EIB Papers Volume 13. n°1/2008 - European Investment Bank

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146 Volume13 N°1 2008 EIB PAPERS Budget compensation Unconditional payment from the EU agreed at the last stage of the accession negotiations. Its main goals are to ensure that new members would not become net contributors, and to improve budget liquidity in countries where there is no such risk. This is not a “regular” EU funding vehicle (it will not continue after 2006). This transfer is in part financed directly from the EU budget and in part with resources shifted from structural funds originally allocated for the new member states.
References Akitoby, B. and Stratmann, T. (2006). “Fiscal policy and financial markets”. IMF Working Paper 06/16. Alesina A., Ardagna, S., Perotti, R., and Schiantarelli, F. (2002). “Fiscal policy, profits, and investment”. American Economic Review, (92:3), pp. 571-589. Auer, J. (2004). “Infrastructure as basis for sustainable regional development”. Current Issues (June 3), Deutsche Bank Research, pp. 1-9. Brenck, A., Beckers, T., Heinrich, M., and von Hirschhausen, C. (2005). “Public-Private Partnerships in new EU member countries of Central and Eastern Europe”, EIB Papers, (10:2), pp. 82-112. CASE (Center for Social and Economic Research) (2005). “Background paper on fiscal risks from PPPs”. Warsaw, Poland. Mimeo. Corbacho, A. and Schwartz, G. (2008). “PPPs and fiscal risks: Should governments worry?”, in Schwartz, G., Corbacho, A., and Funke, K. (eds.), Strengthening public investment and managing fiscal risks from Public-Private Partnerships, Palgrave MacMillan, London, UK, pp. 85-104. De Haan, J., Romp, W., and J. Sturm, J. (2008). “Public capital and economic growth: Key issues for Europe”, in Schwartz, G., Corbacho, A., and Funke, K. (eds.), Strengthening public investment and managing fiscal risks from Public-Private Partnerships, Palgrave MacMillan, London, UK, pp. 11-20. Dudkin, G. and Välilä, T. (2005). “Transaction costs in Public-Private Partnerships: A first look at the evidence”. European Investment Bank, Economic and Financial Report 2005/03. EBRD (European Bank for Reconstruction and Development) (2004). Transition Report 2004: Infrastructure, EBRD, London, UK. EBRD (2005). “Concession Assessment Project – Cover Analysis Report”. http://www.ebrd.com/country/sector/law/concess/assess/report.pdf EBRD (2006). “Transition Indicators”. http://www.ebrd.com/country/sector/econo/stats/index.htm European Commission (2001). White Paper – European Transport Policy for 2010: Time to Decide, Office for Official Publications of the European Communities, Luxembourg. European Commission (2005a). Assessments of the December 2004 Updates of Convergence Programs of EU8 countries. European Commission (2005b). Financial perspectives adopted by the European Council in 15915/05, CADREFIN 268. http://ec.europa.eu/budget/documents/multiannual_framework_en.htm European Commission (2006). “Ex-ante Additionality Assessments 2004/2006”. EIB PAPERS Volume13 N°1 2008 147
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EIB Papers • Volume 13 • No1
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Volume 13 • No1 • 2008 EIB Pape
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Preface This year the European Inve
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Infrastructure investment, growth a
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Government investment is not the sa
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Different types of government inves
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Infrastructure accounts for one-thi
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A common feature for the new member
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The share of transport in governmen
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The proxies are subject to caveats.
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The shares of infrastructure and ho
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There have been marked differences
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Government transport investment has
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Transport and other infrastructure
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References 54 Volume13 N°1 2008 EI
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In some countries a shock to public
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The analysis accounts for long-run
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Table 1. Some VAR studies (publishe
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The ratio of private capital to GDP
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Denmark 68 Volume13 N°1 2008 EIB P
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There is no systematic pattern for
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High variability of the public-capi
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Has the impact of public capital on
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Productivity of public capital incr
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The impact of public capital on out
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References 80 Volume13 N°1 2008 EI
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The economic cost of public funds c
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Most taxes are distortionary in tha
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The excess burden of taxation is du
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While distorting taxes lead to a we
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Page 130 and 131: Despite progress, infrastructure de
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EIB Papers Volume 13. n°1/2008 - European Investment Bank

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