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This paper examines the impact of Objective 1 funding in Europe in reducing country and regional disparities in gross value added per capita by presenting a critical review of both empirical studies and end-of-term programme reports. In practice, it is very difficult to establish impact effects because it is hard to establish the counterfactual. This difficulty arises as a consequence of different theoretical predictions as to what would happen in the absence of intervention, overlapping funding streams, and the regional impact of other policies such as European integration. There are also evaluation problems caused by data inadequacies and noise. Even so, the balance of evidence suggests that Objective 1 funding has had remarkably little demonstrable impact and there is, therefore, a strong case for reform.

In this paper we derive an analytical expression for the regional neoclassical economic base marginal employment multiplier. The model that we adopt is a variant of the 1-2-3 general equilibrium model used in trade analysis. Its specific neoclassical characteristics are that laborsupply is a positive function of the real consumption wage and that factor and product demands are price sensitive. We calculate the employment multipliers associated with both a demand and supply stimulus to the basic sector. We demonstrate that it is possible for the marginal economic base multiplier to take any positive or negative value. However, the value of the marginalmultiplier is likely to approximate the value of the conventional average multiplier the closer production and utility functions are to Cobb-Douglas specifications and the more elastic is the labor supply function. Copyright 2000 Blackwell Publishers inc.

MCVITTIE E. and SWALES J. K. (2007) 'Constrained discretion' in UK monetary and regional policy, Regional Studies 41, 267 -280. H. M. Treasury claims that the notion of 'constrained discretion', which directs the effective operation of UK monetary policy, applies equally to other delegated and devolved policies, such as the use of Regional Development Agencies in the delivery of English regional policy. A 'transaction cost politics' perspective is used to argue that the delegation of responsibility for monetary stabilization raises principal agent issues quite different to those encountered in the delegation of the responsibility for regional regeneration. In particular, the effectiveness and transparency that characterize present-day monetary policy cannot be expected in regional policy. Further, the institutional arrangements that accompany the operation of Regional Development Agencies in England should be critically reviewed. Regional development agenciesTransactions cost politics Regional policy Delegation MCVITTIE E. et SWALES J. K. (2007) La notion de 'discrétion entravée' dans les politiques monétaire et régionale au R-U, Regional Studies 41, 267-280. H. M. Treasury (le ministère des Finances au Royaume-Uni) prétend que la notion de 'discrétion entravée' qui pilote efficacement la politique monétaire au R-U, s'applique aussi à d'autres politiques déconcentrées et décentralisées, tel l'emploi des Regional Development Agencies (des agences publiques chargées du développement économique régional) dans la mise en oeuvre de la politique régionale en Angleterre. On se sert d' une 'politique axée sur les coûts d'opération' afin d'affirmer que la délégation des compétences quant à la stabilisation monétaire pose des questions concernant l'agent principal qui se distinguent de celles posées pour ce qui est de la délégation des compétences quant à la reconstruction régionale. En particulier, on ne peut pas s'attendre à ce que l'efficacité et la transparence, qui caractérisent la politique monétaire d'aujourd'hui, soient présentes dans la politique régionale. En outre, on devrait faire la critique des dispositions institutionnelles qui vont de pair avec le fonctionnement des agences en Angleterre. Agences publiques chargées du développement économique régional Politique axée sur les coûts d'opération Politique régionale Délégation MCVITTIE E. und SWALES J. K. (2007) 'Erzwungene Vorsicht' bei der Finanz-und Regionalpolitik des Vereinigten Königreichs, Regional Studies 41, 267 -280. Das Finanzministerium von Großbritannien behauptet, dass der Begriff einer 'erzwungenen Vorsicht', der die effektive Handhabung der Finanzpolitik des UK bestimmt, gleichermaßen auf andere übertragene und in Auftrag gegebene Politiken zutrifft, wie etwa auf den Einsatz der regionalen Entwicklungsagenturen (Regional Development Agencies = RDAs) zur Ausführung der englischen Regionalpolitik. Die Autoren bedienen sich einer Perspektive der 'Transaktionskostenpolitik' (transaction cost politics), um den Standpunkt zu vertreten, dass die Ü bertr...

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