Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/31958
Appears in Collections:Economics Journal Articles
Peer Review Status: Refereed
Title: The role of credit in regional divergence: Spanish regions and Eurozone countries
Other Titles: O papel do crédito na divergência regional: regiões espanholas e países da Zona do Euro
Author(s): Dow, Sheila C
Rodriguez-Fuentes, Carlos J
Keywords: Credit procyclicality
liquidity preference
Post-Keynesian regional credit theory
Human P. Minsky
Issue Date: 2020
Citation: Dow SC & Rodriguez-Fuentes CJ (2020) The role of credit in regional divergence: Spanish regions and Eurozone countries [O papel do crédito na divergência regional: regiões espanholas e países da Zona do Euro]. Brazilian Journal of Political Economy, 40 (4), pp. 712-727. https://doi.org/10.1590/0101-31572020-3051
Abstract: This paper provides a theoretical account of the role of regional differences in cyclical patterns of credit availability for patterns of regional convergence or divergence. While mainstream theories imply either equalising regional capital flows, or else lower credit availability for peripheral regions due to market imperfections, Post-Keynesian theory of liquidity preference and financial structure imply the scope for greater credit volatility for peripheral regions, especially in downturns, contributing to real economic divergence. This latter account is assessed by means of an empirical analysis of patterns in bank credit over the business cycle among the Spanish regions and Eurozone countries.
DOI Link: 10.1590/0101-31572020-3051
Rights: This is an open-access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/).
Licence URL(s): http://creativecommons.org/licenses/by/4.0/

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