the regional financial sector a scottish case study dow s c 1992 the regional financial sector a scottish case study reg studies 26 619 631 the regional finance literature suggests that financial market segmentation may affect regional economic activity but that the uk financial sector is sufficiently integrated to rule out this effect this paper attempts to broaden the scope of the debate by considering the credit creating behaviour of the banking sector together with the interdependent financial behaviour of all other sectors in a region it is concluded that financial behaviour in this broad sense affects regional activity even in an integrated national financial market in particular financial integration may adversely affect the allocation of new credit to a peripheral region the argument is assessed by considering the scottish case dow s c 1992 le secteur financier regional cas d etude de l ecosse reg studies 26 619 631 la documentation relative au secteur financier regional laisse supposer que la segmentation du marche finan

a new consumption based accounting model for greenhouse gases from 1948 to 2012 abstract greenhouse gas emissions embodied in international trade have grown rapidly as globalization has progressed and potentially threaten the efficacy of unilateral climate treaties such as the kyoto protocol consumption based methods have been put forward as a way of overcoming this issue and help design future climate policies we improve the long term consumption based accounting lcba model with transfer carbon data from 1948 to 2012 by introducing country specific import intensities and detailed bilateral trade data from uncomtrade comparisons of our new lcba2 model with existing 4 studies show similar consumption based emission patterns both in trend and magnitude and significant emission changes in many european countries the results independently confirm previous findings on the efficacy of the kyoto protocol the results indicate transferred emissions have contributed an historic 36 gt co 2 of cumulative emissions have grown rapidly during the past 30 years up to 8 of total emissions and are likely to become increasingly influential in the near future as the global economy recovers we also use the improved model to study other gases ch 4 n 2 o and so 2 embodied in trade and results indicate similar transfer patterns as co 2 with comparable or even moderately larger magnitudes across method result differences between lcba2 with 3 other models are analyzed based on using common input datasets large emitters show moderate biases within 10 and about 75 of countries have differences within 25 independent of input dataset the lcba2 model provides useful estimates of transferred emissions in both across country and long term historical contexts

rich regions poor regions and bank branch deregulation in spain abstractrich regions poor regions and bank branch deregulation in spain regional studies the links between financial deregulation and economic performance are evaluated in a european context specifically the study analyses the relaxation of bank branching restrictions in spain which triggered a remarkable interregional expansion of savings banks that coincided with an unprecedented period of sustained economic expansion although related questions have been widely investigated for the united states experiences in europe have received far less research attention an additional contribution of the paper lies in its use of quantile regression which enables the investigation of the possibility of economic effects taking into account the degree of regional development the potential endogeneity of some of the regressors is also explicitly considered results do not support the case for a positive effect of bank branch deregulation in spain out of region entry in particular does not seem to have had

a business cycle model with variable capacity utilization and demand disturbances abstract we develop a dynamic general equilibrium model with demand preference shocks estimated using hall s j labour economics 15 1997 223 residual that replicates u s business cycles well at least compared to the real business cycle models the key factor is cyclical capital utilization which is based on imperfect competition slow adjustments in capital stock and fixed requirement of labor input we also demonstrate theoretically that a representative agent economy with preference shocks could be viewed as the reduced form of a heterogeneous agents economy with incomplete markets specifically a heterogeneous agents economy with incomplete markets is aggregated into a representative agent economy with preference shocks this result would provide a microeconomic foundation for preference shock models it is also shown that a shock to marginal utility of consumption and a shock to marginal disutility of labor have different effects

the regional transmission of uk monetary policy dow s c and montagnoli a 2007 the regional transmission of uk monetary policy regional studies 41 797 808 concerns have been raised in the media about a one size fits all monetary policy for the uk if there are diverse economic conditions in different regions then a unitary monetary policy cannot suit all the purpose of this paper is to explore this issue further by breaking it down into two separate issues first there is the more conventional way of considering the question in terms of the effect of a particular interest rate change on regions experiencing different economic conditions this requires a consideration of the nature and causes of regional economic disparities in the uk and how these might be affected by particular interest rate changes but there is further the question of how monetary policy is transmitted to the different regions the possibility is considered that there may be regional differences in how a particular monetary policy is translated into different financial

financial hierarchy and banking strategies a regional analysis for the brazilian case the aim of this paper is to investigate whether brazil s financial system has a differentiated strategy in space the analysis is based on the theory of liquidity preference regionally differentiated in addition it assumes that the banking strategies are associated with centrality as defined in christaller s central place theory the analysis used indicators of 2 924 cities grouped according to the type of financial services they provide in addition the paper presents an estimation using a dynamic panel data econometric model for the period 2000 08 in order to test if the banking strategies are related to the centrality of the cities

policy review section in this policy review section gerry stoker of the institute of local government studies presents a critical review of the role of urban development corporations udcs in comparing the experience of the udcs consideration is given to the varying nature of the land and property market in each udc area to the relationship with local authorities and other local bodies and the regeneration strategies pursued by the udcs this is followed by an assessment of the impact of the udcs in economic social and political terms in the second article john britton of the university of toronto examines the theoretical case for interventionist public policies to assist the innovation process in small and medium sized enterprises these arguments are supported by a review of the experience of various national support programmes introduced in the uk in particular the manufacturing advisory service introduced in 1978 and the design advisory service launched in 1982

banks and regional development an empirical analysis on the determinants of credit availability in brazilian regions crocco m faria silva f paulo rezende l and rodriguez fuentes c j banks and regional development an empirical analysis on the determinants of credit availability in brazilian regions regional studies this paper studies the influence that liquidity preference and bank lending strategies might have played in the determination of bank credit availability in brazilian regions during the period 1999 2008 it puts forward the argument that in remoter and less developed regions the liquidity preference of agents is higher and fluctuates along business cycles reducing regional credit availability in downturns due to both a contraction in supply and the demand for credit in remoter regions and producing a more unstable pattern for credit availability alongside business cycles empirical evidence for the brazilian regions during the period 1999 2008 is provided to support this view

the application of development economics general principles and context specificity the purpose of this paper is to consider the application of development economics at the methodological level in particular given the shortcomings of both the modernist and postmodernist approaches to development policy we consider an alternative approach drawing on critical realism which combines the benefits of generality with the benefits of attention to specificity of context the approach is illustrated by showing how principles in development economics addressing issues of globalisation and peripherality can serve to illuminate some of the causal tendencies at work in a developed economy such as scotland copyright 2005 oxford university press

the growth and geographical anatomy of venture capitalism in the united kingdom martin r l 1989 the growth and geographical anatomy of venture capitalism in the united kingdom reg studies 23 389 403 the 1980s have seen the emergence and rapid growth of venture capitalism in the uk this paper examines this growth both in terms of the spatial organization of the venture capital industry and the regional distribution of venture capital investment the picture that emerges is of an industry which is over centralized in the london area and which in the course of its recent development has tended to concentrate investment in the already more prosperous southeastern and adjacent parts of the country while local venture capital markets are beginning to become established in northern britain it will be some time before the existing regional imbalance is likely to be redressed martin r l 1989 la croissance et la distribution geographique du capital risque au royaume uni reg studies 23 389 403 les annees 1980 ont temoigne de la naissance et de l essor du capital risque au

interest rates and convergence across italian regions dow s montagnoli a and napolitano o interest rates and convergence across italian regions regional studies the purpose of this paper is to investigate the evidence for economic convergence across italian regions using trends in interest rate spreads and premia as indicators of regional credit conditions the results indicate the presence of persistent interest rate differentials and thus an absence of convergence across the twenty political regions but a high degree of convergence is observed within the four macroeconomic areas dow s montagnoli a and napolitano o 20 dow s montagnoli a et napolitano o les taux d interet et la convergence a travers les regions italiennes regional studies a partir des tendances des marges d interet sur les credits et des primes sur les taux d interet comme indicateurs des conditions de credit regionales cet article cherch

regional interest rate pass through in italy this paper estimates the pass through and speed of adjustment of italian regional interest rates to changes in the money market rate for the period 1998q1 2009q4 our main findings suggest that the markup for the lending rates that banks charge are generally higher in the south than in the north moreover our results indicate that the pass through tends to be longer in southern regions we find little evidence supporting the hypothesis of asymmetric adjustment in the lending rates but detect some evidence supporting upward rigidity in the regional deposit rates

undermining the financial basis of regions the spatial structure and implications of the uk pension fund system martin r and minns r 1995 undermining the financial basis of regions the spatial structure and implications of the uk pension fund system reg studies 29 125 144 regional growth theory and regional policy traditionally focus on the process of industrial development relatively little is known about the flows of money and financial capital that shape that development this paper examines the spatial organization and implications of the uk pension fund system one of the principal circuits of financial capital in the national economy it is shown how the great bulk of pension fund contributions that originate right across the various regions of the uk are channelled into and controlled by financial institutions in the south east of the country moreover those funds are then invested primarily back into companies and organizations located or headquartered in the south east this spatially centralized system pursues liquidity rather than productive investment and little of the money trickles down to

market definition of the uk deposit savings account market this study examines the definition of the uk deposit savings account market a testing procedure is used to ascertain if the law of one price and the assumption of a unified national market may or may not be rejected the existing uk and european literature on the definition of financial services markets is developed by using both product specific interest rate data and by incorporating non price characteristics of financial services products in the testing procedure this study indicates that a unified uk market may be rejected for deposit saving accounts

regional financial sector models an application to the northern ireland financial sector hutchinson r w and mckillop d g 1990 regional financial sector models an application to the northern ireland financial sector reg studies 24 421 431 this paper presents an analysis of recent theoretical developments in the treatment of regional financial markets it starts from a position where regional financial markets are fully integrated in a national system with regional financial institutions having a neutral effect on their regional economy it then indicates how interregional differences in information costs can result in a degree of inter regional financial market segmentation creating conditions under which regional interest rates can diverge from national rates the theoretical analysis also demonstrates how market segmentation resulting from financial institutions with elements of regional autonomy can impact upon a region s ability to undertake profitable investment the applicability of these models is then tested employing the northern ireland financial sector as the control

emu and the regional impact of monetary policy rodriguez fuentes c j and dow s c 2003 emu and the regional impact of monetary policy reg studies 37 969 980 in this paper we focus on a topic which has been attracting renewed interest because of monetary unification in europe the regional dimension of national monetary policies most of the debate over the regional implications of the euro has been developed within the optimum currency area framework according to this theory european monetary policy would have regional effects when the countries of the euro zone had such structural differences as to produce asymmetric shocks these asymmetrical effects could only be offset by labour mobility and wage price flexibility however we argue here that in addition european monetary policy may have more general regional effects including in particular by producing a higher instability in the pattern of credit availability for some peripheral regions this latter possibility and the forces underlying it are explored here both at the theoreti

the regional impact of the small firms loan guarantee scheme in the united kingdom harrison r t and mason c m 1986 the regional impact of the small firms loan guarantee scheme in the united kingdom reg studies 20 535 550 the small business loan guarantee scheme was introduced in the uk in 1981 in response to long standing concern about the problems encountered by small businesses in raising external finance although the scheme was introduced nationally its impact has varied among regions not unexpectedly the south east and east anglia account for the largest proportion of guarantees both by number and by value of loans this lends superficial support to the argument that nationally oriented small firms policies may actually contradict the aims of regional policy however this conclusion must be qualified in the light of the evidence once each region s share of the total stock of businesses is taken into account certain peripheral regions notably the north west join the south east east anglia region as having more than their expected share of loan guarantees evidence p

regional financial development and bank competition effects on firms growth fernandez de guevara j and maudos j regional financial development and bank competition effects on firms growth regional studies this paper analyses the effect of regional financial development and bank competition on firms growth using the spanish provinces as a testing ground the results show that firms in industries with a greater dependence on external finance grow faster in more financially developed provinces the results also show that bank monopoly power has an inverted u effect on firms growth suggesting that market power has its highest effect at intermediate values the effect is heterogeneous among firms according to the financial dependence of the industry to which they belong this result is consistent with the literature on relationship banking which argues that bank competition can have a negative effect on the availability of finance for more informationally opaque firms fernandez de guevara j et maudos j le developpement financier regional et la concurrence bancaire l imp

regional determinants of small firm loans under the u k loan guarantee scheme the loan guarantee scheme was initiated in 1981 in order to alleviate a perceived constraint in the ability of small firms to secure bank finance due to a lack of collateral this paper shows that a national small firms support scheme has at the point of delivery had quite different coverage across regions briefly the initial evidence suggests that the northern regions of england have been the major net beneficiaries of the scheme primarily at the expense of northern ireland and scotland further analysis identified house prices as the single most important determinant of loan size acting via a collateral effect on loan numbers and value fixed regional effects were dominant particularly in the south east and north west