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  • 1
    Publication Date: 2019-08-28
    Description: In this paper we assess the system-wide economic impact of the key financial instruments adopted by the European Union for the implementation of the regional policy: The Structural funds and The Cohesion Funds. We take a bottom-up approach by aggregating the 86 categories of expenditures defined in the Structural and Cohesion Funds into six main policy variables. The outcomes of the simulations are the results of a combination of demand-and-supply-side shocks that are implemented into the RHOMOLO spatial and dynamic general equilibrium model calibrated on a set of inter-regional Social Accounting Matrices for the year 2010. In our analysis we document the direct, indirect, and general equilibrium effects of the EU regional policy at the regional, national, and EU level. In the short-run, our simulation exercise suggests a pronounced variegate patters across EU regions. In the long-run, a more homogenous spatial distribution is detected. Moreover, we identify and quantify the interregional spillover effects arising from trade links and capital mobility.
    Keywords: C54 ; C68 ; E62 ; R13 ; ddc:330 ; rhomolo ; region ; growth ; cohesion policy ; modelling ; general equilibrium
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
    Publication Date: 2019-08-28
    Description: We evaluate the macroeconomic impact of the legislative proposals contained in the third pillar of the Investment Plan for Europe using the RHOMOLO modelling framework. In particular, we study a number of proposals related to the Capital Markets Union, the Single Market Strategy, the Digital Single Market, and the Energy Union. The likely economic effects of the removal of cross-country barriers to investment related to these four initiatives are positive and quantified to be on average equal to an increase of 1.5% of EU GDP by 2030. Such an impact would also entail the creation of about 1 million jobs.
    Keywords: C54 ; C68 ; E62 ; ddc:330 ; rhomolo ; region ; growth ; investment plan for europe ; third pillar ; capital markets union ; single market strategy ; energy union ; digital single market ; modelling
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 3
    Publication Date: 2019-08-28
    Description: The paper illustrates the effect of a permanent demand-side shock in the perturbed regions and the associated spillover effects in the non-perturbed regions using the RHOMOLO spatial-numerical general equilibrium model of the EU economy. We test to what extent gradual upward pressure on wages generated by a domestic increase in demand alters the magnitude of the economic impacts in the long-run and the degree to which this could result in changes in trade patterns. We also assess the size and the direction of the effects with varying trade substitution elasticities and under both perfectly and imperfectly competitive product markets.
    Keywords: J31 ; R12 ; R23 ; R58 ; ddc:330 ; rhomolo ; region ; growth ; regional development policies ; Regional policy spillovers ; spatial general equilibrium
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 4
    Publication Date: 2019-08-28
    Description: The issues of the forced migration and integration of refugees in the EU society and labour markets are high on the policy agenda. Apart from humanitarian aspects, a sustainable integration of accepted refugees is important also for social, economic, budgetary and other reasons. Although, the potential consequences of the refugee acceptance are being often discussed, little scientific evidence has been provided for the policy debate so far in the context of the current refugee crisis. The present study attempts to shed light on the long-run social, economic and budgetary effects of the rapidly increasing forced immigration into the EU by performing a scenario analysis of alternative refugee integration scenarios. Our simulation results suggest that, although the refugee integration (e.g. by the providing language and professional training) is costly for the public budget, in the medium- to long-run, the social, economic and fiscal benefits may significantly outweigh the short-run refugee integration costs. Depending on the integration policy scenario and policy financing method, the annual long-run GDP effect would be 0.2% to 1.4% above the baseline growth, and the full repayment of the integration policy investment (positive net present value) would be achieved after 9 to 19 years.
    Keywords: F22 ; J6 ; J11 ; J24 ; ddc:330 ; Migration ; refugees ; social inclusion ; labour market ; integration policy ; modelling ; scenario analysis ; macroeconomic model
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 5
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    Louvain-la-Neuve: European Regional Science Association (ERSA)
    Publication Date: 2017-08-03
    Description: Scotland is engaged in a lively and on-going debate on greater fiscal autonomy and independence, which is politically controversial, especially in respect of tax-varying powers. The Scottish Parliament has the power to make a balanced-budget adjustment in public expenditure by varying the basic rate of income tax. While this power has not so far been used, there is considerable pressure further to increase the fiscal powers of the Scottish Government. The object of this paper is to explore and quantify a number of typical balanced-budget government spending shocks. Here we seek to draw on lessons from recent macroeconomic analyses of fiscal policy, but we adapt them to an explicitly regional context. The regional dimension of the analysis is captured through application to a regional economy characterised by: highly open goods markets in which import and export to GDP ratios are much higher than for the national economy; highly open labour markets characterised by the presence of migration and national and regional wage bargaining institutions; financial markets that are perfectly integrated with the national economy with which the region shares a permanently fixed exchange rate. Furthermore, the macroeconomic "closures" of the model are those appropriate to a region, reflecting an institutional structure in which, for example, the system of national transfers moderates the operation of regional adjustment mechanisms. We develop an intertemporal variant of, AMOS, a computable general equilibrium (CGE) model for Scotland to explore the kinds of balanced-budget fiscal expansions that the Scottish Government could pursue. In response to a balanced budget fiscal expansion the model suggests that: an increase in current government purchase in goods and services has negative multiplier effects only if the elasticity of substitution between private and public consumption is high enough to move downward the marginal utility of private consumers; public capital expenditure crowds in consumption and investment but crowding out effects might arise in the short-run if agents are myopic. The distinctive results for public capital expenditure suggest that the current restriction on the composition of Scottish government expenditures is a very significant one.
    Keywords: C68 ; D58 ; H71 ; H72 ; R13 ; R50 ; ddc:330 ; regional computable general equilibrium analysis ; fiscal federalism ; fiscal policy
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-06-02
    Description: The issues of the forced migration and integration of refugees in the EU society and labour markets are high on the policy agenda. Apart from humanitarian aspects, a sustainable integration of accepted refugees is important also for social, economic, budgetary and other reasons. Although, the potential consequences of the refugee acceptance are being often discussed, little scientific evidence has been provided for the policy debate so far in the context of the current refugee crisis. The present study attempts to shed light on the long-run social, economic and budgetary effects of the rapidly increasing forced immigration into the EU by performing a scenario analysis of alternative refugee integration scenarios. Our simulation results suggest that, although the refugee integration (e.g. by the providing language and professional training) is costly for the public budget, in the medium- to long-run, the social, economic and fiscal benefits may significantly outweigh the short-run refugee integration costs. Depending on the integration policy scenario and policy financing method, the annual long-run GDP effect would be 0.2% to 1.4% above the baseline growth, and the full repayment of the integration policy investment (positive net present value) would be achieved after 9 to 19 years.
    Keywords: F22 ; J6 ; J11 ; J24 ; ddc:330 ; Migration ; refugees ; labour market ; integration policy ; modelling ; scenario analysis ; macroeconomic model
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 7
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    Louvain-la-Neuve: European Regional Science Association (ERSA)
    Publication Date: 2017-08-03
    Description: Since devolution, the Scottish Government has increasingly adopted a distinctive environmental and energy policy (Allan et al., 2008). The Climate Change (Scotland) Act includes a target to reduce CO2 emissions to 42% below 1990 levels by 2020. This is stricter than the 34% CO2 emissions reduction adopted by the UK Government. Moreover, the corresponding Scottish Government target for renewable electricity generation in 2020 is equivalent to 100% of electricity consumption in Scotland and preliminary data suggest that the interim 2011 target of 31% was exceeded by 4 percentage points. However, earlier discussions have established that whilst Scotland has adopted challenging targets, many key policy instruments are reserved to the UK government (Allan et al., 2008; McGregor et al., 2011). At present the main ?green? elements of the tax system remain under Westminster control. This includes fuel duties, air passenger duty and the climate change levy. By and large economists regard a carbon tax as the most efficient way to reduce carbon emissions (Tullock, 1967; Pearce, 1991). It is therefore of interest to consider the effect of a Scottish specific carbon tax. This is particularly relevant given the more demanding environmental targets set by the Scottish Government and the present discussions around increased fiscal autonomy for Scotland. The Scotland Act (2012) has augmented the income tax raising power of the Scottish Parliament who has now the power to make a balanced-budget adjustment in public expenditure funded by corresponding changes in the basic as well as higher rates of income tax of up to 10p in the pound . In this paper we therefore use an empirical energy-economy-environmental model of Scotland to simulate the impact of the Scottish Government imposing such a tax on carbon emissions and the level of aggregate activity. Given the present constitutional adjustment, from the existing distortionary taxes the Scottish Government has the power to make only adjustment to the labour income tax. Thus, the simulation exercises consist of introducing a tax on energy consumption by firms through a reduction in labour income tax and a cut in current government expenditure.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 8
    Publication Date: 2017-09-01
    Print ISSN: 0301-4215
    Electronic ISSN: 1873-6777
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Political Science
    Published by Elsevier
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  • 9
    Publication Date: 2017-07-01
    Print ISSN: 0921-8009
    Electronic ISSN: 1873-6106
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Published by Elsevier
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  • 10
    Publication Date: 2017-05-01
    Print ISSN: 0921-8009
    Electronic ISSN: 1873-6106
    Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics
    Published by Elsevier
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