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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

Monetary policy and fiscal dominance in Italy from the early 1970s to the adoption of the euro: a review

Gaiotti, Eugenio; Secchi, Alessandro - Banca d'Italia - 2012

This paper reviews the main literature and evidence on the relevance of fiscal dominance in Italy in the last part of the 20th century and examines the evolution of the techniques of Treasury financing and of monetary targets. In the early 1970s budget deficits and monetary base creation were...

Persistent link: https://www.econbiz.de/10011100342

Identifying the Sources of Local Productivity Growth

Cingano, Federico; Schivardi, Fabiano - Banca d'Italia - 2003

either the degree of local competition or productive variety impact on subsequent productivity growth. Employment …

Persistent link: https://www.econbiz.de/10005111573

Assessing potential growth in emerging countries after the global financial crisis

Stefano, Enrica Di; Marconi, Daniela - Banca d'Italia - 2015

-sector productivity improvements. The scope for further reform and reform priorities differs across countries. In the longer run other … the dynamics of labor productivity (value added per worker, a synthetic measure of capital deepening, labor quality and … total factor productivity) and of employment. We find that the ongoing slowdown in EMEs is largely structural, but there is …

Persistent link: https://www.econbiz.de/10011171336

Access to credit in times of crisis: measures to support firms and households

Bartiloro, Laura; Carpinelli, Luisa; Russo, Paolo Finaldi; … - Banca d'Italia - 2012

The financial crisis that started in August 2007 has led to a worsening in the conditions of credit supply to customers. Since the second half of 2008, several measures have been adopted in order to sustain access to credit for both firms and households, such as debt moratoria, provisions of...

Persistent link: https://www.econbiz.de/10009645797

Is money informative? Evidence form a large model used for policy analysis

Altissimo, Filippo; Gaiotti, Eugenio; Locarno, Alberto - Banca d'Italia - 2002

In this paper we assess whether monetary variables, which are observed with little delay, conveyed marginal information on the state of the Italian economy in the 1990s, taking as a benchmark the forecasting errors generated by the quarterly model used by the Bank of Italy. We follow two...

Persistent link: https://www.econbiz.de/10005113577

Is foreign exchange intervention effective? Some micro-analytical evidence from the Czech Republic

Scalia, Antonio - Banca d'Italia - 2006

I estimate a two-equation system on the euro-Czech koruna exchange rate and order flow at hourly frequency within the framework of Evans-Lyons (JME 2002). I use transac-tions data from the Reuters Spot Matching market in the second half of 2002, during which the Czech National Bank conducted...

Persistent link: https://www.econbiz.de/10005196847

Does trade credit substitute for bank credit?

Blasio, Guido De - Banca d'Italia - 2004

The paper examines micro data on Italian manufacturing firmsï¿½ inventory behavior to test the Meltzer (1960) hypothesis according to which firms substitute trade credit for bank credit during periods of monetary tightening. It finds that their inventory investment is constrained by the...

Persistent link: https://www.econbiz.de/10005196848

Credit demand and supply in Italy during the financial crisis

Panetta, Fabio; Signoretti, Federico M. - Banca d'Italia - 2010

The paper analyzes developments in bank lending in Italy during the financial crisis, assessing the relative contribution of demand and supply factors to lending deceleration. We find that the slowdown in lending was mainly due to a reduction in demand. For households, this can be attributed to...

Persistent link: https://www.econbiz.de/10008503169

The transmission of the global financial crisis to the Italian economy. A counterfactual analysis, 2008-2010.

Caivano, Michele; Rodano, Lisa; Siviero, Stefano - Banca d'Italia - 2010

The world recession triggered by the financial crisis has impacted with extraordinary violence on economic activity in Italy.What has been the contribution of the various channels through which the crisis was transmitted to the Italian economy? What have been the effects stemming from the...

Persistent link: https://www.econbiz.de/10008553018