Handbook on Regional Economic Resilience
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Handbook on Regional Economic Resilience

Edited by Gillian Bristow and Adrian Healy

This Handbook provides a collection of high quality contributions on the state of the art in current debates around the concept of regional economic resilience. It provides critical contributions from leading authors in the field, and captures both key theoretical debates around the meaning of resilience, its conceptual framing and utility, as well as empirical interrogation of its key determinants in different international contexts.
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Chapter 14: Resilience in regional business cycles across the Benelux

Elton Beqiraj, Giovanni Di Bartolomeo, Marco Di Pietro and Carolina Serpieri

Abstract

Focusing on NUTS2 regions of the Benelux area, we develop a methodology for measuring resilience in regional business cycles. We focus on the relative ability of regions to absorb business cycle shocks (recoverability) and their ability to isolate themselves from external disturbances (resistance). Based on Bayesian estimations of regional dynamic stochastic general equilibrium (DSGE) models, we focus upon output variability around its natural level. After estimating region-specific models by building counterfactual DSGE reference models, we disentangle the capacities for recovery and resistance in each region within the Benelux over the period 1981_2015. The results reveal very different capacities across the regions and highlight the significance of policy decisions taken in the aftermath of previous crises. We conclude by considering the implications for policy makers in the design of convergence policies and also raise methodological questions for further research.

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