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Public Investment, Growth and Fiscal Constraints

Challenges for the EU New Member States Edited by Massimo Florio, Professor of Public Economics, Department of Economics, Management and Quantitative Methods, University of Milan, Italy and Scientific Coordinator, EUsers Jean Monnet Network
This book makes a unique contribution in advancing understanding of the fiscal condition and growth potential of the New Member States of the European Union. It provides new data, policy evaluation, and offers national and regional perspectives. The core research questions are the effect of public investment in the context of macroeconomic disequilibrium and how it is possible to finance capital accumulation in the present and future conditions of mounting public sector debt.
Extent: 328 pp
Hardback Price: $140.00 Web: $126.00
Publication Date: 2011
ISBN: 978 1 84980 457 8
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  • Economics and Finance
  • Public Finance
  • Regional Economics
  • Urban and Regional Studies
  • Regional Economics
This book makes a unique contribution in advancing understanding of the fiscal condition and growth potential of the New Member States of the European Union. It provides new data, policy evaluation, and offers national and regional perspectives. The core research questions are the effect of public investment in the context of macroeconomic disequilibrium and how it is possible to finance capital accumulation in the present and future conditions of mounting public sector debt.

The contributors reveal that there is now a convincing case for public investment as an essential driver of convergence and growth in Europe. However, a new international and inter-generational fiscal pact to frame a more optimistic view of the role of government is needed. This book explores how public investment matters for growth, how fiscal conditions may support investment, and the role EU regional policy can have in terms of structural change and investment needs.

Public Investment, Growth and Fiscal Constraints provides new data analyses on the EU New Member States in Central and Eastern Europe making it an essential tool for academics, students and practitioners interested in public finance and European Economics. The structural and public finance issues in these former transition economies raised in this book will also strongly appeal to policymakers, officials and consultants.

The book is based on an independent research project of the University of Milan, supported by the European Investment Bank.
‘This is a valuable work that makes a strong case for public investment as a growth instrument. It is rich in theoretical and empirical analyses, making it relevant for practitioners as well as policy makers’.
– Anil Duman, Eastern Economic Journal
Contributors: G. Bognetti, Á. Catalina Rubianes, M. Cingolani, C. Del Bo, M. Florio, J. Hanousek, E. Kočenda, L. Moretti, A. Parteka, G. Ragazzi, M. Sawyer, E. Sirtori, S. Vignetti
Contents:

Introduction: Public Investment, Growth and Fiscal Constraints in the EU
Massimo Florio

PART I: PUBLIC INVESTMENT AND GROWTH: CONCEPTUAL FRAMEWORK
1. Budget Deficits, Public Debt and the Level of Public Investment
Malcolm Sawyer

2. Recent Advances in Public Investment, Fiscal Policy and Growth
Chiara Del Bo

3. Public Investment under Disequilibrium: A Post Keynesian Viewpoint
Massimo Cingolani

PART II: PUBLIC INVESTMENT AND FISCAL CONDITIONS IN THE EU NEW MEMBER STATES
4. Patterns and Trends of Public Investment in the New Member States of the European Union
Ángel Catalina Rubianes

5. EU New Member States: Public Sector Accounts and Convergence Criteria
Giuseppe Bognetti and Giorgio Ragazzi

6. Public Investment and Growth in the EU New Member States: An Overview
Jan Hanousek and Evžen Kočenda

PART III: INVESTMENT, STRUCTURAL CHANGE AND REGIONAL POLICY
7. Structural Change in New Member States (1995–2005): Shift–Share Analysis of Productivity Growth and its Determinants
Aleksandra Parteka

8. Structural Funds Business Support and Employment Growth in Manufacturing: Perspectives for the New Member States
Luigi Moretti

9. Infrastructure Investment Opportunities in the EU New Member States: The Role of Regional Policies
Emanuela Sirtori and Silvia Vignetti

Index