01735cas a2200253 a 4500 AALejournalIMF004863 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451866414 1018-5941 BD-DhAAL BD-DhAAL Sierhej, Robert. Interpreting EU Funds Data for Macroeconomic Analysis in the New Member States / Robert Sierhej, Christoph Rosenberg. Washington, D.C. : International Monetary Fund, 2007. 1 online resource (44 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Drawing on a dataset suitable for macroeconomic analysis, the paper provides an overview of the magnitudes, purpose and institutional implications of EU-related transfers to and from the new member states. A rough analysis of accounting identities and first-round effects shows that EU funds may have led to a fiscal drag of up to 1 percent of GDP and an additional aggregate demand stimulus of up to 1 percent of GDP during the first years of membership. These effects are likely to increase as additional funding become available under the new financial perspective, pointing to the need to consider policy tradeoffs. Mode of access: Internet Rosenberg, Christoph. IMF Working Papers; Working Paper ; No. 2007/077 Full text available on IMF http://elibrary.imf.org/view/journals/001/2007/077/001.2007.issue-077-en.xml IMF e-Library