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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 reliability of EMU�s fiscal indicators has been questioned by recent episodes of large upward deficit revisions. This paper discusses the causes of such revisions in order to identify ways to improve monitoring. The computation of EMU�s deficit indicator involves the assessment of...
Persistent link: https://www.econbiz.de/10005111541
Rainy Day Funds (RDFs) have an important role in the USA. They allow States � which usually have rules requiring a balanced budget for current revenue and spending � to limit procyclical fiscal policies. This paper examines the possible role of RDFs in the European fiscal framework....
Persistent link: https://www.econbiz.de/10005609413
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
We test whether the sharp increase in sovereign spreads of euro area countries with respect to Germany after the explosion of the Greek crisis was due to deteriorating macroeconomic and fiscal fundamentals or to some form of financial contagion. Our analysis includes indicators of domestic and...
Persistent link: https://www.econbiz.de/10011099707
This paper examines the recent behavior of sovereign interest rates in the euro area, focusing on the 10 year yield spreads relative to Germany for Italy and other euro area countries. Both previous analyses and the new evidence presented in the paper suggest that, in recent months, for several...
Persistent link: https://www.econbiz.de/10011100417
The paper examines the development of Italy�s public finances after the consolidation period 1992-97, which secured participation in the European Monetary Union from the outset. The �structural� developments in the main budgetary components are assessed, excluding the effects of...
Persistent link: https://www.econbiz.de/10005113682
The crisis has shown that banks that are too big to fail are at the core of the international financial system. These institutions are thus at the centre of a powerful wave of re-regulation of the banking system. Overall, the proposals developed to strengthen the capacity of big banks to weather...
Persistent link: https://www.econbiz.de/10011105112
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
A standard result of optimal debt management models is that in a world of complete markets, where policymakers can make credible announcements, the maturity structure of government debt is totally irrelevant. This paper investigates the role of debt maturity in a very simple context in which...
Persistent link: https://www.econbiz.de/10005770777