Asdrubali, Pierfederico; Kim, Soyoung - Institute of Economic Research, Korea University - 2007
This paper analyzes the allocation, redistribution and stabilization role of the EU budget from 1976 to 2001. We use impulse responses from VAR models to infer the dynamic effect of a country's GNP on its disposable income--defined as GNP plus net EU budget transfers--both in the short run...