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The Reliability of EMU FIscal Indicators: Risks and Safeguards

Balassone, Fabrizio; Franco, Daniele; Zotteri, Stefania - Banca d'Italia - 2007

The reliability of EMUï¿½s fiscal indicators has been questioned by recent episodes of large upward deficit revisions …¿½s deficit indicator involves the assessment of accrued revenue and expenditure and the identification of transactions in … financial assets. Both can open margins for opportunistic accounting. However, crosschecks between deficit and changes in gross …

Persistent link: https://www.econbiz.de/10005111541

Fiscal Policy and Macroeconomic Imbalances

Baldacci, Emanuele; Gupta, Sanjeev; Mulas-Granados, Carlos - Banca d'Italia - 2014

The volume collects the essays presented at the 15th Workshop on Public Finance organised by Banca d'Italia in Perugia from 4 to 6 April 2013. The workshop focused on the link between fiscal policy and macroeconomic imbalances and comprised four sessions. The first session concentrated on the...

Persistent link: https://www.econbiz.de/10011277938

Private Savings and Government Deficit in Italy (1951-1990).

Rossi, N.; Visco, I. - Banca d'Italia - 1992

Persistent link: https://www.econbiz.de/10005780685

What determines debt intolerance? The role of political and monetary institutions

Giordano, Raffaela; Tommasino, Pietro - Banca d'Italia - 2009

Why do some states default on their debt more often than others? We argue that sovereign default is the outcome of a political struggle among different groups of citizens. It is more likely to happen if: (i) domestic debt-holders are relatively weak; (ii) the the political costs of the financial...

Persistent link: https://www.econbiz.de/10005113601

Public Debt and Economic Growth in Italy

Balassone, Fabrizio; Francese, Maura; Pace, Angelo - Banca d'Italia - 2011

In this paper we investigate the link between government debt-to-GDP ratio and real per capita income growth in Italy over 1861-2009. We model our regression analysis on a standard production function. Our results support the hypotheses of a negative relation between public debt and growth and...

Persistent link: https://www.econbiz.de/10009364467

The effects of fiscal shocks with debt-stabilizing budgetary policies in Italy

Caprioli, Francesco; Momigliano, Sandro - Banca d'Italia - 2011

We study the effects of fiscal policy on macroeconomic developments in Italy over the period 1982-2010 with a Structural Vector Autoregression (SVAR) model. We include public debt and impose the government budget constraint in the estimation. In contrast with previous research we also include...

Persistent link: https://www.econbiz.de/10009386396

Modelling public debt strategies

Manna, Michele; Bernardini, Emmanuela; Bufano, Mauro; … - Banca d'Italia - 2013

This paper puts forward a comprehensive framework to model medium-to-long term public debt refinancing strategies. Essentially the framework has two main building blocks. First, a large number of strategies are generated so as to determine a wide range of potential financing plans, regardless of...

Persistent link: https://www.econbiz.de/10011100394

Macroeconomic effects of simultaneous implementation of reforms after the crisis

Gerali, Andrea; Notarpietro, Alessandro; Pisani, … - Banca d'Italia - 2014

This paper evaluates the macroeconomic effects of simultaneously implementing fiscal consolidation and competition-friendly reforms in a country of the euro area by simulating a large-scale dynamic general equilibrium model. We find, first, that the joint implementation of reforms has additional...

Persistent link: https://www.econbiz.de/10011103310

Real Interest Rates, Sovereign Risk and Optimal Debt Management.

Drudi, F.; Giordano, R. - Banca d'Italia - 1994

The role of movements in real rates in explaining the relationship between long and short-term interest rates is explored using a model of optimal government debt management.

Persistent link: https://www.econbiz.de/10005780674

Italian Public debt since national unification. A reconstruction of the time series

Francese, Maura; Pace, Angelo - Banca d'Italia - 2008

The paper presents the results of a reconstruction of the Italian public debt series since national unification. Computations use todayï¿½s statistical methodology to obtain a database consistent with the national accounts. The reference sector is general government, not the state sector, as...

Persistent link: https://www.econbiz.de/10005609417