국제무역
Factor Model Based Regional Indices
- This paper introduces a novel approach to constructing multidimensional regional growth and development indices using dynamic factor models tailored for noisy and incomplete big data across space and time. By focusing on pay, employment, and productivity, the study provides a framework for measuring regional progress and inequalities within the UK.
- The application of this methodology reveals significant regional disparities. Some regions, such as North Eastern Scotland and the Highlands and Islands, exhibited notable regeneration in recent years. By contrast, other regions, like Inner LondonWest, have struggled and fallen behind in relative terms, even if they still remain ahead of most other regions in absolute terms.
- The proposed index construction, rooted in spatial econometrics and dynamic factor models, enables policymakers to track regional regeneration more effectively, offering a robust tool for understanding the interplay between economic policies and regional outcomes.
- The application of this methodology reveals significant regional disparities. Some regions, such as North Eastern Scotland and the Highlands and Islands, exhibited notable regeneration in recent years. By contrast, other regions, like Inner LondonWest, have struggled and fallen behind in relative terms, even if they still remain ahead of most other regions in absolute terms.
- The proposed index construction, rooted in spatial econometrics and dynamic factor models, enables policymakers to track regional regeneration more effectively, offering a robust tool for understanding the interplay between economic policies and regional outcomes.
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