The macroeconomic effects of the CSF 1994-99 in the EU periphery. An analysis based on the HERMIN model

An attempt is made to assess the macroeconomic effects of the Community Support Framework (CSF) for the period 1994-99 in the peripheral countries of the European Union (Ireland, Portugal, and Spain) using the HERMIN model. To that end, after providing an overview of the CSF in each country and anal...

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Bibliographic Details
Published in:Economic modelling Vol. 12; no. 3; pp. 323 - 333
Main Authors: Bradley, John, Herce, José-Antonio, Modesto, Leonor
Format: Journal Article
Language:English
Published: London Butterworths 01-07-1995
Elsevier Science Ltd
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Summary:An attempt is made to assess the macroeconomic effects of the Community Support Framework (CSF) for the period 1994-99 in the peripheral countries of the European Union (Ireland, Portugal, and Spain) using the HERMIN model. To that end, after providing an overview of the CSF in each country and analyzing their main programs, a detailed description is offered of the macroeconomic methodology used to explore the quantification of the effects of those CSF programs. Three main programs are considered: physical infrastructure, human resources and aids to production and investment. The contribution to growth by these programs, both separately and jointly, is analyzed and compared with a stylized projection of the peripheral economies used as a baseline. In order to treat supply shocks, the HERMIN model of the peripheral economies of the EU is correspondingly adapted in a first attempt to use a macroeconometric model for the analysis of those effects.
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SourceType-Scholarly Journals-1
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ISSN:0264-9993
1873-6122
DOI:10.1016/0264-9993(95)00012-8