36
U. Fratesi and G. Perucca
6 Conclusions and Future Research Directions
The research program on territorial capital and regional policies has already offered
many hints which will be helpful to policy makers, for example, the fact that regions
should invest in those assets that are complementary to the ones which they already
have, in order to build a balanced economic system.
At the same time, the research already accomplished paves the way for further
research, along with a number of directions.
The first direction is the systematic study of the determinants of regional policy
effectiveness under different conditions, in order to provide policy makers with a
matrix of which policy interventions are helpful in each situation.
The second direction is the microeconomic study of the micro-territorial determinants of regional policy effectiveness. The presence of other firms nearby, with
complementary or synergic possibilities, and the presence of territorial assets are
expected to play a role which takes place on a scale which is smaller than the regional
one. Although the theory is aware of the fact that regions are far from homogenous
internally, they are often treated as such in the econometric analyses, where each of
them is a single observation.
Finally, the research program has demonstrated the fruitfulness of the territorial
capital concept, which was developed within the research group, for the analysis
of regional growth and regional policy. Our conceptual understanding of the link
between local territorial assets, policies and other assets in neighboring regions can
still be deepened with the study of the actual mechanisms by which the effects take
place.
References
Bachtrögler, J., Fratesi, U., & Perucca, G. (2019). The influence of the local context on the implementation and impact of EU Cohesion Policy. Regional Studies, forthcoming and on-line. https://
doi.org/10.1080/00343404.2018.1551615.
Becker, S. O., Egger, P. H., & Von Ehrlich, M. (2012). Too much of a good thing? On the growth
effects of the EU’s regional policy. European Economic Review, 56(4), 648–668.
Camagni, R. (2008). Regional Competitiveness: Towards a Concept of territorial capital. In R.
Capello, R. Camagni, B. Chizzolini, & U. Fratesi (Eds.), Modelling regional scenarios for the
enlarged Europe: European competitiveness and global strategies, (pp. 33–48). Berlin: Springer
Verlag.
Cappelen, A., Castellacci, F., Fagerberg, J., & Verspagen, B. (2003). The impact of EU regional
support on growth and convergence in the European Union. JCMS: Journal of Common Market
Studies, 41(4), 621–644.
Dall’Erba, S., & Le Gallo, J. (2008). Regional convergence and the impact of European structural
funds 1989-1999: A spatial econometric analysis. Papers in Regional Science, 87(2), 219–244.
Delors, J. (1987). The Single Act: A New Frontier for Europe. Communication from the Commission
to the Council. COM (87) 100 final, 15 February 1987. Bulletin of the European Communities,
Supplement 1/87.
U. Fratesi and G. Perucca
6 Conclusions and Future Research Directions
The research program on territorial capital and regional policies has already offered
many hints which will be helpful to policy makers, for example, the fact that regions
should invest in those assets that are complementary to the ones which they already
have, in order to build a balanced economic system.
At the same time, the research already accomplished paves the way for further
research, along with a number of directions.
The first direction is the systematic study of the determinants of regional policy
effectiveness under different conditions, in order to provide policy makers with a
matrix of which policy interventions are helpful in each situation.
The second direction is the microeconomic study of the micro-territorial determinants of regional policy effectiveness. The presence of other firms nearby, with
complementary or synergic possibilities, and the presence of territorial assets are
expected to play a role which takes place on a scale which is smaller than the regional
one. Although the theory is aware of the fact that regions are far from homogenous
internally, they are often treated as such in the econometric analyses, where each of
them is a single observation.
Finally, the research program has demonstrated the fruitfulness of the territorial
capital concept, which was developed within the research group, for the analysis
of regional growth and regional policy. Our conceptual understanding of the link
between local territorial assets, policies and other assets in neighboring regions can
still be deepened with the study of the actual mechanisms by which the effects take
place.
References
Bachtrögler, J., Fratesi, U., & Perucca, G. (2019). The influence of the local context on the implementation and impact of EU Cohesion Policy. Regional Studies, forthcoming and on-line. https://
doi.org/10.1080/00343404.2018.1551615.
Becker, S. O., Egger, P. H., & Von Ehrlich, M. (2012). Too much of a good thing? On the growth
effects of the EU’s regional policy. European Economic Review, 56(4), 648–668.
Camagni, R. (2008). Regional Competitiveness: Towards a Concept of territorial capital. In R.
Capello, R. Camagni, B. Chizzolini, & U. Fratesi (Eds.), Modelling regional scenarios for the
enlarged Europe: European competitiveness and global strategies, (pp. 33–48). Berlin: Springer
Verlag.
Cappelen, A., Castellacci, F., Fagerberg, J., & Verspagen, B. (2003). The impact of EU regional
support on growth and convergence in the European Union. JCMS: Journal of Common Market
Studies, 41(4), 621–644.
Dall’Erba, S., & Le Gallo, J. (2008). Regional convergence and the impact of European structural
funds 1989-1999: A spatial econometric analysis. Papers in Regional Science, 87(2), 219–244.
Delors, J. (1987). The Single Act: A New Frontier for Europe. Communication from the Commission
to the Council. COM (87) 100 final, 15 February 1987. Bulletin of the European Communities,
Supplement 1/87.