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A Model Based Assessment Of The Macroeconomic Impact Of Eu Structural Funds On The New Member States
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Book Synopsis A Model-based Assessment of the Macroeconomic Impact of EU Structural Funds on the New Member States by : Janos Várga
Download or read book A Model-based Assessment of the Macroeconomic Impact of EU Structural Funds on the New Member States written by Janos Várga and published by . This book was released on 2009 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper gives a model-based analysis of the potential macro-economic impact of European Union Structural and Cohesion Funds payments on the economies of the new Member States. The model used is a four-region DSGE model with human capital accumulation and endogenous technological change. The framework that we adopt is the Jones (2005) extension of the endogenous growth model, which uses a variety approach for modelling knowledge investment. The EU funds average around 1.5 percent of GDP and are used for investment in infrastructure, human capital and R&D. The model simulations show this can lead to significant gains in output, both in the short as well as in the long run."--Document home page.
Book Synopsis Interpreting EU Funds Data for Macroeconomic Analysis in the New Member States by : Robert Sierhej
Download or read book Interpreting EU Funds Data for Macroeconomic Analysis in the New Member States written by Robert Sierhej and published by International Monetary Fund. This book was released on 2007-04 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on a dataset suitable for macroeconomic analysis, the paper provides an overview of the magnitudes, purpose and institutional implications of EU-related transfers to and from the new member states. A rough analysis of accounting identities and first-round effects shows that EU funds may have led to a fiscal drag of up to 1 percent of GDP and an additional aggregate demand stimulus of up to 1 percent of GDP during the first years of membership. These effects are likely to increase as additional funding become available under the new financial perspective, pointing to the need to consider policy tradeoffs.
Book Synopsis The Effect of Public Investment in Europe by : Jasper de Jong
Download or read book The Effect of Public Investment in Europe written by Jasper de Jong and published by . This book was released on 2017 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider the effect of an increase in public investments on output in Europe against the background of a sharp drop of public investments in a number of EU countries during the crisis and subsequent policy discussions on the need to stimulate public investments. We start with a brief overview of recent developments in public investments, including some methodological issues, and provide a literature overview of the effect of public investments on growth. On the basis of updated estimates of the public capital stock, we estimate the output response to a public capital impulse, using VAR models. In addition, using a structural model, we investigate the sensitivity of the macroeconomic impact of an increase in public investments to alternative assumptions about economic structures and policy implementations.
Book Synopsis The Fiscal Multiplier of European Structural Investment Funds: Aggregate and Sectoral Effects with an Application to Slovenia by : International Monetary Fund
Download or read book The Fiscal Multiplier of European Structural Investment Funds: Aggregate and Sectoral Effects with an Application to Slovenia written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-04-30 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we estimate the aggregate and sectoral fiscal multipliers of EU Structural Investment (ESI) Funds and of public investment at the EU level. We complement these results with a specific application to the case of Slovenia. We first analyze aggregate data and find large and significant multipliers and strong crowding-in of private investment. Our main findings show that positive shocks to ESI Funds are followed by an increase in output that ranges from 1.2 percent on impact, to 1.8 percent after 1 year, and by an increase in private investment between 0.7 and 0.8 percent of GDP. We address country heterogeneity by dividing countries according to key characteristics that have been known to affect multipliers. In particular, we find higher multipliers in a group of CEE countries that are important recipients of European funds and are characterized by fixed exchange rate regimes and sound public investment governance (e.g. Croatia and Slovenia). We also complement the aggregate analysis by estimating the effect of different types of public investment and the effect of public investment on different sectors of the economy.
Author :Nicos Christodoulakis Publisher :Springer Science & Business Media ISBN 13 :9780792379997 Total Pages :168 pages Book Rating :4.3/5 (799 download)
Book Synopsis Structural Funds: Growth, Employment and the Environment by : Nicos Christodoulakis
Download or read book Structural Funds: Growth, Employment and the Environment written by Nicos Christodoulakis and published by Springer Science & Business Media. This book was released on 2001 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: Structural Funds: Growth, Employment and the Environment is a book on the role of transfers designed for assisting sustainable development of less developed regions within the European Union. The book places special emphasis on the future path of the Greek economy and discusses likely outcomes -related directly to the impact of these transfers- in: Growth and macroeconomic convergence Employment in key sectors of the economy Energy demand and its environmental aspect The book uses macroeconomic modelling and modern applied econometric techniques to analyze these issues, thus offering a coherent methodological framework for their presentation. To this extent, Structural Funds: Growth, Employment and the Environment can serve to: Academic researchers and economists in recipient countries who can gain a better understanding of how national authorities can best design and implement the strategic allocation and utilization of these funds to maximize the benefits for the domestic economy Policymakers in the European Union by offering a sound and rigorously elaborated treatment which can be applied as an estimation and comparison tool for the effects of Structural Funds both at the national and the international level Economists in Eastern European countries which are at the pre-accession stage and will be eligible for this type of transfers in the near future.
Book Synopsis Assessing the macroeconomic impact of the EIB Group by : European Investment Bank
Download or read book Assessing the macroeconomic impact of the EIB Group written by European Investment Bank and published by European Investment Bank. This book was released on 2018-10-24 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economics Department of the EIB together with the Joint Research Centre of the European Commission (JRC) carried out an extensive quantitative analysis to evaluate the macroeconomic impact of the investments supported by the EIB Group (EIB and EIF together) within the EU-28. The framework, called RHOMOLO-EIB, capitalises on the well-established RHOMOLO model, initially developed by JRC to evaluate the performance of EU policies, and extends it to cover the business model of the EIB Group. The proposed methodology helps capture both the short and long-term effects of implemented investment projects, exploiting cross-sector synergies and geographical interlinkages. According to RHOMOLO-EIB, overall investment approved by the EIB Group within the EU in 2015-2016 will add 2.3% to GDP and 2.25 million jobs by 2020. The results suggest also that by the same year the EIB Group's loans approved under the European Fund for Strategic Investments (EFSI) will add 0.7% to EU GDP and 690 000 jobs alone. These figures represent the additional GDP and employment compared to the baseline scenario describing 2013's steady-state economy. Following extensive sensitivity analysis, the results of RHOMOLO-EIB are found to be robust to reasonable variations in the working assumptions, input data and model specifications.
Book Synopsis Economic and Social Cohesion in Europe by : Achille Hannequart
Download or read book Economic and Social Cohesion in Europe written by Achille Hannequart and published by Routledge. This book was released on 1992-10 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines ways in which Structural Funding could be reformed to avert potential crises of uneven development within the EC.
Book Synopsis Five Years After by : Mr.Martin Cihak
Download or read book Five Years After written by Mr.Martin Cihak and published by International Monetary Fund. This book was released on 2009-03-01 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: The proximity of the European Union, the prospect of membership, and actual entry by the New Member States (NMS) increased economic and financial integration in the region, leading to fast economic growth based on sizeable capital inflows. EU membership helped in developing sound macroeconomic and financial stability frameworks in the NMS. However, these frameworks remain work in progress and as such could not safeguard against private sector exuberance or risky policies, especially in the face of an unprecedented global financial crisis. Hence, more prudent policies and further strengthening of policy frameworks, especially with respect to financial stability, seem warranted.
Book Synopsis Five Years of an Enlarged EU by : Filip Keereman
Download or read book Five Years of an Enlarged EU written by Filip Keereman and published by Springer Science & Business Media. This book was released on 2010-07-23 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Fifth Enlargement that took place in 2004 and 2007 was a milestone in the history of the European Union. Not only because of the large number of acceding countries but also because of their recent political and economic experience. Ten of them had undergone a profound transition from a totalitarian regime to democracy, and from a centrally planned economy to a market-based system. Most of them had income levels signi?cantly below those of the then EU-15. Now, 6 years later, we can clearly see that the process of European integration, both before and after 2004, was what enabled Europe to overcome the gaps between various parts of the continent. The enlargement made Europe a better and wealthier place and streng- ened its position in the world. Integration into the European Union has always been one of the strongest incentives for reform in the new Member States. Particularly important in my view have been the development of ?nancial markets through foreign direct investment and capital in?ows, and the opening of labour markets – which was a two-way phenomenon, with markets being opened up in acceding as well as the incumbent Member States. The Fifth Enlargement was thus an exercise of glo- lisation in miniature, a practice run for the Union to tackle the challenges of the ever smaller world.
Book Synopsis A Comparison of Structural Reform Scenarios Across the EU Member States by :
Download or read book A Comparison of Structural Reform Scenarios Across the EU Member States written by and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper calibrates the Roeger-Varga-Veld (2008) micro-founded DSGE model with endogenous growth for all EU member states using country specific structural characteristics and employs the individual country models to analyse the macroeconomic impact of various structural reforms. We analyse the costs and benefits of reforms in terms of fiscal policy instruments such as taxes, benefits, subsidies and administrative costs faced by firms. We find that less R & D intensive countries would benefit the most from R & D promoting and skill-upgrading policies. We also find that shifting from labour to consumption taxes, reducing the benefit replacement rate and relieving administrative entry barriers are the most effective measures in those countries which have high labour taxes and entry barriers."--Publication information page.
Book Synopsis Bulgaria’s EU Funds Absorption by : Iana Paliova
Download or read book Bulgaria’s EU Funds Absorption written by Iana Paliova and published by International Monetary Fund. This book was released on 2014-02-06 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on EU structural and cohesion funds assistance to Bulgaria during the 2007–13 program period. Initial weaknesses resulted in a low absorption rate, which was mitigated by increasing advance payments; applying electronic application and reporting procedures; simplifying and unifying tender processes; and strengthening the role of international financial institutions and banks in project preparation, evaluation and monitoring. The possible impact on growth and potential output is briefly discussed, while the risks of improper absorption are acknowledged. Valuable lessons have been learned, but it is recommended that additional steps be taken for the next program period 2014–20.
Book Synopsis A Model-based Assessment of the Distributional Impact of Structural Reforms by :
Download or read book A Model-based Assessment of the Distributional Impact of Structural Reforms written by and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the effects of structural reforms on the functional distribution of income in EU Member States. To study this mechanism we use a DSGE model (Roeger et al. 2008) with households supplying three types of labour, low-, medium- and high-skilled. We assume that households receive income from labour, tangible capital, intangible capital, financial wealth and transfers and we trace how structural reforms affect these types of incomes. The quantification of structural reforms is based on changes in structural indicators that can significantly close the gap of a country's average income towards the best performing countries in the EU. We find a general trade-off between an increase in employment of a particular group and the income of the average group member relative to income per capita. In general, reforms which aim at increasing employment of low skilled workers are associated with a fall in wages relative to income per capita. Capital owners generally benefit from labour market reforms, with an increasing share in total income, due to limited entry into the final goods production sector. This suggests that labour market re-forms may lead to suboptimal distributional effects if there are rigidities in goods markets present, a finding which confirms the importance of ensuring that such reforms are accompanied or preceded by product market reforms.
Book Synopsis Macroeconomic Effects of EU Transfers in New Member States by : Céline Allard
Download or read book Macroeconomic Effects of EU Transfers in New Member States written by Céline Allard and published by INTERNATIONAL MONETARY FUND. This book was released on 2008-09-01 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Large inflows from the European Union to the New Member States are likely to significantlyimpact macroeconomic outcomes. In this paper, we use the IMF's Global Integrated Monetaryand Fiscal model (GIMF) to analyze the impact of the transfers and show the conditionsunder which they would help speed up convergence. We find that the EU funds need to bedirected predominantly to investment rather than to income support and that to bestaccompany the EU fund inflows, the policy-mix would need to combine counter-cyclicalpolicy with a strong commitment to the existing monetary regime.
Book Synopsis The Effect of Public Investment in Europe by :
Download or read book The Effect of Public Investment in Europe written by and published by . This book was released on 2017 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider the effect of an increase in public investments on output in Europe against the background of a sharp drop of public investments in a number of EU countries during the crisis and subsequent policy discussions on the need to stimulate public investments. We start with a brief overview of recent developments in public investments, including some methodological issues, and provide a literature overview of the effect of public investments on growth. On the basis of updated estimates of the public capital stock, we estimate the output response to a public capital impulse, using VAR models. In addition, using a structural model, we investigate the sensitivity of the macroeconomic impact of an increase in public investments to alternative assumptions about economic structures and policy implementations.
Book Synopsis The Economic Impact of Selected Structural Reform Measures in Italy, France, Spain and Portugal by :
Download or read book The Economic Impact of Selected Structural Reform Measures in Italy, France, Spain and Portugal written by and published by . This book was released on 2016 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reports the results of a macroeconomic impact assessment of actual structural reform measures in four Member States (Italy, France, Spain and Portugal). For Italy, Spain and Portugal the selection of measures is based on the 2013, 2014 and 2015 National Reform Programmes, while for France only measures from the 2015 NRP are considered. The paper describes the methodology used, the 'translation' of actual reform measures into model shocks, and the results from QUEST model simulations.
Book Synopsis EU Governance and EU Funds by : Mariana Tomova
Download or read book EU Governance and EU Funds written by Mariana Tomova and published by . This book was released on 2013 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this paper is to empirically analyse whether sound fiscal and macroeconomic policies are beneficial to the achievement of the socio-economic development objectives enshrined in the Treaty on the Functioning of the European Union, and in particular whether sound policies have an impact on the effectiveness of European Structural and Investment Funds (ESI funds) in helping Member States to progress towards these socio-economic development objectives. Our econometric results show that sound fiscal policies proxied by low levels of government debt and deficit and sound macroeconomic policies proxied by low levels of net foreign liabilities are beneficial to socio-economic development. Furthermore, we find evidence that ESI funds are effective in helping Member States to enhance socio-economic development and this effectiveness is higher when combined with sound national fiscal and macroeconomic policies.
Book Synopsis Climate Technology Strategies 2 by : Pantelis Capros
Download or read book Climate Technology Strategies 2 written by Pantelis Capros and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Climate technology becomes more and more relevant in international environmental policy negotiations. At the Kyoto conference binding emission reduction targets have been established for several regions of the world. The major challenge is how to realize these reduction goals with minimum costs without generating new distributional and social difficulties. The book analyses the macroeconomic structural and distributional impacts of greenhouse gas mitigation strategies for the EU and the member states.
