ECONOMIC RESILIENCE OF SPANISH REGIONS TO THE FINANCIAL CRISIS

In this paper we analyse the concept of economic resilience of regions facing financial shocks and propose a way to gauge it. We apply it to Spanish regions after financial crisis in 2008. Our approach is based on a weighted sum of three indicators (sensibility to impact, restructuration coefficient and evolutive capacity) associated with three dimensions or resilience process (capacity to endure external pressure maintaining functional structure, reorganizing capacity and capacity to long-term adaptation, respectively). This weighted sum is a measure of global resilience capacity of regions. Using data from Spanish regions, we found relevant differences in regional resilience levels. This fact points on the necessity to implement a permanent monitoring system as well as to design and develop customized policies, adapted to (and focused on) regional characteristics, in order to let regions to give the better possible response to any unpredicted crisis.