The Competitiveness Challenge for Secondary Capitals
Knowledge, Markets and the State
Debt, Deregulation and Financial Crises
Christina Kakderi and Anastasia Tasopoulou
The economic crisis of 2008_09 had an unprecedented impact on the Greek economy leading to profound transformation both at the political and economic level. This chapter explores the impact on the region of West Macedonia which, among the Greek regions, was one of the most severely affected by the recent crisis. The chapter demonstrated that the region lacked resilience owing to its inherited structural frailties and its over-dependence on a narrow set of industries and public sector employment and pay. Whilst the European Structural Funds provided some security in terms of funding as well as some much-needed adaptability in policy tools and instruments, the highly centralised nature of government and planning structures made for limited flexibility and responsiveness at the regional scale.
Fred P. Gale
Fred P. Gale
This chapter develops an approach for operationalising the concept of regional economic resilience in a cross-comparative analysis of the effects of the 2008_09 economic crisis on European regions. The approach focuses on measuring resilience in terms of post-shock outcomes and adapts available methods for dating regional business cycles to capture differences in both the timing of when the shock hit regions, and the amplitude and duration of the downturns experienced and subsequent recoveries. This analysis highlights that the economic crisis of 2008_09 was not a single event but rather a series of closely connected events that together amounted to a major economic shock. Different places were affected by these events at different times. The business cycle approach adopted for this work is a major innovation in approaches to measuring the resilience of economies to economic shocks, as it allows a more nuanced measurement of the particular response of each region.