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1 Ekonomický časopis (Journal of Economics)

1 2022

1 Stiblarova L.

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EUROPEAN COHESION POLICY TO THE RESCUE? REVISING (COUNTER)-CYCLICAL EFFECTS IN THE EU-28 RECIPIENT COUNTRIES

100%

Stiblarova L.

Ekonomický časopis (Journal of Economics)

2022

tom 70

nr 9-10

681 – 702

This paper empirically verifies recent efforts of EU policymakers and government authorities to apply the European Cohesion Policy (ECP) as a possible counter-cyclical instrument to boost economies in their economic downturns. Compared to limited country-specific studies, we allow for an endogeneity issue between the business cycles and the ECP payments and apply a system GMM estimation for the EU-28 recipient countries sample in the time period 2000 – 2018. Even though the overall ECP payments follow a pro-cyclical path, the model estimations for the sub-periods based on individual programming periods reveal a time-varying cyclical character of the ECP. Whereas the observed pro-cyclicality can be mainly contributed to the period 2000 – 2006, we find the conditional counter-cyclical effects in 2007 – 2013 and 2014 – 2018, when a lower price level and obeying the rule of law seem to have an extra counter-cyclical dimension, confirming a rationale of the convergence criteria and the stability and the growth pact.