Mitigating the Shocks: Exploring the Role of Economic Structure in the Regional Employment Resilience
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This study investigates the resilient structural characteristics of a region by assessing the impact of the financial crisis. Utilizing panel data at the prefecture level for metropolitan cities across pre-shock (2006-2008), shock (2009), and post-shock (2010-2019) periods, we calculated an employment resilience index by combining the resistance and recovery indices. The panel logit regression measures the influences of the region’s industrial structure and external economic factors in response to the global financial crisis. The results revealed that the diversity index of industries contributed to the post-shock recovery bounce-back. Additionally, the presence of large firms and industrial clusters within the region positively contributed to economic resilience. The specialization and the proportion of manufacturing industries showed negative effects, suggesting that regions overly reliant on manufacturing-centered specialization might be vulnerable to external shocks. Furthermore, excessive capital outflows for market expansion were found to have a detrimental impact on regional economic recovery.
Abstract
This study investigates the resilient structural characteristics of a region by assessing the impact of the financial crisis. Utilizing panel data at the prefecture level for metropolitan cities across pre-shock (2006-2008), shock (2009), and post-shock (2010-2019) periods, we calculated an employment resilience index by combining the resistance and recovery indices. The panel logit regression measures the influences of the region’s industrial structure and external economic factors in response to the global financial crisis. The results revealed that the diversity index of industries contributed to the post-shock recovery bounce-back. Additionally, the presence of large firms and industrial clusters within the region positively contributed to economic resilience. The specialization and the proportion of manufacturing industries showed negative effects, suggesting that regions overly reliant on manufacturing-centered specialization might be vulnerable to external shocks. Furthermore, excessive capital outflows for market expansion were found to have a detrimental impact on regional economic recovery.
참고문헌 (48)
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