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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

The Golden Age and the Second Globalization in Italy

Crafts, Nicholas; Magnani, Marco - Banca d'Italia - 2011

After the Golden Age, Italy experienced increasing difficulties in adjusting its economy to the changing external context and to the requirements for sustaining catch-up growth at a higher level of economic development. The adjustment issue is common to advanced countries but the difficulties...

Persistent link: https://www.econbiz.de/10009364469

Report on trends in the Italian productive system

Brandolini, Andrea; Bugamelli, Matteo; Barone, Guglielmo; … - Banca d'Italia - 2009

In the last decade the Italian economy has underperformed compared both with the previous decades and with the main European countries. It is widely acknowledged that this evolution reflects unresolved structural problems, which have become more urgent in view of the major changes in the world...

Persistent link: https://www.econbiz.de/10004981443

German reunification and convergence policies

Oliva, Juan Carlos Martinez - Banca d'Italia - 2009

This paper examines German reunification from its inception. It shows that after the rapid expansion of the early years, former East Germany entered a phase of slow growth that made it impossible to bridge the gap with West Germany. Unemployment remains high, low growth rates appear ingrained,...

Persistent link: https://www.econbiz.de/10005092588

New policy challenges from financial integration and deepening in the emerging areas of Asia and Central and Eastern Europe

Rolli, Valeria - Banca d'Italia - 2008

Since the mid-nineties international financial integration has advanced gradually in the emerging areas of Asia, while it has progressed rapidly in Central and Eastern Europe. This process has helped provide long-term benefits for the economies of the two regions in terms of faster productivity...

Persistent link: https://www.econbiz.de/10005609420

The Italian industrial system between globalization and crisis

Accetturo, Antonio; Bassanetti, Antonio; Bugamelli, Matteo - Banca d'Italia - 2013

This paper describes recent developments in the Italian industrial system and investigates the main factors affecting its competitiveness. Our analysis provides a picture of widespread weaknesses. Production levels in all industries are lower than those before the crisis; with the exception of...

Persistent link: https://www.econbiz.de/10011100372

The sovereign credit default swap market: price discovery, volumes and links with banks' risk premia

Carboni, Alessandro - Banca d'Italia - 2011

This paper looks into the sovereign credit default swap (CDS) market from two perspectives. First, it analyses the … relation between CDS and bond spreads. The results on a single-entity basis suggest that the CDS market leads the bond market …. An event-study, which compares the reaction of sovereign CDS and bond markets to policy announcements in Europe, suggests …

Persistent link: https://www.econbiz.de/10009320174

Firm Size Distribution and Growth

Pagano, Patrizio; Schivardi, Fabiano - Banca d'Italia - 2001

We empirically characterize the sectoral distribution of firm size for a set of European countries, finding substantial differences. We then study the relationship between productivity growth at the sectoral level and size structure. We find a positive and robust association between average firm...

Persistent link: https://www.econbiz.de/10005113537

(Fractional) Beta Convergence

Michelacci, Claudio; Zaffaroni, Paolo - Banca d'Italia - 2000

mean reversion. Exploiting secular time series properties GDP, we conclude that traditional approaches to test for uniform …

Persistent link: https://www.econbiz.de/10005770774

Trade-Revealed TFP

Finicelli, Andrea; Pagano, Patrizio; Sbracia, Massimo - Banca d'Italia - 2009

We introduce a novel methodology to measure the relative TFP of the tradeable sector across countries, based on the relationship between trade and TFP in the model of Eaton and Kortum (2002). The logic of our approach is to measure TFP not from its "primitive" (the production function) but from...

Persistent link: https://www.econbiz.de/10008527059