The post-2007 global financial and economic crisis has generated considerable political pressure in the EU, and beyond, to loosen the reigns of fiscal policy. Stabilisation is given priority over adjustment. In the medium and long term, however, one of the main challenges of public finances remains to achieve and safeguard sound fiscal positions in the face of the impending budgetary impact of ageing population. EU Member States need to create the necessary room in their budgets so as to make sure that the increasing weight of age-related expenditure does not affect the sustainability of government finances. Against this backdrop, the papers collected in this volume take a closer look at the mechanics and dynamics of fiscal adjustment in a bid to better understand the factors that are conducive to the achievement and consolidation of sound fiscal positions. ."--Document home page.
This paper investigates the accession-related economic boom in the countries which recently entered the European Union. The analysis tests whether, on top of the standard growth determinants, the period of EU accession made a significant difference to the growth performance of the New Member States (NMS). The paper finds that the period of EU accession is characterised by significantly larger growth rates of per-capita GDP, even after controlling for a wide range of economic and institutional factors. This effect is robust and particularly strong for countries with relatively low initial income levels, weak institutional quality and less advanced financial development, suggesting that EU accession has been speeding up the catching-up process and improved the institutions of the laggards among the NMS. The prospect of EU membership which has triggered large capital inflows seems to have fostered economic growth of those NMS with lower degrees of financial depth."--Publication information page.
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