Specialization and risk sharing in European regions
利用区域风险分担指数，在考虑非线性和空间依赖性的模型中，发现风险分担对工业专业化有正向影响。
Economic theory emphasizes that risk sharing makes it possible to exploit benefits from comparative advantages and economies of scale. An estimated regional-specific index of risk sharing is used as a covariate in a model of industrial specialization. Allowing for nonlinearities and spatial dependence, we show that industrial specialization is positively affected by risk-sharing measures even controlling for other relevant regressors.