1.

Record Nr.

UNINA9910816886703321

Titolo

Macroeconomic Effects of EU Transfers in New Member States

Pubbl/distr/stampa

Washington, D.C. : , : International Monetary Fund, , 2008

ISBN

1-4623-5579-X

9786612841743

1-4527-4605-2

1-282-84174-2

1-4518-7081-7

Edizione

[1st ed.]

Descrizione fisica

1 online resource (59 pages) : illustrations

Collana

IMF Working Papers

IMF working paper ; ; WP/08/223

Disciplina

338.947

Soggetti

Transfer payments - Europe, Eastern

Convergence (Economics) - Europe, Eastern

Foreign Exchange

Macroeconomics

Public Finance

Aggregate Factor Income Distribution

National Government Expenditures and Related Policies: Infrastructures

Other Public Investment and Capital Stock

Macroeconomics: Consumption

Saving

Wealth

Fiscal Policy

Public finance & taxation

Currency

Foreign exchange

Income

Public investment spending

Consumption

Real exchange rates

Fiscal policy

Public investments

Economics

European Union countries Foreign economic relations Europe, Eastern

Europe, Eastern Foreign economic relations European Union countries

Europe, Eastern Economic conditions 1989-

Czech Republic



Lingua di pubblicazione

Inglese

Formato

Materiale a stampa

Livello bibliografico

Monografia

Note generali

Bibliographic Level Mode of Issuance: Monograph

Nota di bibliografia

Includes bibliographical references.

Nota di contenuto

Intro -- Contents -- I. Introduction -- II. Review of the Literature -- III. The Model -- IV. Channels for EU Funds to Recipient Countries -- V. Combining the Channels: What do Current Plans Imply for the Macro Economy -- VI. Four Lessons for Policy-Makers -- VII. Conclusion -- References -- Figures -- 1. Convergence Scenario (baseline for shocks), 2003-40 -- 2. EU Transfers to Households' Income Support -- 5. EU Transfers to Public Infrastructure Investment -- 6. EU Transfers to Private Investment -- 2. Average EU Funds Spending -- 7. Actual Plans for EU Transfers -- 8. Role of a Pro-Cyclical Policy on the Impact of EU Funds, Comparison with the Baseline Scenario of Counter-Cyclical Fiscal Policy -- Tables -- 1. Selected Calibration Parameters -- 2. Change in Welfare in Each of the Scenarios -- 3. Ratio of Net Present Value of GDP Gains to NPV of EU Funds Disbursement -- Appendices -- I. EU Funds: What is in the Offing? -- II. Modifications to GIMF -- III. List of Parameters Used for the Calibration of the Model -- Appendix Figures -- 1. Average EU Funds Spending -- 2. EU Funds Payments and Relative GDP per Capita -- 3a. Central Europe: EU Funds Spending, 2004-15 -- 3b. Baltics: EU Funds Spending, 2004-15 -- 4a. EU Fund Transfer Shock, 2003-40 -- 4b. EU Fund Transfer Shock, 2003-40 -- 4c. EU Fund Transfer Shock, 2003-40 -- 4d. EU Fund Transfer Shock, 2003-40 -- 5a. IT Countries: EU Fund Transfer Shock, 2003-40 -- 5b. IT Countries: EU Fund Transfer Shock, 2003-40 -- 5c. IT Countries: EU Fund Transfer Shock, 2003-40 -- 5d. IT Countries: EU Fund Transfer Shock, 2003-40 -- 6a. FE Countries: EU Fund Transfer Shock, 2003-40 -- 6b. FE Countries: EU Fund Transfer Shock, 2003-40 -- 6c. FE Countries: EU Fund Transfer Shock, 2003-40 -- 6d. FE Countries: EU Fund Transfer Shock, 2003-40.

7. FE Countries: EU Fund Transfer Shock, 2003-40. Sensitivity Analysis with Price And Quantity Adj. Costs of a Flexible Exchange Rate Regime.

Sommario/riassunto

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.