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Extra resources for 16th International Symposium on Theory and Practice in Transport Economics - 50 Years of Transport Research: Experience Gained and Major Challenges Ahead

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Shipping can be integrated perfectly into the concept of Trans-European Networks by, for example, improving access to the port services market. There is an urgent need for true intermodality, based on those modal characteristics that might influence the behaviour of transport users and shippers: integration into a 30 16th Symposium – 50 Years of Transport Research – ISBN 92-821-2333-2 - © ECMT, 2005 so-called “one-stop shop”, encouraging the emergence of freight integrators, giving priority to technical harmonisation and interoperability between systems, and stimulating innovation (including financially).

The restrictions on monetary and fiscal policy imposed by the European Union on Member States have once again made it difficult to pursue Keynesian policies, which are designed to control aggregate demand to ensure stable and buoyant growth and which to this end use deficits as a means of expanding and revitalising the economy. ), over which governments continue to wield wide-ranging powers. From this standpoint, public investment, particularly investment in infrastructure, has become a vital instrument of economic policy, generating major economic effects that help to maintain sustained 16th Symposium – 50 Years of Transport Research – ISBN 92-821-2333-2 - © ECMT, 2005 39 economic growth and that can also act as countercyclical stabilisers during periods of crisis, even though it is true that, until only recently and while the Keynesian model was still in force, the role of public investment tended to be more that of an instrument of procyclical policy, in that it was used to make budget corrections.

Starting from the equilibrium conditions represented in Figure 1 at point A, where aggregate supply and demand are equal, an increase in public investment, ∆GP, would establish the equilibrium at point B, increasing production by Y1Y2. , account needs to be taken, as noted earlier, of the crowding-out effect of public investment on private investment following the increase in interest rates. This effect is clearly illustrated in Figure 2, which charts the relationship between private investment, I, and the interest 42 16th Symposium – 50 Years of Transport Research – ISBN 92-821-2333-2 - © ECMT, 2005 rate, i.

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