2023/46 | LEM Working Paper Series | ||||||||||||||||
Technological diversification and the growth of regions in the short and long run |
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Silvia Rocchetta, Martina Iori, Andrea Mina and Robert Gillanders |
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Keywords | |||||||||||||||||
Technological capabilities; Diversification; Relatedness; Unconventionality; Innovation; Regional development
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JEL Classifications | |||||||||||||||||
O33; R11
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Abstract | |||||||||||||||||
We study the effects of different types of technological
diversification on the performance of regional economies. We focus on
the relatedness and unconventionality of technological capabilities as
drivers of GDP and employment growth. Using economic indicators from
Eurostat regional statistics and patent records from the European
Patent Office (EPO) PATSTAT and the OECD RegPat databases, we estimate
Panel Vector Autoregression models and generate Impulse Response
Functions to assess to what extent and with what persistence
relatedness and unconventionality affect growth. Our findings, which
have implications for place-based innovation policies, reveal that
technological relatedness has short-term effects on employment growth
and negative effects on GDP growth, whereas technological
unconventionality has a long-lasting positive impact on GDP growth and
no effect on employment growth.
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