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This book makes a unique contribution in advancing understanding of the fiscal condition and growth potential of the New Member States of the European Union. It provides new data, policy evaluation, and offers national and regional perspectives. The core research questions are the effect of public investment in the context of macroeconomic disequilibrium and how it is possible to finance capital accumulation in the present and future conditions of mounting public sector debt.The contributors reveal that there is now a convincing case for public investment as an essential driver of convergence and growth in Europe. However, a new international and inter-generational fiscal pact to frame a more optimistic view of the role of government is needed. This book explores how public investment matters for growth, how fiscal conditions may support investment, and the role EU regional policy can have in terms of structural change and investment needs. Public Investment, Growth and Fiscal Constraints provides new data analyses on the EU New Member States in Central and Eastern Europe making it an essential tool for academics, students and practitioners interested in public finance and European Economics. The structural and public finance issues in these former transition economies raised in this book will also strongly appeal to policymakers, officials and consultants. The book is based on an independent research project of the University of Milan, supported by the European Investment Bank.
Edited by Massimo Florio, Professor of Public Economics, Department of Economics, Management and Quantitative Methods, University of Milan, Italy and Scientific Coordinator, EUsers Jean Monnet Network
Contents:Introduction: Public Investment, Growth and Fiscal Constraints in the EUMassimo FlorioPART I: PUBLIC INVESTMENT AND GROWTH: CONCEPTUAL FRAMEWORK1. Budget Deficits, Public Debt and the Level of Public InvestmentMalcolm Sawyer2. Recent Advances in Public Investment, Fiscal Policy and GrowthChiara Del Bo3. Public Investment under Disequilibrium: A Post Keynesian Viewpoint Massimo CingolaniPART II: PUBLIC INVESTMENT AND FISCAL CONDITIONS IN THE EU NEW MEMBER STATES4. Patterns and Trends of Public Investment in the New Member States of the European UnionÁngel Catalina Rubianes5. EU New Member States: Public Sector Accounts and Convergence CriteriaGiuseppe Bognetti and Giorgio Ragazzi6. Public Investment and Growth in the EU New Member States: An OverviewJan Hanousek and Evžen KočendaPART III: INVESTMENT, STRUCTURAL CHANGE AND REGIONAL POLICY7. Structural Change in New Member States (1995–2005): Shift–Share Analysis of Productivity Growth and its DeterminantsAleksandra Parteka8. Structural Funds Business Support and Employment Growth in Manufacturing: Perspectives for the New Member StatesLuigi Moretti9. Infrastructure Investment Opportunities in the EU New Member States: The Role of Regional PoliciesEmanuela Sirtori and Silvia VignettiIndex
‘This is a valuable work that makes a strong case for public investment as a growth instrument. It is rich in theoretical and empirical analyses, making it relevant for practitioners as well as policy makers.’
Chiara F. Del Bo, Massimo Florio, Marco Frigerio, Daniela Vandone, Chiara F. (University of Milan) Del Bo, Massimo (University of Milan) Florio, Marco (University of Siena) Frigerio, Daniela (University of Milan) Vandone, Chiara F. del Bo
Youssef Cassis, Giuseppe De Luca, Massimo Florio, Florence) Cassis, Youssef (Professor of Economic History, Joint Chair RSCAS/Department of History and Civilization, European University Institute, University of Milan) De Luca, Giuseppe (Professor of Economic History, Department of Economics, Management and Quantitative Methods, University of Milan) Florio, Massimo (Professor of Public Economics and Jean Monnet Chair "Ad personam " of EU Industrial Policy, Department of Economics, Management and Quantitative Methods, Giuseppe de Luca