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The Impact of EU Funds on Regional Economic Growth of the Czech Republic

Filip Hruza (), Stanislav Volcík and Jan Žáček
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Filip Hruza: Faculty of Economics and Administration, Masaryk University, Brno, Czech Republic
Stanislav Volcík: The Office of the Government of the Czech Republic, Czech Republic

Czech Journal of Economics and Finance (Finance a uver), 2019, vol. 69, issue 1, 76-94

Abstract: This research paper aims to estimate the impact of European Structural and Investment Funds (ESIF) on economic growth of the Czech Republic during the period 2004-2015 using panel data regression techniques. ESIF are instruments of European economic and social cohesion policies. The primary goal of these policies is to foster economic growth and convergence among the member states of the European Union through the reallocation of financial resources from ESIF. During 2004-2015, the Czech Republic was involved in three programming periods in which projects of an approximate value of 939 billion CZK were supported and implemented. The contribution from ESIF was approximately 757 billion CZK while 182 billion CZK were allocated from national resources. Besides the standard panel data regression techniques like pooled OLS or FE, a spatial panel data econometric method is employed. Evidence of this research shows a positive relationship between ESIF and economic growth of NUTS3 regions of the Czech Republic. Furthermore, the results also suggest economic convergence among NUTS3 regions of the Czech Republic.

Keywords: economic convergence; economic growth; EU funds; regression analysis (search for similar items in EconPapers)
JEL-codes: C23 H54 O40 R11 (search for similar items in EconPapers)
Date: 2019
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Handle: RePEc:fau:fauart:v:69:y:2019:i:1:p:76-94