Economic Geography 2023年第3期
Economic Geography 2023年第3期
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Industrial Embeddedness and Regional Economic Resistance in Europe
欧洲的产业嵌入性与区域经济阻力
Tasos Kitsos, Simone Maria Grabner & Andre Carrascal-Incera
We study the role of local industrial embeddedness (the share of regional interindustry economic activity that is anchored to a region) on regional resistance (the difference between pre- and postcrisis employment) to the 2008 Great Recession (GR) in EU and UK NUTS-2 regions. The recession had profound effects in regional economies, which showed diverse performance based on their capacity to absorb the shock. The concept of economic resilience has been brought to the center of attention with several contributions exploring its determinants. However, the impact of the embeddedness of local economic systems in terms of sales and supplies has been largely unexplored. We use regional input–output tables to approximate the embeddedness of local economies, and we use fixed-effects and quantile regressions to test its relationship to regional resistance between 2008 and 2011. We find that during the GR, regional industries opted to change input rather than output markets. Additionally, embeddedness has a curvilinear relationship to regional resistance that varies across the distribution of regional resistance performance. Finally, at the industry level, we find regional embeddedness to be important to the resistance of manufacturing and financial and business services, and sectoral embeddedness to matter more for the resistance of construction and wholesale, retail, and information technology. Our findings highlight nuances that policy makers should be aware of in planning for resilience.
我们研究了欧盟和英国NUTS-2地区的本地产业嵌入性(锚定在一个地区的区域产业间经济活动份额)对2008年大衰退(GR)的区域阻力(危机前和危机后的就业差异)的作用。经济衰退对各地区经济体产生了深远影响，各地区经济体根据其吸收冲击的能力表现出不同的表现。经济弹性的概念已经引起了人们的关注，其中一些贡献探讨了经济弹性的决定因素。然而，当地经济系统的嵌入性在销售和供应方面的影响在很大程度上尚未被探索。本文采用区域投入产出表来近似估计地方经济的嵌入性，并采用固定效应和分位数回归来检验2008—2011年其与区域阻力的关系。我们发现，在GR期间，区域产业选择改变投入市场而不是产出市场。此外，嵌入性与区域阻力存在曲线关系，且在区域阻力表现的不同分布中存在差异。最后，在行业层面，我们发现区域嵌入性对制造业、金融和商业服务的阻力更重要，而部门嵌入性对建筑业、批发、零售和信息技术的阻力更重要。我们的研究结果突出了政策制定者在规划复原力时应该意识到的细微差别。
Relatedness, Cross-relatedness and Regional Innovation Specializations: An Analysis of Technology, Design, and Market Activities in Europe and the US
相关性、交叉相关性和区域创新专业化:对欧洲和美国技术、设计和市场活动的分析
Carolina Castaldi & Kyriakos Drivas
This article examines how regions develop new innovation specializations, covering different activities in the whole process from technological invention to commercialization. We develop a conceptual framework anchored in two building blocks: first, the conceptualization of innovation as a process spanning technology, design, and market activities; second, the application and extension of the principle of relatedness to understand developments within and between the different innovation activities. We offer an empirical investigation where we operationalize the different innovation activities using three intellectual property rights: patents, industrial designs, and trademarks. We provide two separate analyses of how relatedness and cross-relatedness matter for the emergence of new specializations: for 259 NUTS-2 European regions and for 363 metropolitan statistical areas of the US. While relatedness is significantly associated with new regional specializations for all three innovation activities, cross-relatedness between activities also plays a significant role. Our study has important policy implications for developing and monitoring smart specialization regional strategies.
本文研究了区域如何发展新的创新专业化，涵盖了从技术发明到商业化的整个过程中的不同活动。我们开发了一个概念框架，锚定在两个构建模块上:首先，将创新概念化为一个跨越技术、设计和市场活动的过程;第二，应用和扩展关联原则来理解不同创新活动内部和之间的发展。我们提供了一项实证调查，在该调查中，我们使用三种知识产权:专利、工业设计和商标来运营不同的创新活动。我们提供了两种不同的分析，分析了相关性和交叉相关性对新专业出现的影响:259个坚果-2欧洲地区和363个美国大都市统计地区。虽然三种创新活动的相关性都与新的区域专业化显著相关，但活动之间的交叉相关性也发挥着显著作用。我们的研究对于制定和监测智慧专业化区域战略具有重要的政策启示。
The Financial Industry Sets Sights on Institutional Investors: A Relational Approach to Property Investment Outsourcing
金融行业将目光投向机构投资者:房地产投资外包的关系型方法
Maira Magnani & Daniel Sanfelici
Over the past few decades, pension funds have emerged as major players in global financial markets as the reserves they manage have grown steadily. In this context, trustees are confronted with acute dilemmas regarding how best to generate investment returns to beneficiaries. This involves crucial decisions regarding the diversification of investment portfolios as well as decisions on whether, when, and to whom to outsource investment functions and tasks. The literature in economic geography has frequently treated outsourcing decisions as taken by the asset owners based on criteria such as costs of coordination, availability of information, governance structure, and internal expertise. Focusing on the outsourcing of property investment by Brazil’s largest pension funds and drawing on a relational approach, this article investigates the actions taken by the real estate investment trust (REIT) industry to attract and retain pension fund money into their investment vehicles. It is claimed that REIT managers have acted on three dimensions to capture pension fund money: (1) by influencing the regulatory framework affecting pension funds, (2) by building networks of trust with pension fund managers and trustees, (3) by adapting internal procedures to the expectations and needs of institutional investors. Putting the spotlight on the evolving, power-laden relationships connecting key actors in finance, we were able to demonstrate how the pooling of money by financial institutions is politically and socially constructed and how it changes the geography of money flows.
在过去几十年里，随着养老基金管理的储备稳步增长，养老基金已成为全球金融市场的主要参与者。在这方面，受托人面临着如何最好地为受益人创造投资回报的严重困境。这涉及到关于投资组合多样化的关键决策，以及是否、何时和向谁外包投资职能和任务的决策。经济地理学的文献经常将外包决策视为资产所有者基于协调成本、信息可用性、治理结构和内部专业知识等标准做出的决策。本文以巴西最大的养老基金的房地产投资外包为重点，并借鉴相关方法，调查了房地产投资信托(REIT)行业为吸引和保留养老基金资金进入其投资工具而采取的行动。本文认为，房地产投资信托基金经理采取了三个维度的行动来获取养老基金资金:(1)通过影响养老基金的监管框架，(2)通过与养老基金经理和受托人建立信任网络，(3)通过调整内部程序来适应机构投资者的期望和需求。将重点放在金融领域关键角色之间不断变化的、充满权力的关系上，我们能够展示金融机构的资金池是如何在政治和社会上构建的，以及它如何改变资金流动的地理位置。
In Real Estate Investment We Trust: State De-risking and the Ownership of Listed US and German Residential Real Estate Investment Trusts
在我们信任的房地产投资方面:国家降低风险和拥有上市的美国和德国住宅房地产投资信托基金
Manuel B. Aalbers, Zac J. Taylor, Tobias J. Klinge & Rodrigo Fernandez
Real estate investment trusts (REITs) have been around since 1960 but have only become major players in housing markets in the last twenty years. The current and ongoing wave of residential REIT (R-REIT) expansion has attracted significant scholarly and broader public interest. This article examines how real estate, finance, and the state are configured in relation to each other through R-REITs. While much of the housing financialization literature has focused onthe real estate/state axis of this relationship, we explore the underexamined connections between the real estate/finance axis and the finance/state axis of the real estate–finance–state triangle. We analyze the financial accounts of the world’s fifteen largest publicly traded R-REITs and R-REIT–like funds in the two largest markets: the United States and Germany. Our findings demonstrate how the ownership of R-REIT stock is remarkably homogeneous: the largest shareholders in each of the studied R-REITs are the three largest index exchange-traded funds, which are heavily backed by pension fund capital. For these investors, it is important that R-REITs provide a healthy return on investment at the lowest possible risk. The investors require the state, in its various guises, to guarantee attractive risk-adjusted returns on R-REITs investments. We identify six dimensions of state de-risking in this context, deepening our understanding of the role of the state in housing financialization. It is the state that creates the trust in real estate investment trusts, and it thus is what generates the investment in real estate investment trusts.
