In the 1990s, the European Commission, through the then-novel Leader Initiative, launched rural development programs whose main objective was economic diversification based on the development of new recreational, touristic, or agro-industrial uses that were emerging. The modest size of the...

Purpose - The study examines the impacts of debt financing on infrastructure development, investment, creation of new business entities, subsidies to private sector and GDP growth. Design/methodology/approach - The methodology is based on five simultaneous equations which have been estimated...