Description
Title: Investigating Regional Industrial Growth: Is It Explanable by Specialization?
Abstract: Economic specialization, which is a type of territorial division of labor, should be viewed as a strategic management priority because it promotes a competitive territorial production structure and, as a result, regional economic growth. The article is divided into two sections: an examination of the effects of regional specialization on economic growth, and the development of a method for determining the degree of territorial division of labor based on a new coefficient of regional economic specialization. Using econometric techniques based on an extended exogenous growth model, the study’s goal is to demonstrate how the territory specialization factor affects industrial economic growth along with other widely accepted regional development factors. The authors developed and validated an original method to support the efficacy of regional clustering for ensuring the growth of industrial output based on an extended exogenous growth model, based on data from Russian manufacturing industries and using a new coefficient of regional specialization. Using regional statistical data for the Russian Federation for the years 2005 to 2019, the authors’ research hypothesis was verified as well as the proposed assessment method was approved. The findings of the empirical analysis have aided in developing a place-based theoretical strategy that incorporates both the cluster and “smart specialization” concepts. The research has practical significance in that it confirms the viability of clustering as a method of regional labor division and offers a number of guidelines for a regional industrial policy built on them to promote territorial economic growth.
Keywords: region; territory; division of labor; economic growth; regional specialization; industrial diversification; clusters
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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