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ROMANIA'S STRUCTURAL FUNDS FINANCING CAPACITY
Abstract
In this study, we proposed to present the macroeconomic context in which the structural funds are absorbed and used efficient from the perspective of monetary policy transmission channels and the influences generated by the way they reacted at the main monetary and economic variables to different shocks in Romania's economy, between 2002 and 2013. The analysis is based on the impacts of using technological systems and data generalization in the macroeconomic and monetary framework. Thus, we included variables that capture the evolution of gross domestic product, inflation, interest rate, unemployment, monetary and wage index which are the determinants of the capacity to absorb the structural funds and also the outcome indicators for use of these funds. The interest rate channel has gained consistency in recent years, which facilitates enhancing the absorption of structural funds.
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References4
Angeloni, I., Kashyapk, A. And Mojon, B., Monetary Policy Transmission in the Euro Area, European Central Bank, Working Paper, no. 240, pp 75-81, 2003;
Birman, A., A VAR Analysis on the Monetary Policy Transmission Mechanism in Romania, European Journal of Interdisciplinary Studies, vol. 4, pp 162-190, 2012;
Cărare, A., Popescu, A., Monetary Policy and Risk-Premium Shocks in Hungary: Results from a Large Bayesian VAR, IMF Working Paper, no. WP/11/259, pp 123-128, 2011;
Christiano, L., Eichenbaum, M., Evans, C., Monetary Policy Shocks: What Have We Learned and To What End?, Publisher Handbook of Macroeconomics North Holland, pp 57-62, 1999;
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