European Funding for Sustainable Transport Systems—Influencing Factor of Regional Economic Development in Romania

European Funding for Sustainable Transport Systems—Influencing Factor of Regional Economic Development in Romania

Sustainable development is a core concept in regional development. Sustainability is characterized by supporting the building of resilient infrastructure and promoting the sustainable industry. In this context, sustainable transport is particularly important as it represents an opportunity for regio...

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Bibliographic Details
Published in:Economies Vol. 12; no. 3; p. 51
Main Authors: Bocaneala, Ana Maria, Manole, Daniel Sorin, Gherasim, Elvira Alexandra, Motorga, Bianca, Iliescu, Livia Cristina
Format: Journal Article
Language:English
Published: Basel MDPI AG 01-02-2024
Subjects:
Area planning & development
Carbon
Economic development
Economic growth
Economic indicators
Emission standards
Emissions
Energy consumption
European funds
Funding
GDP
Green economy
Greenhouse gases
Gross Domestic Product
Infrastructure
Infrastructure (Economics)
International aspects
Natural resources
Per capita
Pollution
Regional development
Romania
Sustainable development
sustainable transport
Western Europe
Europe
Romania
Western Europe
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Summary:Sustainable development is a core concept in regional development. Sustainability is characterized by supporting the building of resilient infrastructure and promoting the sustainable industry. In this context, sustainable transport is particularly important as it represents an opportunity for regional development. This research aims to quantify the impact of investments through structural instruments, specifically EU funds, on promoting a sustainable transport system and eliminating barriers from large-scale transport networks. This study focuses on the impact of these investments on regional economic development in Romania. The analysis used data from all eight development regions of the Romanian economy between 2014 and 2020. Panel data regression models, including the generalized difference method of moments (Dif-GMM) and the system GMM method (Sys GMM), were employed. This study confirms the idea that European structural and investment funds (ESIFs) play a positive role in promoting sustainable transport for regional economic development. Additionally, the quality of regional governance is identified as a key factor in economic development. This study, therefore, reveals a convergence effect between regions. Regions with a lower initial GDP per capita develop quicker compared to regions with a higher initial GDP per capita, indicating a “catch-up” effect. From a policy perspective, these issues can guide decision making and resource allocation.
ISSN:2227-7099
2227-7099
DOI:10.3390/economies12030051