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 beta and impact of the Objective 1 policies.

Impact of Objective 1 funds on regional growth convergence in the European Union: A panel-data approach

ESPOSTI, Roberto;
2008

Abstract

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 beta and impact of the Objective 1 policies.
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/11566/37115
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