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Effects of Policy Mix on European Regional Convergence

Effects of Policy Mix on European Regional Convergence
Author: Ignacio Sacristán López-Bravo
Publisher:
Total Pages: 0
Release: 2022
Genre:
ISBN:

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This paper analyses the impact of the fiscal-monetary policy mix on the convergence on per capita income of the least developed regions (Objective 1) of the European Union (EU 28) during the implementation of the three European Structural and Investment Funds (ESIF) programmes between 2000 and 2020. The Solow-Swan growth model with control variables allows us to assess the absorption capacity of regions in the different phases of the economic cycle. The empirical results show the effectiveness of EU Regional and Cohesion Policy. However, the combination of fiscal and monetary policy shows an impact that is asymmetric, depending on the region. Thus, a policy mix of fiscal restraint and monetary expansion would boost growth in all regions, but would slow down the convergence process in Objective 1 regions.


Economic Convergence in the Euro Area: Coming Together or Drifting Apart?

Economic Convergence in the Euro Area: Coming Together or Drifting Apart?
Author: Mr.Jeffrey R. Franks
Publisher: International Monetary Fund
Total Pages: 47
Release: 2018-01-23
Genre: Business & Economics
ISBN: 1484338499

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We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.


Funds and Games

Funds and Games
Author: Sjef Ederveen
Publisher:
Total Pages: 112
Release: 2002
Genre: Europe
ISBN:

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Regional Convergence in the European Union

Regional Convergence in the European Union
Author: Juan R. Cuadrado-Roura
Publisher: Springer Science & Business Media
Total Pages: 366
Release: 2013-03-14
Genre: Business & Economics
ISBN: 3662047888

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The introduction of the single currency in the European economic space constitutes without doubt the most visible step towards monetary and economic integration in the EU. Those who boosted the birth of the Common Market in 1957 dreamt that this would one day come about as a logical consequence of the integration process. However, things have gone much more slowly than possibly imagined, although if taken in an adequate historic perspective, it is undeniable that the agreements that have led to European Monetary Union signify a really formidable jump in the process of political and economic integration in Europe. This is something many doubted would ever happen, but which is already a reality, although still in need of a period of consolidation. The most general economic consequences of the EMU have already been analysed in considerable depth. Proof of this is the literature already available. In general, there is coincidence in affirming that the balance of the results expected is clearly positive. Firstly, as a result of the anticipated gains in efficiency, a consequence of reduction of transaction costs associated to the previous existence of different currencies and of the elimination of exchange rate uncertainties.


World Economic Outlook, October 2019

World Economic Outlook, October 2019
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Total Pages: 208
Release: 2019-10-15
Genre: Business & Economics
ISBN: 1513516175

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Global growth is forecast at 3.0 percent for 2019, its lowest level since 2008–09 and a 0.3 percentage point downgrade from the April 2019 World Economic Outlook.


One Market, One Money

One Market, One Money
Author: Michael Emerson
Publisher:
Total Pages: 356
Release: 1992
Genre: Business & Economics
ISBN: 9780198773245

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The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.


European Regional Policy and Development

European Regional Policy and Development
Author: María del Carmen Sánchez-Carreira
Publisher: Taylor & Francis
Total Pages: 220
Release: 2023-07-18
Genre: Business & Economics
ISBN: 1000907635

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The shortcomings of traditional regional policies led to a major policy. Thus, regions have become more active in the design and implementation of policies, following a bottom-up approach and involving the participation of the local community in strategic planning, as opposed to the traditional top-down method. This book addresses regional development theories and policies, with a special focus on forgotten places, and raises emerging questions about recent theoretical advances, as well as trends and challenges in the field. It examines two main and related issues: the crucial role of regional actors for development and the role of Forgotten Spaces. It emphasizes the spatial/territorial approaches from different theoretical perspectives, underlining place-based approaches and compares the experiences of both successful and failed cases, attempting to identify lessons and policy recommendations, as well as adding empirical evidence to this field. The different cases presented, which focus on Forgotten Spaces, allow the reader to assess the role of different actors for regional development as well as some sectoral approaches. While there is a clear focus on European countries with different geographical, institutional and sociocultural characteristics, the book also examines good and bad examples of regional development and policies related to forgotten places from different regions worldwide, including developed and developing countries. The book benefits from contributions from over 20 authors from different nationalities, and a rich diversity of case studies, approaches and methods of discussion. The authors discuss practical examples and more complex theoretical approaches, involving techniques of spatial analysis, spatial econometrics, social networks, content analysis as well as regional planning techniques. The book will appeal to an interdisciplinary audience and will provide academicians, politicians, and policy designers with original and detailed analyses.


Coordination of Monetary and Fiscal Policies

Coordination of Monetary and Fiscal Policies
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 33
Release: 1998-03-01
Genre: Business & Economics
ISBN: 1451844239

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Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.


EU Cohesion Policy

EU Cohesion Policy
Author: John Bachtler
Publisher: Routledge
Total Pages: 380
Release: 2016-10-26
Genre: Business & Economics
ISBN: 1315401843

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The Open Access version of this book, available at http://www.tandfebooks.com/doi/view/10.4324/9781315401867, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 3.0 license. This book brings together academics, members of European institutions, and regional and national level policymakers in order to assess the performance and direction of EU Cohesion policy against the background of the most significant reforms to the policy in a generation. Responding to past criticisms of the effectiveness of the policy, the policy changes introduced in 2013 have aligned European Structural and Investment Funds with the Europe 2020 strategy and introduced measures to improve strategic coherence, performance and integrated development. EU Cohesion Policy: Reassessing performance and direction argues that policy can only be successfully developed and implemented if there is input from both academics and practitioners. The chapters in the book address four important issues: the effectiveness and impact of Cohesion policy at European, national and regional levels; the contribution of Cohesion policy to the Europe 2020 strategy of smart, sustainable and inclusive growth; the importance of quality of government and administrative capacity for the effective management of the Funds; and the inter-relationships between institutions, territory and place-based policies. The volume will be an invaluable resource to students, academics and policymakers across economics, regional studies, European studies and international relations.


The Cross-Country Incidence of the Global Crisis

The Cross-Country Incidence of the Global Crisis
Author: Mr.Gian Milesi-Ferretti
Publisher: International Monetary Fund
Total Pages: 41
Release: 2010-07-01
Genre: Business & Economics
ISBN: 1455201820

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We examine whether the cross-country incidence and severity of the 2008-2009 global recession is systematically related to pre-crisis macroeconomic and financial factors. We find that the pre-crisis level of development, increases in the ratio of private credit to GDP, current account deficits, and openness to trade are helpful in understanding the intensity of the crisis. International risk sharing did little to shield domestic demand from the country-specific component of output declines, while those countries with large pre-crisis current account deficits saw domestic demand fall by much more than domestic output during the crisis.