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Interpreting EU Funds Data for Macroeconomic Analysis in the New Member States


  • Robert Sierhej
  • Christoph B. Rosenberg


Drawing 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.

Suggested Citation

  • 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.
  • Handle: RePEc:imf:imfwpa:07/77

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    References listed on IDEAS

    1. Leo Krippner & Leif Anders Thorsrud, 2009. "Forecasting New Zealand's economic growth using yield curve information," Reserve Bank of New Zealand Discussion Paper Series DP2009/18, Reserve Bank of New Zealand.
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    Cited by:

    1. Marcin, Piatkowski, 2009. "The Coming Golden Age of New Europe," MPRA Paper 19523, University Library of Munich, Germany.
    2. International Monetary Fund, 2007. "Vulnerabilities in Emerging Southeastern Europe—How Much Cause for Concern?," IMF Working Papers 07/236, International Monetary Fund.
    3. International Monetary Fund, 2008. "Macroeconomic Effects of EU Transfers in New Member States," IMF Working Papers 08/223, International Monetary Fund.
    4. 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.


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