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European cohesion policy and the Spanish economy: A policy discussion case

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  • Sosvilla-Rivero, Simón
  • Herce, José A.

Abstract

This paper offers an empirical evaluation of the economic effects of the European Structural and Cohesion aids received by Spain in the period 1989 through 2006 amounting to a total of almost [euro]100 billion at 1999 prices. To that end, we use the HERMIN-Spain model. Our results suggest that these EU packages have contributed significantly to Spanish economic growth having increased the levels of income and promoting real convergence with the most advanced economies of the Union. The successive aid programmes produced an average increase of almost 0.4 percentage points in the real annual growth rate of the Spanish economy with respect to the situation that would have ensued without the European grants. This translates into an average increase in per capita income of [euro]638 each year (at 1999 prices) over the entire period, and of [euro]1027 per capita if we refer to the period 2000 through 2006. Without the structural aids, in 2006, the Spanish per capita income index relative to the average for EU-15 would be, ceteris paribus, almost 6 percentage points lower. The paper ends with a simulation of the likely consequences due to the reduction in structural and cohesion grants suffered by many Spanish regions that will cease to belong to the Objective 1 club after 2007 as a result of their natural or statistical convergence.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Policy Modeling.

Volume (Year): 30 (2008)
Issue (Month): 3 ()
Pages: 559-570

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Handle: RePEc:eee:jpolmo:v:30:y:2008:i:3:p:559-570

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Web page: http://www.elsevier.com/locate/inca/505735

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References

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  1. de la Fuente, Angel, 1997. "Fiscal Policy and Growth in the OECD," CEPR Discussion Papers 1755, C.E.P.R. Discussion Papers.
  2. Polo, C. & sancho, F., 1990. "An Analysis of Spain's Integration in the EEC," UFAE and IAE Working Papers 140.90, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  3. de la Fuente, A., 1997. "Fiscal policy and Growth in The OECD. Volume II: Appendix," UFAE and IAE Working Papers 401.97, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  4. Francesco Caselli & Silvana Tenreyro, 2005. "Is Poland the Next Spain?," NBER Working Papers 11045, National Bureau of Economic Research, Inc.
  5. Abbas Valadkhani, 2003. "History Of Macroeconometric Modelling: Lessons From Past Experience," School of Economics and Finance Discussion Papers and Working Papers Series 131, School of Economics and Finance, Queensland University of Technology.
  6. André Sapir & Philippe Aghion & Giuseppe Bertola & Martin Hellwig & Jean Pisani-Ferry & Bernard Lange & José Viñals & Helen Wallace & Marco Buti & Mario Nava & Peter Smith, 2004. "An agenda for a growing Europe: the Sapir report," ULB Institutional Repository 2013/8070, ULB -- Universite Libre de Bruxelles.
  7. Gramlich, Edward M, 1994. "Infrastructure Investment: A Review Essay," Journal of Economic Literature, American Economic Association, vol. 32(3), pages 1176-96, September.
  8. Herce, Jose-Antonio & Sosvilla-Rivero, Simon, 1995. "HERMIN Spain," Economic Modelling, Elsevier, vol. 12(3), pages 295-311, July.
  9. Bradley, John & Modesto, Leonor & Sosvilla-Rivero, Simon, 1995. "Similarity and diversity in the EU periphery : A HERMIN-based investigation," Economic Modelling, Elsevier, vol. 12(3), pages 313-322, July.
  10. Bradley, John & Fitzgerald, John, 1988. "Industrial output and factor input determination in an econometric model of a small open economy," European Economic Review, Elsevier, vol. 32(6), pages 1227-1241, July.
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Cited by:
  1. Halkos, George E. & Tzeremes, Nickolaos G., 2009. "Economic efficiency and growth in the EU enlargement," Journal of Policy Modeling, Elsevier, vol. 31(6), pages 847-862, November.
  2. Barrios, Salvador & Mas, Matilde & Navajas, Elena & Quesada, Javier, 2008. "Mapping the ICT in EU Regions: Location, Employment, Factors of Attractiveness and Economic Impact," MPRA Paper 6998, University Library of Munich, Germany.
  3. Karanassou, Marika & Sala, Hector, 2008. "The Rise and Fall of Spanish Unemployment: A Chain Reaction Theory Perspective," IZA Discussion Papers 3712, Institute for the Study of Labor (IZA).

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