{"title":"Transmission channels of the cohesion policy: direct and indirect effects on EA synchronicity","authors":"Lubica Stiblarova","doi":"10.1007/s10663-024-09604-4","DOIUrl":null,"url":null,"abstract":"<p>This study focuses on the examination of the side effects of the European cohesion policy (ECP), in particular, the direct and indirect effects of the European structural and investment (ESI) funds on business cycle co-movement in the Euro area (EA) countries. The results of analysis performed using the simultaneous equations framework in the 2000–2019 period reveal that increasing ESI payments within the cohesion policy have overall contributed to more synchronized EA business cycles. Even though the ESI payments do not seem to directly support synchronization, probably because of their procyclical nature, we find that the unintended benefits of the ESI payments with respect to the synchronization lie in their indirect positive effects, which outweigh the negative direct effect. The total positive effect of the ECP emerges because increasing investment from the ESI funds promotes the EA business cycle synchronization via trade, bilateral FDI, and income similarity. Meanwhile, similar evidence has not been confirmed for the specialization channel.</p>","PeriodicalId":46526,"journal":{"name":"Empirica","volume":"17 1","pages":""},"PeriodicalIF":1.9000,"publicationDate":"2024-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Empirica","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1007/s10663-024-09604-4","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
This study focuses on the examination of the side effects of the European cohesion policy (ECP), in particular, the direct and indirect effects of the European structural and investment (ESI) funds on business cycle co-movement in the Euro area (EA) countries. The results of analysis performed using the simultaneous equations framework in the 2000–2019 period reveal that increasing ESI payments within the cohesion policy have overall contributed to more synchronized EA business cycles. Even though the ESI payments do not seem to directly support synchronization, probably because of their procyclical nature, we find that the unintended benefits of the ESI payments with respect to the synchronization lie in their indirect positive effects, which outweigh the negative direct effect. The total positive effect of the ECP emerges because increasing investment from the ESI funds promotes the EA business cycle synchronization via trade, bilateral FDI, and income similarity. Meanwhile, similar evidence has not been confirmed for the specialization channel.
本研究主要探讨欧洲一体化政策（ECP）的副作用，特别是欧洲结构和投资（ESI）基金对欧元区（EA）国家商业周期同步运动的直接和间接影响。使用同步方程框架对 2000-2019 年期间进行分析的结果表明，在欧盟一体化政策范围内不断增加的欧洲结构和投资（ESI）支付总体上促进了欧元区商业周期的同步化。尽管可能由于其顺周期的性质，ESI 支付似乎并不直接支持同步化，但我们发现，ESI 支付对同步化的意外益处在于其间接的积极影响，这种影响超过了直接的负面影响。ECP 的总体积极效应的出现是因为 ESI 基金投资的增加通过贸易、双边外国直接投资和收入的相似性促进了 EA 商业周期的同步化。与此同时，类似的证据在专业化渠道中并未得到证实。
期刊介绍：
Empirica is a peer-reviewed journal, which publishes original research of general interest to an international audience. Authors are invited to submit empirical papers in all areas of economics with a particular focus on European economies. Per January 2021, the editors also solicit descriptive papers on current or unexplored topics.
Founded in 1974, Empirica is the official journal of the Nationalökonomische Gesellschaft (Austrian Economic Association) and is published in cooperation with Austrian Institute of Economic Research (WIFO). The journal aims at a wide international audience and invites submissions from economists around the world.
Officially cited as: Empirica
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