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Resilience and economic structure: The case of the Chilean regions during the Asian crises and the Great Recession of 2008

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  • Cristian Delgado‐Bello
  • Andrés Maroto Sáchez
  • Miguel Atienza Ubeda
Abstract
This paper analyses the effects of the sectoral structure on the economic resilience of Chilean regions during the shocks of the 1998 Asian and 2008 financial crises by employing cycle dissection, phase‐differentiated spatially extended shift‐share analysis, and regional analysis indices. Regions with more diversified structures exhibited better performance during the crises. Certain service sectors moderated the impacts of the crises in the resistance phases, and in turn, were drivers during the recovery phases. Remarkably, agriculture slowed the recovery of the southern regions. Some of these results were induced by the high demographic and economic concentration in the metropolitan region of Santiago. Este artículo analiza los efectos de la estructura sectorial en la resiliencia económica de las regiones chilenas durante las conmociones causadas por la crisis asiática de 1998 y la financiera de 2008 mediante el empleo de la disección de ciclos, el análisis shift‐share ampliado espacialmente y diferenciado por fases, y los índices de análisis regional. Las regiones con estructuras más diversificadas mostraron un mejor desempeño durante las crisis. Algunos sectores de servicios moderaron los impactos de las crisis en las fases de resistencia y, a su vez, fueron los impulsores durante las fases de recuperación. Sorprendentemente, la agricultura ralentizó la recuperación de las regiones meridionales. Algunos de estos resultados fueron provocados por la alta concentración demográfica y económica en la región metropolitana de Santiago. 本稿では、1998年のアジア通貨危機及び2008年の金融危機によるショックの期間におけるチリ地域の経済レジリエンスに対するセクター構造の影響を、サイクル分析、位相差分空間拡張シフトシェア分析、地域の分析指標を用いて分析する。構造がより多様化した地域では、危機の間の経済パフォーマンスがより高いことが示された。サービス部門の一部は、危機の影響を抵抗期に緩和し、逆に回復期には促進した。注目すべきことに、農業は南部地域の経済回復を遅らせていた。こうした結果の一部は、サンティアゴ首都圏における人口と経済の集中によって引き起こされたものである。

Suggested Citation

  • Cristian Delgado‐Bello & Andrés Maroto Sáchez & Miguel Atienza Ubeda, 2023. "Resilience and economic structure: The case of the Chilean regions during the Asian crises and the Great Recession of 2008," Papers in Regional Science, Wiley Blackwell, vol. 102(1), pages 31-51, February.
    • Handle: RePEc:bla:presci:v:102:y:2023:i:1:p:31-51
    DOI: 10.1111/pirs.12719
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