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Macroeconomic Effects of EU Transfers in New Member States

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Author Info
Céline Allard
Nada Choueiri
Susan Schadler
Rachel van Elkan
Abstract

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.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/223.

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Length: 57 pages
Date of creation: 18 Sep 2008
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Handle: RePEc:imf:imfwpa:08/223

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Keywords: European Economic and Monetary Union ; Capital flows ; Monetary policy ; Investment policy ; Capital inflows ; Economic integration ; Exchange rate regimes ; Working Paper ;

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Michael B. Devereux & Gregor W. Smith, 2005. "Transfer Problem Dynamics: Macroeconomics of the Franco-Prussian War Indemnity," Working Papers 1025, Queen's University, Department of Economics. [Downloadable!]
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  2. Boldrin, Michele & Canova, Fabio, 2003. "Regional Policies and EU Enlargement," CEPR Discussion Papers 3744, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  3. Robert Sierhej & Christoph B. Rosenberg, 2007. "Interpreting EU Funds Data for Macroeconomic Analysis in the New Member States," IMF Working Papers 07/77, International Monetary Fund. [Downloadable!]
  4. Jan Fagerberg & Bart Verspagen, 1996. "Heading for Divergence? Regional Growth in Europe Reconsidered," Journal of Common Market Studies, Blackwell Publishing, vol. 34(3), pages 431-448, 09. [Downloadable!] (restricted)
  5. Michele Boldrin & Fabio Canova, 2001. "Inequality and convergence in Europe's regions: reconsidering European regional policies," Economic Policy, CEPR, CES, MSH, vol. 16(32), pages 205-253, 04. [Downloadable!] (restricted)
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