Structural Funds and Spain’s Objective 1 Regions: An Analysis Based on the Hermin Model
AbstractThis paper presents an empirical evaluation of the economic effects of the Structural Funds received by the Spain’s Objective 1 regions through the Community Support Framework (CSF). The empirical results suggest that the funds have significantly contributed to economic growth, as well as to wealth and employment creation. Compared to a scenario without CSFs, the successive investment programmes from 1989 to 2006 would represent an average increase of 0.56 percentage points in the growth rates of the Spanish recipient regions. This increase would translate to an average increase in per capita income of 425 euros at 1999 prices. In terms of the labour market, the CSF has maintained or generated an increase of 1.46 per cent in employment compared to an alternative scenario without CSF. This in turn would represent an average reduction of 0.74 percentage points in the unemployment rate during the aforementioned period.
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