RUDN Journal of EconomicsRUDN Journal of EconomicsВестник Российского университета дружбы народов. Серия: Экономика2313-23292408-8986Peoples’ Friendship University of Russia named after Patrice Lumumba (RUDN University)11982ARTICLESСтатьиResearch ArticleEuropean integration and the Dutch disease: Portugal and SpainЕвропейская интеграция и голландская болезнь: Португалия и ИспанияAndradeJ SАндрадеЖоао Суса-DuarteA PДуартеАнтонио Португал-Coimbra UniversityУниверситет Коимбры15052013S5NOS5 (2013)№S5 (2013)21422212092016Copyright ©; 2016, EconomicsCopyright ©; 2016, Экономика2016EconomicsЭкономикаhttps://journals.rudn.ru/economics/article/view/11982Portuguese and Spanish economies received large sums from the European structural funds and used the significant reduction in interest rates on loans after joining the EU. The cumulative effect of these two factors led to the emergence of an effect comparable to the so-called «Dutch disease». In this case the inflow of funds can be considered as a kind of curse. The article presentsthe presence of Dutch disease in the Portuguese economy and its absence in Spanish. After a descriptive analysis of some of the variablesthe author considered the totality of the necessary equations for the calculation, which took into account the direct and indirect effects of the inflow of funds from the structural funds and the financial costs to the economy. The article revealed that the impact of these factors on the real exchange rate played a fundamental role.Португальская и испанская экономики получили крупные суммы из европейских структурных фондов и воспользовались значительным сокращением процентных ставок по кредитам после вступления в ЕС. Совокупное воздействие этих двух факторов привело к возникновению эффекта, сравнимого с так называемой голландской болезнью. Приток финансовых средств в данном случае можно рассматривать как своего рода проклятие. В статье мы показываем наличие голландской болезни в португальской экономике и ее отсутствие — в испанской. Проведя описательный анализ некоторых переменных, мы рассмотрели всю совокупность необходимых для расчетов уравнений, в которых были учтены прямые и непрямые последствия притока средств из структурных фондов и финансовых издержек для экономики. При этом было выявлено, что воздействие этих факторов на реальный валютный курс сыграло основополагающую роль.external assistanceinterest ratesDutch diseasedynamic modelsвнешняя помощьпроцентные ставкиголландская болезньдинамические модели1.Acosta P., Lartey E.K.K., Mandelman F.S. 2009. Remittances and the Dutch disease. Journal of International Economics, 79, 102—116.2.Adams C. 2006. Exogenous Inflows and Real Exchange Rates: theoretical quirk or empirical reality? In: Isard P., Lipschitz L., Mourmouras A. & Yontcheva B. (eds.) The Macroeconomics Mangement of Foreign Aid: Opportunities and Pitfalls. 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