A Research Agenda for Regeneration Economies
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A Research Agenda for Regeneration Economies

Reading City-Regions

Edited by John R. Bryson, Lauren Andres and Rachel Mulhall

This Research Agenda provides both a state-of-the-art review of existing research on city-regions, and expands on new research approaches. Expert contributors from across the globe explore key areas for reading city-regions, including: trade, services and people, regional differentiation, big data, global production networks, governance and policy, and regional development. The book focuses on developing a more integrated and systematic approach to reading city-regions as part of regeneration economics, identifying conceptual and methodological developments in this field of study.
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Chapter 6: Resilience of US metropolitan areas to the 2008 financial crisis

Nicholas Kreston and Dariusz Wójcik

Abstract

This chapter seeks to explain why only a minority of US metropolitan areas enjoyed quicker recovery and higher levels of economic growth following the 2008 banking crisis and recession of 2007-2009. An uneven pattern of growth came into being over the course of the recession and persisted through 2013, evident in both total employment and on a sectoral basis. Using cluster analysis, we characterize the best performing group of metropolitan areas as exhibiting less economic sectorial diversity than average and lower rates of subprime mortgages as a share of all households. The worst performing areas show the highest average rates of household distress as well as bank failures. The most consistent pattern among our variables was that gradually worsening growth outcomes were associated with increasingly larger subprime mortgage and HAMP concentrations. Our findings recommend further research into the conditions of financial distress among metropolitan areas as well as into the nature of sector specialization, as both potential factor affecting growth.

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