Interpreting EU Funds Data for Macroeconomic Analysis in the New Member States
AbstractDrawing on a dataset suitable for macroeconomic analysis, the paper provides an overview of the magnitudes, purpose and institutional implications of EU-related transfers to and from the new member states. A rough analysis of accounting identities and first-round effects shows that EU funds may have led to a fiscal drag of up to 1 percent of GDP and an additional aggregate demand stimulus of up to 1 percent of GDP during the first years of membership. These effects are likely to increase as additional funding become available under the new financial perspective, pointing to the need to consider policy tradeoffs.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 07/77.
Date of creation: 01 Apr 2007
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-05-04 (All new papers)
- NEP-EEC-2007-05-04 (European Economics)
- NEP-MAC-2007-05-04 (Macroeconomics)
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- Jaroslaw Pietras, 2009. "EU Funds Provided to the New Member States: Relevance for ODA and Achieving the Monterrey Consensus," ECE Discussion Papers Series 2009_1, UNECE.
- International Monetary Fund, 2007. "Vulnerabilities in Emerging Southeastern Europe--How Much Cause for Concern?," IMF Working Papers 07/236, International Monetary Fund.
- Marcin, Piatkowski, 2009. "The Coming Golden Age of New Europe," MPRA Paper 19523, University Library of Munich, Germany.
- International Monetary Fund, 2008. "Macroeconomic Effects of EU Transfers in New Member States," IMF Working Papers 08/223, International Monetary Fund.
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