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The impact of Cohesion Policy 2007-2015 in EU regions: Simulations with the RHOMOLO Interregional Dynamic General Equilibrium Model

Francesco Di Comite, Patrizio Lecca (), Philippe Monfort (), Damiaan Persyn and Violeta Piculescu ()
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Philippe Monfort: European Commission - DG REGIO
Violeta Piculescu: European Commission - DG REGIO

No 2018-03, JRC Working Papers on Territorial Modelling and Analysis from Joint Research Centre (Seville site)

Abstract: 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: rhomolo; region; growth; cohesion policy; modelling; general equilibrium (search for similar items in EconPapers)
JEL-codes: C54 C68 E62 R13 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cmp and nep-mac
Date: 2018-11
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