studies and Development
  • Abbr : JRSD
  • 2013, 22(1), pp.67-89
  • Publisher : Institute for Poverty Alleviation and International Development: IPAID
  • Research Area : Social Science > Area Studies > Regional Studies in general > Comparative / Statistical Regional Studies

송은경 1 Kim, Young Duk 1

1부산대학교

Accredited

ABSTRACT

This paper investigates the relationship between uncertainty and regional economic growth by using regional panel data of the 15 regions in Korea. We used the three volatility measures; regional economic growth volatility, inflation volatility, and local government’s economic development expenditure growth volatility as uncertainty variables. During the financial crisis period of 1997, the regional growth volatility and the local government’s economic development expenditure growth volatility had significant negative relation with regional economic growth. However, the inflation volatility has negative relation with regional economic growth in both before and after 1997 financial crisis. This finding implies that after the financial crisis, there maybe a structural change in the relationship between economic volatility and regional economic growth, and that we may need a micro and regional economic policy to account for regional economic stabilization.

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