06099oam 22011054 450 991081688670332120240402023443.01-4623-5579-X97866128417431-4527-4605-21-282-84174-21-4518-7081-7(CKB)3170000000055112(SSID)ssj0000944164(PQKBManifestationID)11528601(PQKBTitleCode)TC0000944164(PQKBWorkID)10983861(PQKB)11054024(OCoLC)762488019(MiAaPQ)EBC1586700(IMF)WPIEE2008223(EXLCZ)99317000000005511220020129d2008 uf 0engurcnu||||||||txtccrMacroeconomic Effects of EU Transfers in New Member States1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (59 pages) illustrationsIMF Working PapersIMF working paper ;WP/08/223Bibliographic Level Mode of Issuance: Monograph1-4519-1534-9 Includes bibliographical references.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.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.IMF Working Papers; Working Paper ;No. 2008/223Transfer paymentsEurope, EasternConvergence (Economics)Europe, EasternForeign ExchangeimfMacroeconomicsimfPublic FinanceimfAggregate Factor Income DistributionimfNational Government Expenditures and Related Policies: InfrastructuresimfOther Public Investment and Capital StockimfMacroeconomics: ConsumptionimfSavingimfWealthimfFiscal PolicyimfPublic finance & taxationimfCurrencyimfForeign exchangeimfIncomeimfPublic investment spendingimfConsumptionimfReal exchange ratesimfFiscal policyimfPublic investmentsimfEconomicsimfEuropean Union countriesForeign economic relationsEurope, EasternEurope, EasternForeign economic relationsEuropean Union countriesEurope, EasternEconomic conditions1989-Czech RepublicimfTransfer paymentsConvergence (Economics)Foreign ExchangeMacroeconomicsPublic FinanceAggregate Factor Income DistributionNational Government Expenditures and Related Policies: InfrastructuresOther Public Investment and Capital StockMacroeconomics: ConsumptionSavingWealthFiscal PolicyPublic finance & taxationCurrencyForeign exchangeIncomePublic investment spendingConsumptionReal exchange ratesFiscal policyPublic investmentsEconomics338.947DcWaIMFBOOK9910816886703321Macroeconomic Effects of EU Transfers in New Member States3960364UNINA