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By Stephen Hill, Brian Morgan

This choice of papers arises from significant overseas meetings on inward funding and nearby improvement, and the function of gathered capital in neighborhood company improvement. The papers hide a large spectrum of improvement and finance matters with the typical subject that capital flows may have a considerable effect on local improvement.

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By Stephen Hill, Brian Morgan

This choice of papers arises from significant overseas meetings on inward funding and nearby improvement, and the function of gathered capital in neighborhood company improvement. The papers hide a large spectrum of improvement and finance matters with the typical subject that capital flows may have a considerable effect on local improvement.

Show description

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Sample text

Welsh manufacturing output was fairly flat in the 1970s but it has 50 Sectoral Growth and Regional Development experienced a positive growth trend since 1982. It is this recent strong growth ofWelsh manufacturing that this chapter will investigate, including identifying the manufacturing subsectors that have been responsible for this overall performance. 1 Index of production output, 1969-95 1990 = 100 105 - - -- - - - - - - - -- -- - - - - - - -- -- - - - - - - - -- - - -- .... /:"1t-. ~;/J . .

However Wales has developed a better institutional infrastructure for capturing R&D spillovers and has been more successful in attracting FDI. How else can the transformation that has taken place in the Welsh manufacturing sector in recent years be explained? In the wake of the debate on endogenous growth, the research agenda in regional and industrial economics is currently very exciting. It involves investigating how technology shocks can be modelIed endogenously in ways that conform to the observed diffusion patterns for new technology.

_. _. - - - .. :: • ":"~~< . . . =::::~:~~' wp~ ~ .... ---------- 1971 1975 1973 Sourees: 1979 1977 ----------------------:-:-:"- ----- . ~. 1983 1981 1991 1987 1985 ONS, WDA and Welsh Office. 3 shows both the raw data and the HP filter trend for Welsh and UK manufacturing output. The HP filter can be used to identify tuming points in both economies. The data, indexed to 1990 = 100, needs careful interpretation. In 1990 Welsh manufacturing output was on a downward trend while UK manufacturing output was at a peak.

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