Economic Geography?2023年第3期

——更多動態(tài)，請持續(xù)關(guān)注gzh：理想主義的百年孤獨(dú)

Industrial Embeddedness and Regional Economic Resistance in Europe

歐洲的產(chǎn)業(yè)嵌入性與區(qū)域經(jīng)濟(jì)阻力

Tasos Kitsos,?Simone Maria Grabner?&?Andre Carrascal-Incera

We study the role of local industrial embeddedness (the share of regional interindustry economic activity that is anchored to a region) on regional resistance (the difference between pre- and postcrisis employment) to the 2008 Great Recession (GR) in EU and UK NUTS-2 regions. The recession had profound effects in regional economies, which showed diverse performance based on their capacity to absorb the shock. The concept of economic resilience has been brought to the center of attention with several contributions exploring its determinants. However, the impact of the embeddedness of local economic systems in terms of sales and supplies has been largely unexplored. We use regional input–output tables to approximate the embeddedness of local economies, and we use fixed-effects and quantile regressions to test its relationship to regional resistance between 2008 and 2011. We find that during the GR, regional industries opted to change input rather than output markets. Additionally, embeddedness has a curvilinear relationship to regional resistance that varies across the distribution of regional resistance performance. Finally, at the industry level, we find regional embeddedness to be important to the resistance of manufacturing and financial and business services, and sectoral embeddedness to matter more for the resistance of construction and wholesale, retail, and information technology. Our findings highlight nuances that policy makers should be aware of in planning for resilience.

我們研究了歐盟和英國NUTS-2地區(qū)的本地產(chǎn)業(yè)嵌入性(錨定在一個(gè)地區(qū)的區(qū)域產(chǎn)業(yè)間經(jīng)濟(jì)活動份額)對2008年大衰退(GR)的區(qū)域阻力(危機(jī)前和危機(jī)后的就業(yè)差異)的作用。經(jīng)濟(jì)衰退對各地區(qū)經(jīng)濟(jì)體產(chǎn)生了深遠(yuǎn)影響，各地區(qū)經(jīng)濟(jì)體根據(jù)其吸收沖擊的能力表現(xiàn)出不同的表現(xiàn)。經(jīng)濟(jì)彈性的概念已經(jīng)引起了人們的關(guān)注，其中一些貢獻(xiàn)探討了經(jīng)濟(jì)彈性的決定因素。然而，當(dāng)?shù)亟?jīng)濟(jì)系統(tǒng)的嵌入性在銷售和供應(yīng)方面的影響在很大程度上尚未被探索。本文采用區(qū)域投入產(chǎn)出表來近似估計(jì)地方經(jīng)濟(jì)的嵌入性，并采用固定效應(yīng)和分位數(shù)回歸來檢驗(yàn)2008—2011年其與區(qū)域阻力的關(guān)系。我們發(fā)現(xiàn)，在GR期間，區(qū)域產(chǎn)業(yè)選擇改變投入市場而不是產(chǎn)出市場。此外，嵌入性與區(qū)域阻力存在曲線關(guān)系，且在區(qū)域阻力表現(xiàn)的不同分布中存在差異。最后，在行業(yè)層面，我們發(fā)現(xiàn)區(qū)域嵌入性對制造業(yè)、金融和商業(yè)服務(wù)的阻力更重要，而部門嵌入性對建筑業(yè)、批發(fā)、零售和信息技術(shù)的阻力更重要。我們的研究結(jié)果突出了政策制定者在規(guī)劃復(fù)原力時(shí)應(yīng)該意識到的細(xì)微差別。

Relatedness, Cross-relatedness and Regional Innovation Specializations: An Analysis of Technology, Design, and Market Activities in Europe and the US

相關(guān)性、交叉相關(guān)性和區(qū)域創(chuàng)新專業(yè)化:對歐洲和美國技術(shù)、設(shè)計(jì)和市場活動的分析

Carolina Castaldi?&?Kyriakos Drivas

This article examines how regions develop new innovation specializations, covering different activities in the whole process from technological invention to commercialization. We develop a conceptual framework anchored in two building blocks: first, the conceptualization of innovation as a process spanning technology, design, and market activities; second, the application and extension of the principle of relatedness to understand developments within and between the different innovation activities. We offer an empirical investigation where we operationalize the different innovation activities using three intellectual property rights: patents, industrial designs, and trademarks. We provide two separate analyses of how relatedness and cross-relatedness matter for the emergence of new specializations: for 259 NUTS-2 European regions and for 363 metropolitan statistical areas of the US. While relatedness is significantly associated with new regional specializations for all three innovation activities, cross-relatedness between activities also plays a significant role. Our study has important policy implications for developing and monitoring smart specialization regional strategies.

本文研究了區(qū)域如何發(fā)展新的創(chuàng)新專業(yè)化，涵蓋了從技術(shù)發(fā)明到商業(yè)化的整個(gè)過程中的不同活動。我們開發(fā)了一個(gè)概念框架，錨定在兩個(gè)構(gòu)建模塊上:首先，將創(chuàng)新概念化為一個(gè)跨越技術(shù)、設(shè)計(jì)和市場活動的過程;第二，應(yīng)用和擴(kuò)展關(guān)聯(lián)原則來理解不同創(chuàng)新活動內(nèi)部和之間的發(fā)展。我們提供了一項(xiàng)實(shí)證調(diào)查，在該調(diào)查中，我們使用三種知識產(chǎn)權(quán):專利、工業(yè)設(shè)計(jì)和商標(biāo)來運(yùn)營不同的創(chuàng)新活動。我們提供了兩種不同的分析，分析了相關(guān)性和交叉相關(guān)性對新專業(yè)出現(xiàn)的影響:259個(gè)堅(jiān)果-2歐洲地區(qū)和363個(gè)美國大都市統(tǒng)計(jì)地區(qū)。雖然三種創(chuàng)新活動的相關(guān)性都與新的區(qū)域?qū)I(yè)化顯著相關(guān)，但活動之間的交叉相關(guān)性也發(fā)揮著顯著作用。我們的研究對于制定和監(jiān)測智慧專業(yè)化區(qū)域戰(zhàn)略具有重要的政策啟示。

The Financial Industry Sets Sights on Institutional Investors: A Relational Approach to Property Investment Outsourcing

金融行業(yè)將目光投向機(jī)構(gòu)投資者:房地產(chǎn)投資外包的關(guān)系型方法

Maira Magnani?&?Daniel Sanfelici

Over the past few decades, pension funds have emerged as major players in global financial markets as the reserves they manage have grown steadily. In this context, trustees are confronted with acute dilemmas regarding how best to generate investment returns to beneficiaries. This involves crucial decisions regarding the diversification of investment portfolios as well as decisions on whether, when, and to whom to outsource investment functions and tasks. The literature in economic geography has frequently treated outsourcing decisions as taken by the asset owners based on criteria such as costs of coordination, availability of information, governance structure, and internal expertise. Focusing on the outsourcing of property investment by Brazil’s largest pension funds and drawing on a relational approach, this article investigates the actions taken by the real estate investment trust (REIT) industry to attract and retain pension fund money into their investment vehicles. It is claimed that REIT managers have acted on three dimensions to capture pension fund money: (1) by influencing the regulatory framework affecting pension funds, (2) by building networks of trust with pension fund managers and trustees, (3) by adapting internal procedures to the expectations and needs of institutional investors. Putting the spotlight on the evolving, power-laden relationships connecting key actors in finance, we were able to demonstrate how the pooling of money by financial institutions is politically and socially constructed and how it changes the geography of money flows.

在過去幾十年里，隨著養(yǎng)老基金管理的儲備穩(wěn)步增長，養(yǎng)老基金已成為全球金融市場的主要參與者。在這方面，受托人面臨著如何最好地為受益人創(chuàng)造投資回報(bào)的嚴(yán)重困境。這涉及到關(guān)于投資組合多樣化的關(guān)鍵決策，以及是否、何時(shí)和向誰外包投資職能和任務(wù)的決策。經(jīng)濟(jì)地理學(xué)的文獻(xiàn)經(jīng)常將外包決策視為資產(chǎn)所有者基于協(xié)調(diào)成本、信息可用性、治理結(jié)構(gòu)和內(nèi)部專業(yè)知識等標(biāo)準(zhǔn)做出的決策。本文以巴西最大的養(yǎng)老基金的房地產(chǎn)投資外包為重點(diǎn)，并借鑒相關(guān)方法，調(diào)查了房地產(chǎn)投資信托(REIT)行業(yè)為吸引和保留養(yǎng)老基金資金進(jìn)入其投資工具而采取的行動。本文認(rèn)為，房地產(chǎn)投資信托基金經(jīng)理采取了三個(gè)維度的行動來獲取養(yǎng)老基金資金:(1)通過影響?zhàn)B老基金的監(jiān)管框架，(2)通過與養(yǎng)老基金經(jīng)理和受托人建立信任網(wǎng)絡(luò)，(3)通過調(diào)整內(nèi)部程序來適應(yīng)機(jī)構(gòu)投資者的期望和需求。將重點(diǎn)放在金融領(lǐng)域關(guān)鍵角色之間不斷變化的、充滿權(quán)力的關(guān)系上，我們能夠展示金融機(jī)構(gòu)的資金池是如何在政治和社會上構(gòu)建的，以及它如何改變資金流動的地理位置。

In Real Estate Investment We Trust: State De-risking and the Ownership of Listed US and German Residential Real Estate Investment Trusts

在我們信任的房地產(chǎn)投資方面:國家降低風(fēng)險(xiǎn)和擁有上市的美國和德國住宅房地產(chǎn)投資信托基金

Manuel B. Aalbers,?Zac J. Taylor,?Tobias J. Klinge?&?Rodrigo Fernandez

Real estate investment trusts (REITs) have been around since 1960 but have only become major players in housing markets in the last twenty years. The current and ongoing wave of residential REIT (R-REIT) expansion has attracted significant scholarly and broader public interest. This article examines how real estate, finance, and the state are configured in relation to each other through R-REITs. While much of the housing financialization literature has focused onthe real estate/state axis?of this relationship, we explore the underexamined connections between?the real estate/finance axis?and?the finance/state axis?of the real estate–finance–state triangle. We analyze the financial accounts of the world’s fifteen largest publicly traded R-REITs and R-REIT–like funds in the two largest markets: the United States and Germany. Our findings demonstrate how the ownership of R-REIT stock is remarkably homogeneous: the largest shareholders in each of the studied R-REITs are the three largest index exchange-traded funds, which are heavily backed by pension fund capital. For these investors, it is important that R-REITs provide a healthy return on investment at the lowest possible risk. The investors require the state, in its various guises, to guarantee attractive risk-adjusted returns on R-REITs investments. We identify six dimensions of state de-risking in this context, deepening our understanding of the role of the state in housing financialization. It is the state that creates the?trust?in real estate investment trusts, and it thus is what generates the?investment?in real estate investment trusts.