Instituto Superior Técnico Masters in Civil … Instituto Superior Técnico / Masters in Civil Engineering – Regions and Networks 2010/2011 Regional economics and investment - Models

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Instituto Superior Técnico / Masters in Civil Engineering – Regions and Networks 2010/2011

Instituto Superior Técnico Masters in Civil Engineering

REGIÕES E REDES

(REGIONS AND NETWORKS)

Theme 3: Regional Economic Impact of Private and Public Investment Introductory Lecture

Prof. José Manuel Viegas

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OUTLINE (I)

  Regional economics   Fundamental concepts   Modeling regional economic growth

  Methods for regional economic analysis   Measure the economic development of one region   Comparison of two or more regions   Measure the economic flows between regions (Input-Output Matrix)   Accessibility indicators

  Public investment and economic development   Public investment on Portuguese highways during the 90s   The case of Beira Interior

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OUTLINE (II)

  Moving from projects of investment towards programs of investment   Differences between a project and a program

  The Portuguese National Strategic Reference Framework (QREN)   The Example of German Federal Transport Plan

  ‘Soft’ instruments for ROI and ICTs   The need for ‘soft’ instruments to enhance return on investment (ROI)   Information as a valuable asset (inform private investors of

opportunities)   Examples of ‘soft instruments’: information network, operational support

from national and regional authorities, others   The importance of Information and Communication Technologies (ICT)

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Regional economics – some basics (I)   Economic growth

  Increase in the amount and/or value of the goods and services produced by an economy over time.

  It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP (i.e. inflation adjusted terms).

  Economic development   Development of economic wealth of countries or regions for the well-being

of their inhabitants.   Differently to economic growth, economic development involves other

aspects:   Literacy rates, life expectancy, poverty rates, among others.   GDP is a specific measure of economic welfare that does not take into

account important aspects such as leisure time, environmental quality, freedom, or social justice.

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Regional economics – some basics (II)   Investment

  It is the process of exchanging income during one period of time for something that is expected to produce earnings in future periods. Productive investment occurs when that something has a sustained capacity to produce a valuable output

  Public Investment is performed by governments and, in theory, is possible when total production exceeds total consumption   Because investment increases an economy’s capacity to produce, it is an important

factor for economic growth   Private investment (by individuals or companies) can be applied in the means of

production or it can be purely financial investment (which is partly circulated by the financial system into the productive sectors)

  Foreign Direct Investment (FDI) occurs when a company from one country makes a physical investment into building a factory (for example) in another country.   Important indicator since it is also an indicator of the ‘well-being’ of the economy as

whole (e.g., stable economy, no corruption, good administration, etc.)

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Regional economics and investment - Models of regional economic growth (I)

  What is a model of economic growth?   It is a “production function” that relates some measure of output, such

as GDP, to the inputs required to produce.   For example, it is possible to relate GDP to the size of the labor force (L),

capital stock (K) and to various other ‘factors of production’.   Symbolic equation:

  Factors of production (or productive inputs) Prod. Factor Indicator to measuring each variable Labor Man.hours by sector of production Capital Euros Land Square kilometers of valuable land classified by type of use Technology Number of engineers Entrepreneurship Rate of company creation

,...)T,L,K(FY =

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Regional economics and investment - Models of regional economic growth (II)

  Harrod-Domar model   The model was developed independently by Sir Roy F. Harrod in 1939 and

Evsey Domar in 1946.   It is used in development economics to explain an economy's growth rate

in terms of the level of saving and productivity of capital (taken as the only factor of productivity).

KIKISsY

KY

KY

KY

cKY

)K(fY

∂−=Δ

==

=∂∂

⇒=∂

∂

=∂∂

=

02

2

  Output Y is a function of capital stock K.   The marginal product of capital is constant c, i.e. the production

function exhibits constant returns to scale.   Since the marginal product of capital is constant, it equals the

constant ratio Y/K   The product of the savings rate (s) and output (Y) equals saving

(S), which equals investment (I)   The change in the capital stock K equals investment I less the

depreciation of the capital stock.

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Regional economics and investment - Models of regional economic growth (III)

  Assumptions (limitations) of the Harrod-Domar model   Behavioral assumption

  People tend to save a certain proportion of extra income, constantly over time   Production structure is constant

  Technical assumptions   Investment generates additional output, a fact that can be established.   The effects of technological development (i.e., labor productivity) are not

included   No economies of scale

  Equilibrium condition:   Planned saving must equal planned investment in every period if the income

level of the period is to be sustained.

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Regional economics and investment - Models of regional economic growth (IV)

  Neo-classical models (exogenous growth model)   An extension of the Harrod-Domar model by including labor   Major contributors: Robert Solow and T.W.Swan (1956)  

  Factors of production:   n = population growth rate   d = depreciation   k = capital per worker   y = output/income per worker   L = labor force   s = saving rate

  Labor productivity is constant   No impacts from technological development   ‘Endogenous growth models’ include technology and R&D expenditure

)t,L,K(fY =

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Methods for regional economic analysis

TIME - SPACE (Intra-) Regional Inter-regional

Aggregates Flows Aggregate Comparisons Flows

Static / Cross-sectional GDP/GRP Regional

Input-Output

Location Quotient

Interregional Input-Output

Comparative Static Analysis

Regional Multipliers

Interregional Multipliers

Comparative Cross-sectional Analysis

Regional Rates of Change

Shift & Share Analysis

Multi-period Analysis Regional Cohort Analysis

Inter-Regional Cohort Migration Analysis

(Source: Gunter Krumme, http://faculty.washington.edu/krumme/systems/spatemp.html)

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Methods for regional economic analysis Location quotient and specialization / location coefficients (I)

  Location Quotient (LQ) of a sector in a region:

  xij: Indicator of intensity of sector i in the region r.   xi : Indicator of region r.   xin : Indicator of intensity of sector i in the overall regions (e.g., national).   xn : indicator of the overall regions (e.g., national).

  LQ measures the relative weight of a sector in a region with the relative weight of the same sector in the country as a whole:

  If LQ = 1 then the activity i is developed in the region as in the country.   If LQ > 1 then the activity i is more developed in the region than in the

country.   If LQ < 1 then the activity i is less developed in the region than in the country

,xx

xxLQ

n

in

r

irir = ∑∑∑∑∑ ====

i rri

rr

iin

ririn xxxxandxx

where

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Methods for regional economic analysis Location quotient and specialization / location coefficients (II)

  Coefficient of Specialization (CS) of a region: (varies between 0 and 1)

  CS measures the sector specialization of the region:

  If CS = 0 then the region r is not specialized concerning the national distribution of activities (i.e., the sector-based structure of the region is identical to the sector-based structure of the country).

  If CS = 1 then the region r is specialized (i.e., in other words the sector-based structure of the region differs totally from the corresponding national).

∑ −=i n

in

r

irr x

xxxCS

21

Weight of sector i in

region

Weight of sector i in

country

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Methods for regional economic analysis Location quotient and specialization / location coefficients (III)

  Coefficient of location (CL) of a region: (oscillates between 0 and 1)

  CL measures how the sector is distributed in the region

  If CL = 0, then for all sectors the relative national weight of the region is identical to its weight in the economy as a whole

  If CL = 1, then some sectors are very concentrated in that region and other sectors are (almost) absent from that region

∑ −=i n

r

in

irr x

xxxCL

21

Weight of region r in country, for

sector i

Weight of region r in country, in total

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Methods for regional economic analysis – Input-Output Matrix (I)

  Origin   Economic analysis developed by the 20th-century Russian-born U.S.

economist Wassily W. Leontief.   Overall understanding

  the interdependence of an economy’s various productive sectors is observed by viewing the product of each industry both as a commodity demanded for final consumption and as a factor in the production of itself and other goods.

  Certain simplifying assumptions are made, such as the productive resources will always be combined in the same proportions to produce any amount of a final product.

  Output: determine the total quantities of various goods that must be produced to obtain a given amount for final consumption.

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Methods for regional economic analysis – Input-Output Matrix (II)

  How it looks and it is structured:

Source: OECD (2006), Input-output analysis in an increasingly globalised world (http://www.oecd.org/dataoecd/6/34/37349386.pdf)

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Methods for regional economic analysis – Input-Output Matrix (III)

  How it looks and is structured:

Source: OECD (2006), Input-output analysis in an increasingly globalised world (http://www.oecd.org/dataoecd/6/34/37349386.pdf)

1st Section Flows of Intermediate Goods between domestic

suppliers and domestic users.

2nd Section– Imported Products

3rd Section Value Added

4th Section Supply of goods not consumed by

domestic industry

5th Section– taxes, subsidies, etc.

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Methods for regional economic analysis – Input-Output Matrix (IV)

  Inter-regional input-output matrix:

(Source: Simões Lopes, A. (1995), Desenvolvimento Regional – 4ª edição , ed. Fundação Calouste Gulbenkian, Lisboa.)

Sub-Region Export Total

OutputSub-Region Sector 1 2 3 1 2 3 A B

1 - 20 20 - 30 - 20 10 - 100

2 10 - 40 - - 10 40 - - 100

3 30 - - - 10 - 30 - - 70

1 - - - - 10 - - 40 20 70

2 20 - - 10 - 30 10 70 50 190

3 - 10 - 20 40 40 - 30 140

A 40 20 10 - 30 - - - - 100

B - 50 - 60 60 20 - 10 - 200

Imports - - - 10 20 - - - - 30

Total Input 100 100 70 100 200 100 100 160 70 1000

A B Final Demand

A

B

Worker's Income

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Methods for regional economic analysis – Input-Output Matrix (V)

  How it works   Input-output models are most commonly used to trace individual

changes in final demand through the economy over short periods of time.

  Technical Coefficients (Leontief Coefficients), aij:

  Multiplier concept   It is a numerical coefficient which relates the change of a component of

aggregate demand (such as the export demand for a region's products) to a consequent change in output (or income or employment).

).x(jx,x/xai

ijjjijij ∑== sector toinputtotaltheiswhere

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Methods for regional economic analysis – Input-Output Matrix (VI)

  Input-Output multipliers (aka Leontief Multipliers) X = AX +Y X – AX = Y X (I – A) = Y X = Y / (I – A) divide both sides by (I-A), thus enabling you to cancel the (I-A) on the left-hand side X = (I – A)-1Y Where X = total output of n sectors.

A = matrix of technology input coefficients (aka Leontief coefficients or direct requirement coefficients matrix).

Y = vector of final demand. I = identity matrix, with 1s along the main diagonal and zeros elsewhere.

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Methods for regional economic analysis – Input-Output Matrix (VII)

  How it works   Output (production) Multiplier, mj

  C=(I – A)-1 is the input-output multiplier matrix. It is an output multiplier that we can convert it into an employment (or income or value added) multiplier (refer to next slides).

  It is calculated by where cij belongs to the matrix C.   The idea is that a one dollar change in some autonomous component of

aggregate Demand leads to more than one dollar change in new output.

∑=iijj cm

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Methods for regional economic analysis – Input-Output Matrix (VIII)

  How it works   Income Multiplier   To calculate the income multiplier, a row (input) is introduced in the IO matrix (not

shown in the example before) and is analyzed as one additional industry sector. The corresponding output is the household consumption (or final private consumption).

  Totals do not match necessarily, since some of the household consumption does not come from salaries but from other sources of income (e.g., pensions, dividends, etc.).

  One additional row is introduced in the matrix A (Leontief coefficients) that refers to the household incomes (i.e., salaries, employees’ compensations and so on). The direct income coefficient is the ratio of household income in column j to total input in column j and is taken directly from the household income row.

  The input-output multiplier matrix is obtained as for the output multiplier and includes one row for income and one column for household consumption

  Income multipliers show the increase in income from employment throughout the economy that results from a change of 1 of income from employment in each industry.

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Methods for regional economic analysis – Input-Output Matrix (IX)

  How it works   Employment Multiplier

  The employment multipliers show the total increases in employment throughout the economy which result from an increase in final demand which is enough to create one additional full-time employment in one industry j.

  The analysis uses the same approach as before, but additionally requires Full-Time Employment Equivalent (FTE) data to convert final consumption and income of household into number of FTE. This data is required in the format of the number of FTE’s by the industry sectors of an economy, and is derived using data from the national statistics.

  Note this data usually covers employees only and therefore does not cover self-employed persons. Care must taken when interpreting multiplier analysis of industries that contain a large number of self-employed persons.

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Methods for regional economic analysis – Shift-share analysis (I)

 Shift/share analysis is a technique sometimes used for retrospectively decomposing changes, usually in employment, in a set of urban areas or regions. Regional scientists widely use the technique to examine the sources of employment growth or decline in some region.

 Shift-share analysis decomposes employment growth (or decline) in a region over a given time period into three components: 1.  a national growth effect, which is that part of the change in total employment in a

region ascribed to the rate of growth of employment in the nation as a whole, 2.  an industry mix effect, which is the amount of change the region would have

experienced had each of its industries grown at their national rates, less the national growth effect, and

3.  a competitive effect, which is the difference between the actual change in employment and the employment change to be expected if each industrial sector grew at the national rate.

 The sum of these three effects equals the actual change in total employment within a region over a prescribed time period.

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Methods for regional economic analysis – Shift-share analysis (II)

  Change in employment in the study area’s ith activity from time t to time t+n can be measured as follows:

Where e is the total employment in our area,

E is the total employment in the reference area (usually the country), i is some activity in the region and the reference area.

Share change

Industry mix change

Shift change

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Methods for regional economic analysis – Equity and Accessibility indicators (I)

Lorenz Curve  The Lorenz Curve represents

a cumulative probability distribution function

  It is often used to represent income distribution, where it shows for the bottom x% of households, what percentage y% of the total income they have

Gini Coefficient   The Gini coefficient is the area between the line of perfect equality and the

observed Lorenz curve, as a percentage of the area between the line of perfect equality and the line of perfect inequality. The higher the coefficient, the more unequal the distribution is.

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Methods for regional economic analysis – Equity and Accessibility indicators (II)

  Indicators of accessibility of one region  Measure the potential of interaction of the base region with all

destinations that can be reached within some travel time that is defined a priori

  We present two indicators of demographic and economic accessibility

( ) ∑=

=N1,j

jki PTAD

( ) ∑=

=N1,j

jki TAE GDP

and

, considering that tij ≤ Tk

Where: ADi = Indicator of demographic accessibility of region i; AEi = Indicator of economic accessibility of region i;; i = base region; j = possible destinations;

ti,j = travel time between i and j ; Tk = Maximum travel time (arbitrary); Pj = total inhabitants of destination j; GDPj = Gross domestic product of destination j, expressed in monetary units.

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Methods for regional economic analysis – Example of application of accessibility indicator (I)

  The High Speed Railways system in Portugal   Application to a previous

possible configuration of the network for Portugal a its link to Spain (Figueira, P. ; 2001)

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Methods for regional economic analysis – Example of application of accessibility indicator (II)

  Demographic accessibility (absolut values for Iberic Peninsule) (Figueira, P. ; 2001)

AD for 3h (inhab.) – Present (2001)

AD For 3h (inhab.) – Forecast

with High Speed Rail

AD For 3h (inhab.) – Forecast

without High Speed Rail

Legend (106 Inhabitants) 3,5 – 6,5 6,5 – 9,0

9,0 – 11

11– 14 14 – 19

19 – 25,5

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Methods for regional economic analysis – Example of application of equity indicator

  Lorenz Curve and Gini Coefficient for AD (3h), for 3 scenarios (Figueira, P. ; 2001)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0% 14% 27% 41% 54% 68% 81% 95%

Regiões

Acessibilid

ade De

mográfica Cu

mula6

va

Distribuição "Ideal" Cenário Actual Cenário Futuro CAV Cenário Futuro SAV

Gini (Actual) = 0,165

Gini (FSAV) = 0,209 Gini (FCAV) = 0,198

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Investment in Public infrastructure and economic development (I)

  Pure configurations of sources of investment in infrastructure   Fully funded by the state   Fully funded by a private party (concessionaire)   Private-public partnership (PPP)

  Expectations of multiplier effects of Investment in public infrastructure   Direct output in industries that provide inputs for construction (civil works, metal

mechanics, etc.)   Indirect output in other industries through increase of private consumption (strongly

depends on the economic context)   Employment (direct and indirect)

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Investment in Public infrastructure and economic development (II)

  Infrastructures are public goods (or semi-public) and generate benefits as they reduce the production costs of those who are able to use them

  Traditionally, recurrent public investment on the construction of transport infrastructures   Main arguments are related to the competitiveness of companies, but also to

enhancement of freight and passenger mobility   However, investment on infrastructure is not sufficient to promote or sustain the

economic development of the regions they are located in. Other aspects are more important: economic context of the region, prices of basic production factors, and innovation capacity   Infrastructures are facilitators for economic development   Complementary actions/initiatives are fundamental to promote and sustain expected

development

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Investment in Public infrastructure and economic development (III)

  The case of economic spillovers of public investment on the construction of PRN2000 in Portugal during the 90s   Estimation of the multiplier effects of highway construction on the Portuguese Economy

(Pereira and Andraz (2005) in Review of Development Economics, 9(2), 177–196):   one euro in public investment increases output in the long term by 9.5 euros.   elasticity of private investment with respect to aggregate public investment is 0.639, which

corresponds to a marginal product of 8.1 euros for each euro in public investment.   elasticity of employment with respect to aggregate public investment is 0.079. This figure

suggests that 230 additional jobs are created in the long-term for each additional one million euros in public investment in transportation infrastructures.

  Regional asymmetries:   Public investment in transportation infrastructures has markedly contributed to the concentration

of economic activity in Lisbon (“macrocephaly of the country) (Pereira and Andraz (2005) in The Annals of Regional Science., 40, 803-817).

  Still, one cannot forget the context of private consumption euphoria and perception of wealth of Portuguese consumers (high levels of trust in the economy)

  Difficult to separate the economic growth (GDP) from this climate of economy booming

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Investment in Public infrastructure and economic development– Beira Interior (I)

  Transport infrastructure is usually identified as key factor for development of regions, not only for the value they add to existing resources but also by the attractiveness for others coming from the outside.

  However, it does not by itself generate development, which also depends on local dynamics.

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Investment in Public infrastructure and economic development– Beira Interior (II)

0

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

30.000.000

0 60 minutos

120 minutos

180 minutos

240 minutos

300 minutos

Espanha

Portugal

0

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

30.000.000

0 60 minutos 120 minutos 180 minutos 240 minutos 300 minutos

Espanha

Portugal

0

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

30.000.000

0 60 minutos 120 minutos 180 minutos 240 minutos 300 minutos

Espanha

Portugal

Total population (Portugal and Spain) with accessibility to Covilhã for different isochrones.

2006

1992

2020

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Investment in Public infrastructure and economic development– Beira Interior (III)

Covilhã accessibility in 1992 and 2006 scenario, for a limit of 3 hours

Covilhã accessibility in 2020 and asymptotic of up to 5 hours travel scenarios

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Investment in Public infrastructure and economic development– Beira Interior (IV)

  Accumulated asymptotic accessibility of Beira Interior Cities and Litoral Cities in inhabitants/ travel time

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Castelo BrancoCovilhãGuardaLeiriaMáximoMínimo

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FROM PROJECT TO PROGRAM (I)

  A project   consists of a temporary endeavor undertaken to create a unique product,

service or result.   Is a collaborative enterprise, frequently involving research or design, that is

carefully planned to achieve a particular aim.   A program   the process of managing multiple ongoing inter-dependent projects.   emphasizes on coordinating and prioritizing resources across projects, entities

and stakeholders to ensure that resources are managed from a global focus, and return on investments are maximized.

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FROM PROJECT TO PROGRAM (II)

  Differences of Outreach   A project is unique and is of definite duration. A program is ongoing and

implemented within an institution to consistently achieve certain results   Program Management includes activities to manage a business program

and may include management of projects to step-wise improve program performance levels.

  In the course of achieving required results, programs will normally understand related business constraints and determine the processes required to achieve results based on resources allocated.

  Improvement of processes is a continuous operation that very much contrasts a program from a project.

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FROM PROJECT TO PROGRAM - The case of Portuguese investments

  In Portugal, some tradition of Infrastructure Plans (Roads, Ports) and more recently of Development Plans (PDR, QREN)

  The former only contemplate the locations and attributes of the various pieces of infrastructure, and the latter also bring in other areas of public investment (education and training, health facilities, etc)   But in all cases these Plans only cover public investments, giving no

guidelines or priorities for attraction / selection of private investments which would maximize synergy with the planned public investments

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FROM PROJECT TO PROGRAM – GERMAN FEDERAL TRANSPORT PLAN EXAMPLE (I)

  In Germany transport planning is done on three levels: Communes (5000), states (16), and the federal government. Only the latter level, which comprises investments with country-wide relevance is addressed by the Federal Transport Plan.

  The Federal Transport Plan (BVWP) is developed and implemented by the Federal Ministry of Transport (20 years rolling program). Proposals on the investment projects are done by the states. The ministry has the task to select amongst the many proposals the best projects and set up the Federal Transport Plan.

  The Federal Transport Plan included the following effects:   Reduction of transport costs,   maintenance of transport infrastructures,   improvement of transport security,   spatial impacts,   environmental impacts   and other effects.

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FROM PROJECT TO PROGRAM – GERMAN FEDERAL TRANSPORT PLAN EXAMPLE (II)

  The plan assess and rank over 1300 projects proposed by the states of Germany.   The heart of the procedure is based in a cost-benefit analysis (CBA), which

assesses the impacts of the proposed projects. For two scenarios:   The Reference Scenario reflects the situation in 2015 without any of the

proposed projects, while the Plan Scenario includes the proposed projects.   Combined ranking considering C/B analysis and SPA effects

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FROM PROJECT TO PROGRAM – GERMAN FEDERAL TRANSPORT PLAN EXAMPLE (III)

Overview on SPA methodology Diagram of fixed projects

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‘SOFT’ MECHANISMS AND ICTs

  There is a need for soft mechanisms to maximize the return on investments by attracting private investment to ‘not-so-visible’ opportunities generated by public investment infrastructures

  What are soft mechanisms   Information for stakeholders   Operational support from national and regional authorities   Presentation of Success Cases from other countries   The importance of Information and Communication Technologies

(ICT)

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Assignment for Theme 3

  Each group has to choose a rapidly growing (or decaying) region and analyze the underlying reasons for the region’s growth and resilience, or economic decay. Some questions and aspects you should consider:   What lessons can you draw from your case-study for other regions?   What are the sources of growth (or decay)?   Were there any restructuring of the region? Industrial? Innovation clusters?   Were there any public or private investments? Which were the critical investments?   Although history and context are important, there are also real processes and actions that

you can look at to help us think about planning development and policy interventions elsewhere.

  The lessons may not be applicable in all places, but we can draw lessons for regions with similar institutional context and environments.

  During the paper (and presentation), the students will indicate how they have analyzed the region's economic development (and history) by drawing on some of the theories and techniques covered in class. Students will be encouraged to use cases that they are already familiar with.

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Assignment for Theme 3

  Some examples of regions that experienced fast economic growth over the last two or three decades.   Barcelona/Catalunya (Spain)   Glasgow (UK)   Pittsburg (USA)   Lille (France)   Ireland   Slovenia

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BIBLIOGRAPHY

  Group 1 – Clusters and Regional Development – Case Studies   Boari, C. (2001) Industrial Clusters, Focal Firms, and Economic

Dynamism: A Perspective from Italy, Washington, USA, World Bank Institute, Nº37186, (http://siteresources.worldbank.org/WBI/Resources/wbi37186.pdf access in Nov., 28th, 2008).

  Longhi, C. (1999) Networks, Collective Learning and Technology Development in Innovative High Technology Regions: The Case of Sophia-Antipolis. Regional Studies, 33, 333-342.

  Powers, P. (2006) Building the Austin technology cluster: the role of government and community collaboration in the human capital, Digital Regions Conference, Austin, Texas, (http://www.kc.frb.org/PUBLICAT/NewGovernance04/Powers04.pdf access in Nov., 28th, 2008).

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BIBLIOGRAPHY

  Group 2 – Regional economics – growth models and factors of production   Cooke, P. & Leydesdorff, L. (2006) “Regional Development in the

Knowledge-Based Economy: The Construction of Advantage”, The Journal of Technology Transfer, 31, 5-15.

  Perreira, A., Andraz, J. (2006) “Public investment in transportation infrastructures and regional asymmetries in Portugal”, The annals of Regional Sciences, vol. 40 (pp-803-817)

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BIBLIOGRAPHY

  Group 3 – High Speed Railways –Cost-Benefit Analysis of project investment   Randolph, S., Haveman, J., Egan, T. (2008), “California High-Speed

Rail Economic Benefits and Impacts in the San Francisco Bay Area”, Report from the Bay Area Council Economic Institute, San Francisco, US.

  Kantor, S. (2008), “ The Economic Impact of the California High-Speed Rail in the Sacramento/Central Valley Area “, University of California, Merced,. US.

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BIBLIOGRAPHY

  Group 4 – Economic development and ICTs   Castells, M. (1998) “Information Technology, Globalization and Social

Development”. UNRISD Conference on Information Technologies and Social Development,. Palais des Nations, Geneva.

  Castells, M. (2000), “Materials for an exploratory theory of the network society”, British Journal of Sociology Vol. No. 51 Issue No. 1 (January/March) pp. 5–24

Documents

Instituto Superior Técnico Masters in Civil … Instituto Superior Técnico / Masters in Civil Engineering – Regions and Networks 2010/2011 Regional economics and investment - Models