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Structural Fund Absorption: A New Challenge For Romania?

Author

Listed:
  • Zaman, Gheorghe

    (Institute of National Economy, Corresponding Member of the Romanian Academy)

  • Georgescu, George

    (Institute of National Economy, Romanian Academy)

Abstract

Many European countries, especially during the early post-accession years, have faced difficulties in absorbing the structural funds from the EU budget, the most cited reasons being generated by the lack of a coherent long-term vision of the authorities, insufficient resources to co-finance projects, low dministrative capacity at central and local levels, lack of inter-institutional coordination, failures of public-private partnerships, insufficiently skilled human resources, causes which can undoubtedly be noticed also in the case of Romania. By a strategic approach starting from the HEROM econometric model (the Romanian version of the HERMIN model) the study tries to assess the macroeconomic effects of structural funds on foreign trade in cases of different absorption rates, finding that these funds have a stronger impact on export growth as compared to that of imports. The EU structural funds absorption represents an opportunity to sustain economic growth and to reduce the development gap which, under the circumstances of global recession, is becoming a new challenge for Romania.

Suggested Citation

  • Zaman, Gheorghe & Georgescu, George, 2009. "Structural Fund Absorption: A New Challenge For Romania?," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 6(1), pages 136-154, March.
    • Handle: RePEc:rjr:romjef:v:6:y:2009:i:1:p:136-154
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    References listed on IDEAS

    as
    1. Arjan M. Lejour & Richard Nahuis, 2004. "EU Accession and the Catching Up of the Central and East European Countries," International Economic Association Series, in: Alan V. Deardorff (ed.), The Past, Present and Future of the European Union, chapter 7, pages 137-158, Palgrave Macmillan.
    2. John Bachtler & Carlos Mendez, 2007. "Who Governs EU Cohesion Policy? Deconstructing the Reforms of the Structural Funds," Journal of Common Market Studies, Wiley Blackwell, vol. 45(3), pages 535-564, September.
    3. Andrej Horvat & Gunther Maier, 2004. "Regional development, Absorption problems and the EU Structural Funds," ERSA conference papers ersa04p591, European Regional Science Association.
    4. Black,Stanley W., 2008. "Europe's Economy Looks East," Cambridge Books, Cambridge University Press, number 9780521088237, January.
    5. Andrej Horvat, 2005. "Financial Absorption Rates in EU Objective 1 1994-99 and Some Lessons for the New Member States in 2004-2006," WIFO Working Papers 259, WIFO.
    6. repec:bla:jcmkts:v:45:y:2007:i::p:535-564 is not listed on IDEAS
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    More about this item

    Keywords

    European integration; economic and social cohesion policy; structural funds; absorption capacity; economic development; econometric models;
    All these keywords.

    JEL classification:

    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • F15 - International Economics - - Trade - - - Economic Integration
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations

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