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EU Cohesion Policy and new convergence clubs

This study provides empirical evidence on club convergence among European regions and on the impact of regional peculiar structural features on club formation.
Building on previous EU convergence analysis, the main novelties are: the inclusion of new EU Member States from CEE in our sample; the use of GDP instead of GVA as our dependent variable; the inclusion of additional control variables to account for the socio-economic and demographic features of new Members; and a checkup on the resources allocations of EU Structural Funds to all regions.
To begin with, chapter 1 is devoted to the definition and classification of European regions and to a brief historical overview of Cohesion Policy and Structural Funds. Then, chapter 2 reviews the literature on convergence, from the neoclassical growth model to the more recent steady state economy and economic degrowth, also focusing on time series and panel convergence analysis.
Eventually, chapter 3 investigates the presence of club convergence in GDP per capita within the 276 NUTS 2 regions for the 2000-2015 time period. To do so, a two-step procedure is applied: first, the non-linear log t test developed by Phillips and Sul is implemented and six convergence clubs are identified; second, an ordered logit model is run to detect how structural characteristics drive the formation of such clubs. The final section 3.4 discusses the results obtained under the models’ conditions: each club shows specific features, starting from club 1, where North-Western and also Central-Eastern capital regions converge to the same steady state, and ending with club 6, where the dramatic effects of the 2009 crisis inevitably made Southern and some CEE regions cluster together in the lowest GDP club. Such cluster structure is well reflected by the results from the ordered logit model, which highlighted the strong impact mostly of population density, unemployment rates, GVA in industry and in financial activities on the clubs formation.

Mostra/Nascondi contenuto.
Introduction The aim of this thesis is to provide empirical evidence on the relationship between economic growth in the 276 NUTS 2 EU-28 regions and the impact of the EU financial support. The thesis is structured as follows. Chapter 1 is devoted to the definition of the concept and classification of European regions and to a brief historical overview of Cohesion Policy and Structural Funds, from their birth in 1957 to the current 2014- 2020 programming period, describing major changes and specific characteristics. Chapter 2 reviews the literature on convergence. Section 2.2 examines the main contributions of economists to parametric convergence, starting from the neoclassical growth model in section 2.2.1, the endogenous growth model in 2.2.3 and ending with paragraph 2.2.4 that summarises the debate over growth and steady-state hitherto, briefly mentioning the two main alternatives to growth: Daly’s steady state economy and Latouche’s economic de-growth. Section 2.3 focuses on non-parametric convergence and Quah’s notions of polarization and multiple steady states. Sections 2.4 and 2.5 concisely introduce alternative methods to cross-sectional tests, namely time series test and panel convergence tests; the latter, a combination of cross-sectional and time series analysis, is the one used in the convergence test implemented in this thesis. Chapter 3 investigates the process of club convergence in real income per capita within the EU-28 in the 2000-2015 time period. To do so, a two-step procedure is applied: the non-linear, time-varying econometric framework developed by Phillips and Sul (2007) – considered appropriate for the data set used in the thesis, since it allows for total or subgroup convergence under a variety of possible transition paths – in order to identify regional convergence clubs (Section 3.2.1 and 3.2.2); and an ordered logit model to identify the factors driving the formation of club convergence and verify if the Structural Funds resources have been allocated with the right criteria.

Tesi di Laurea Magistrale

Facoltà: Scienze Politiche

Autore: Chiara Pontillo Contatta »

Composta da 122 pagine.

 

Questa tesi ha raggiunto 35 click dal 22/12/2017.

Disponibile in PDF, la consultazione è esclusivamente in formato digitale.