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首页> 外文期刊>Papers in regional science >Growth-instability frontier and industrial diversification: Evidence from European gross value added
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Growth-instability frontier and industrial diversification: Evidence from European gross value added

机译：增长 - 不稳定的前沿和产业多样化：增加了欧洲总值的证据

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The paper applies the modern portfolio theory and stochastic frontier analysis to gross value added growth rates in Europe and presents evidence of convex growth-instability frontiers. Using their national accounts by economic activity, numerical simulations of gross value added shares show that in 2011, industry portfolios were below Markowitz's efficient frontier and that rearranging the share of economic activities lead to efficiency gains in terms of lower output instability and higher growth rates. Gross value added in EU countries in general, and core countries in particular, should be contributed by the "service provider" and "financial activities" sectors, while optimal industry portfolios of periphery countries are more diversified. Stochastic frontier analysis confirms the convex growth-instability frontiers and finds that technical inefficiencies are explained by differences in the growth rate of labour and the degree of industrial diversification. Getting more efficient is a combination of country characteristics and sector specifics, where efficiency gains are inversely related to industrial diversification during economic development. Reported results are robust to model specifications and data restrictions.
机译：本文适用于现代组合理论和随机前沿分析，以欧洲的总增长率增加增长率，并提出了凸增长不稳定前沿的证据。通过经济活动使用他们的国民账户，总增值股份的数值模拟表明，2011年，行业组合低于Markowitz的高效边境，重新安排经济活动的份额导致较低产出不稳定和更高的增长率提升。欧盟国家的总价值在欧盟国家，特别是核心国家，应由“服务提供商”和“金融活动”部门做出贡献，而周边国家的最佳行业组合更为多样化。随机前沿分析证实了凸起的增长 - 不稳定前沿，并发现技术效率低下是通过劳动力增长率和产业多样化程度的差异解释。获得更高效的是国家特色和部门细节的组合，其中效率收益与经济发展期间的产业多样化与工业多样化相反。报告的结果是模拟规范和数据限制的强大。

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