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Downloaded from Elgar Online at 09/29/2021 11:27:22PM Via Free Access Index absorption rates 21–2, 23, 149 ‘blended’ funding 4, 111, 117 access to financing 41–2 BOJ (Bank of Japan) 76 acquis communautaire 65 boom–bust cycles 35, 54, 171 Action Plan for the Circular Economy Boston Consulting Group 14 93 Bratislava Declaration (2016) 109 added value (EU budget) 92, 101–3 Brazil 124 Brexit 96, 101, 102–3 Brexit 2, 66, 67, 72, 81, 96, 101, 102–3, cohesion policy 93, 94 107, 110 common agricultural policy 93–4, 99 BRI (Belt and Road Initiative) 69 EU expenditures 93 budgetary guarantees 106, 111, 112, European Commission proposal 96, 114, 118–19 98–101 building stock 141, 142–3 external action 94–5 Bulgaria 4–5, 56–62, 136, 145 options to strengthen 92–6 Bulgarian National Bank 59 own resources reform 95–6, 97, 101, burden-sharing 83 102–3 research and cross-border capacity utilization 135, 141 infrastructure 94 capital accumulation 15, 20, 29–30, 37, taxation 95–6, 97, 101, 102–3 39–43, 49 adverse self-fulfilling equilibria 77–8 capital markets union 8, 19–21, 24, advisory services 113 162, 168 ageing workforce 124, 128, 130–32, capital-preserving investments 138–40 133 capital stock 10, 12, 39–40, 171 Agenda 2030 for Sustainable investment gaps 136, 138, 139, 140, Development 93 141, 143, 152 AGS (Annual Growth Survey, capital-to-output ratio 136, 138 European Commission) 163–4 catalytic effect (of financial alternative finance 20 instruments) 112 artificial intelligence 14, 118 catching-up 3–4, 5–6 Asset Purchase Programme 4 fostering convergence (EU’s role) 8, Athens 73–4 9, 13, 18, 19 Atoyan, R. 44 role of monetary policy see under austerity 69, 168, 172 monetary policy Austria 2, 84 CCCTB (Common Consolidated Austrian School of Economics 6 Corporate Tax Base) 101, 102 CEB (Council of Europe Development Baltic region 29–36, 38–9, 40–41, 43–9, Bank) 118 131–2 CEE (Central and Eastern European) Banking Union 56–9, 60, 61, 62, 70 regions 12, 16, 57, 81–2, 85, 160 beggar-thy-neighbour effect 68, 69, 168 monetary policy and catching-up ‘black zero’ policy 172 29–30, 31–4, 36, 38–41, 43–9 179 Ewald Nowotny, Doris Ritzberger-Grünwald and Helene Schuberth - 9781789902600 Downloaded from Elgar Online at 09/29/2021 11:27:22PM via free access NOWOTNY_9781789902594_t.indd 179 21/08/2019 11:53 180 How to finance cohesion in Europe? CEF (Connecting Europe Facility) sustainable convergence 28, 36, 114, 116 37–49, 51–2, 54 CESEE (Central, Eastern and ‘convergence club’ 52 Southeastern European) region Convergence Reports (ECB) 56 fostering convergence (EU’s role) 8, corporate tax cut (US) 69 10–14, 15, 17–18, 20–21, 22 corruption 49, 84–5, 89 funding European solidarity 2, 3, COSME (Competitiveness of 4, 6 Enterprises and SMEs) investment gaps see investment gaps programme 114 monetary policy and catching-up see credit flows 30–31, 36 monetary policy and catching- credit growth 30, 34, 35–6, 37, 49 up credit ratings 77 CF (Cohesion Fund) 87, 148 crisis management 72–3, 75–8 China 20, 68, 69 Croatia 32, 33, 35, 166 climate change 13, 66, 67, 86, 92, 106, Czech Republic 84, 85, 145, 150 109, 120 cohesion debt relief 70 added value (EU budget) 93, 94, 96, ‘debt-brakes’ 172 98, 99 debt-to-GDP ratio 57, 58–9, 172 fostering convergence (EU’s role) 8, deindustrialization 123, 124–7, 129, 15, 21–3 133 funding European solidarity 3–4 Delian League 73–4, 78 policy see cohesion policy Delos 73, 74 trust and goodwill 72, 73, 74, 78 deregulation 165, 166, 167 cohesion policy 21, 68, 93, 94 Digital Single Market 19 financial instruments 107–8, 118 digitalization 18–19, 133 financing see financing cohesion divergence 52, 147, 151, 152, 173 policy Domar, E. D. 136 investment gaps 148, 152–3 policy transfers 81–2, 83 EAFRD (European Agricultural Fund Cold War 65 for Rural Development) 87 CAP (common agricultural policy) EBRD (European Bank for 93–4, 99, 107, 108 Reconstruction and Development) Common Market 64 39–40, 118 CompNet (Competitive Research ECB (European Central Bank) 4, 19, Network) 18 70 convergence Bulgaria’s monetary policy 56, 60, 61 current state of 8–12 euro crisis 75, 76, 77–8 deindustrialization 123, 124, 125, Governing Council 4, 60 133 impact of monetary policy on EU’s role in fostering see fostering economic convergence 51 convergence (EU’s role) investment environment 162–3, 171, funding European solidarity 3–4 172–3, 176 impact of monetary policy on monetary policy and catching-up economic convergence 51–5 34, 36–7 investment gaps 147, 148, 150, 151–3 EFSI (European Fund for Strategic nominal see nominal convergence Investments) 22, 87–90, 113–17, real convergence see real convergence 118–19, 175 strengthening see strengthening EIB (European Investment Bank) economic convergence 87–8, 176 Ewald Nowotny, Doris Ritzberger-Grünwald and Helene Schuberth - 9781789902600 Downloaded from Elgar Online at 09/29/2021 11:27:22PM via free access NOWOTNY_9781789902594_t.indd 180 21/08/2019 11:53 Index 181 financial instruments 109, 113, added value (EU budget) 96, 114–16, 118, 119–20 98–101 investment gaps 135, 139–43, 152 financial instruments 110, 114, 116, EIBIS (EIB Investment Survey) 135, 118–20 139–43, 152 fostering convergence (EU’s role) 19, EIF (European Investment Fund) 115 22–3 EMFF (European Maritime and investment environment 163–4, 169, Fisheries Fund) 87 172 emigration 37, 44, 124, 147 Multiannual Financial Frameworks employment share 126–7, 129 see MFFs EMU (Economic and Monetary European Court of Auditors 88–9 Union) 2, 5, 160–61, 175 ‘European data economy’ 19 environment protection (structural European Deposit Insurance System 5 indicator) 143, 144–5, 147, 148– European Innovation Scoreboard 51, 152–3, 158, 159 (EIS) 18, 48 EPL (employment protection European Investment Stabilisation legislation) 165, 168, 169 Function 5 ERDF (European Regional European Stability Mechanism 5 Development Fund) 87, 148 exchange rate regimes 3, 5, 33–4, 52, ERM II (Exchange Rate Mechanism) 53–4, 128 17, 56–9, 60, 61–2 fixed exchange rates 56, 57, 168 ESCB (European System of Central see also ERM II Banks) 18 ESF (European Social Fund) 87, 148 Fazekas, M. 84, 85 ESIF (European Structural and FDI (foreign direct investment) 11, 12, Investment Funds) 114, 119, 13, 15, 41 135–6, 144, 148–52, 153, 156–9 Federal Reserve System (US) 36, 76 Estonia 145 financial instruments (FIs) 106–7, 120 ETS (Emissions Trading System) 96 budgetary guarantees 106, 111, 112, EU budget 114, 118–19 added value see added value EU budget dilemmas and challenges budgetary guarantees 106, 111, 112, 107–11, 120 114, 118–19 European Commission 110, 114, financial instruments see financial 116, 118–20 instruments European Fund for Strategic financing cohesion policy see Investments 22, 87–90, 113–17, financing cohesion policy 118–19 role in catching-up 5–6 financing cohesion policy (EU strengthening economic convergence budget) 86–7, 89 66, 67 innovation 109–10, 114, 115, 116, sustainability orientation 93–4, 95–7, 118, 120 103 InvestEU Fund 117–20 euro (currency) 5, 33–4, 51–2, 73, 168 investment gaps 109, 111, 116, 117, Bulgaria’s adoption approach 56–62 120 euro crisis 72, 75–7 market failures 106, 111, 112, 114, strengthening economic convergence 115–16, 117, 120 67, 69–70 Multiannual Financial Framework Eurogroup 5 2021–2027 106–7, 109, 110, 117, Europe 2020 strategy 101 119, 120 European Commission 70, 88 use/usefulness of 111–13 Ewald Nowotny, Doris Ritzberger-Grünwald and Helene Schuberth - 9781789902600 Downloaded from Elgar Online at 09/29/2021 11:27:22PM via free access NOWOTNY_9781789902594_t.indd 181 21/08/2019 11:53 182 How to finance cohesion in Europe? financing cohesion policy (EU budget) investment gaps 148, 152–3 81 monetary policy and catching-up 29, corruption 84–5, 89 30, 33, 37, 38, 41 European Fund for Strategic strengthening economic convergence Investments 87–90 65 financial instruments 86–7, 89 Germany 45, 46–9, 77, 84, 124 ‘Juncker Plan’ 87–9 investment environment 173–4 new own resources 82–4 strengthening economic convergence policy transfers 81–2, 83 65, 69–70 reduction in funding 81–2 Global Competitiveness Index 48 solutions 86–7, 89–90 Global Competitiveness Report (WEF) taxation 82, 83, 84, 85, 90 45 unemployment 81–2 global financial crisis 2, 9–10, 123 Finland 124 investment environment 160, 171–3 Fintech funding platforms 21 investment gaps 136, 138–40, 148 ‘first demographic dividend’ 131 monetary policy and catching-up 28, First Republic of Austria 2 31–7, 39 Fiscal Compact 172 strengthening economic convergence fiscal stress 76–7 65–6, 69–70 fiscal transfers 69–70, 77–8 global value chains 11, 12–15, 37, 47 fixed exchange rates 56, 57, 168 GNI (gross national income) 82, 94–5, flexible monetary policy 53–4 96, 98, 99–100, 107, 110, 148 fostering convergence (EU’s role) 8, Golden Wage Rule 175 23–4 goodwill 72, 73, 78 capital markets union 8, 19–21, 24 Goos, M. 128 catching-up 8, 9, 13, 18, 19 Governing Council (of ECB) 4, 60 current state of convergence 8–12 Great Depression 2 EU funds 21–3 Greece 69–70, 73–4, 136 foreign direct investment 11, 12, 13, gross fixed capital formation 136, 152, 15 161–2, 170, 173 GDP per capita 8–9, 10, 11, 17, 18, Guidelines on Corporate Governance 21–2 of State-Owned Enterprises global value chains 11, 12–15 (OECD) 60 increased investment spending 67–70 innovation 10, 15, 16, 17–18, 19–20 Harrod, R.
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