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Impact of Objective 1 Funds on Regional Growth Convergence in the European Union: A Panel-data Approach

  • Roberto Esposti
  • Stefania Bussoletti

Esposti R. and Bussoletti S. Impact of Objective 1 funds on regional growth convergence in the European Union: a panel-data approach, Regional Studies 41, 1-15. This paper investigates the impact of Objective 1 structural funds expenditure on European Union regions by estimating an augmented conditional convergence econometric model. According to this model, growth convergence is influenced by the policy treatment, which affects the regional initial investment rate by interacting with other regional structural variables and eventually influencing its steady-state level. The convergence model is specified in a dynamic panel-data form and estimated using a database of 206 EU-15 regions observed from 1989 to 2000. A generalized method of moments (GMM) estimation is applied to obtain consistent estimates of both parameter β and impact of the Objective 1 policies. [image omitted] Esposti R. et Bussoletti S. L'impact des fonds Objectif 1 sur la convergence des taux de croissance dans l'Ue: une facon par enquete permanente, Regional Studies 41, 1-15. Par moyen de l'estimation d'un modele econometrique de convergence a conditions augmentees, cet article cherche a examiner l'impact des fonds structurels Objectif 1 engages sur les regions de l'Ue. Selon ce modele, la convergence des taux de croissance est influee par la politique, ce qui a un effet sur le taux d'investissement initial regional en ayant une action reciproque avec d'autres variables structurelles regionales et, a terme, en influant sur son niveau continu. Le modele de convergence se voit preciser sous forme d'une enquete permanente dynamique et estimer a partir d'une base de donnees aupres de 206 regions de l'Ue des 15 entre 1989 et l'an 2000. Afin d'obtenir des estimations systematiques, une estimation GMM se voit appliquer a la fois au parametre ss et a l'impact des politiques Objectif 1. Convergence regionale Fonds Objectif 1 Enquete permanente Estimation GMM Esposti R. und Bussoletti S. Auswirkungen der Ziel-1-Fonds auf die regionale Wachstumskonvergenz in der EU, Regional Studies 41, 1-15. In diesem Artikel werden die Auswirkungen der Zuwendungen aus den Ziel-1-Strukturfonds fur die EU-Regionen anhand eines erweiterten konditionalen Konvergenz-Okonometriemodells untersucht. Nach diesem Modell wird die Wachstumskonvergenz durch die politische Behandlung beeinflusst, die sich auf die regionale initiale Investitionsrate auswirkt, indem sie mit anderen regionalen Strukturvariablen in Wechselwirkung tritt und schliesslich das stationare Niveau der Investitionsrate beeinflusst. Das Konvergenzmodell wird in Form dynamischer Paneldaten spezifiziert und mit Hilfe einer Datenbank von 206 EU-15-Regionen geschatzt, die zwischen 1989 und 2000 beobachtet wurden. Um sowohl vom Parameter β als auch von den Auswirkungen der Ziel-1-Politiken einheitliche Schatzungen zu erhalten, wird eine GMM-Schatzung vorgenommen. Regionale Konvergenz Ziel-1-Fonds Paneldaten GMM-Schatzung Esposti R. y Bussoletti S. Impacto de los fondos del Objetivo 1 en la convergencia de crecimiento regional en la UE, Regional Studies 41, 1-15. En este articulo investigamos cual es el impacto de los gastos de fondos estructurales del Objetivo 1 en las regiones de la UE mediante un calculo segun un modelo econometrico aumentado de convergencia condicional. Segun este modelo, la convergencia de crecimiento esta influenciada por el tratamiento politico que afecta a la tasa de inversion inicial en las regiones al interactuar con otras variables estructurales regionales y que posteriormente afecta a su nivel estable. El modelo de convergencia esta especificado en tipo de datos dinamicos de panel y se ha calculado usando una base de datos de 206 regiones EU-15 que se observaron de 1989 a 2000. Hacemos un calculo mediante el metodo GMM para obtener estimaciones coherentes del parametro β y del impacto de las politicas del Objetivo 1. Convergencia regional Fondos del Objetivo 1 Datos del panel Estimacion GMM

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Article provided by Taylor & Francis Journals in its journal Regional Studies.

Volume (Year): 42 (2008)
Issue (Month): 2 ()
Pages: 159-173

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Handle: RePEc:taf:regstd:v:42:y:2008:i:2:p:159-173
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