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The policy response to macroeconomic and fiscal imbalances in Italy in the last fifteen years

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Author Info

  • Antonio Bassanetti

    (Bank of Italy and IMF)

  • Matteo Bugamelli

    ()
    (Bank of Italy)

  • Sandro Momigliano

    ()
    (Bank of Italy)

  • Roberto Sabbatini

    ()
    (Bank of Italy)

  • Francesco Zollino

    ()
    (Bank of Italy)

Abstract

This paper reviews the main macroeconomic trends and the debate on policy priorities in Italy since the end of the Nineties. In the decade up to the outbreak of the global crisis (1998-2007), in Italy the reform process came to a virtual standstill; this is partly due to the fragmentation of the political constituency, while a variety of favourable contingent factors masked the difficulties of the productive system. Had Italy been better positioned in terms of public finances and structural features in 2007, some of the adverse effects of the global and sovereign crises would have been avoided.

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Bibliographic Info

Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Questioni di Economia e Finanza (Occasional Papers) with number 211.

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Date of creation: Nov 2013
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Handle: RePEc:bdi:opques:qef_211_13

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Keywords: EMU; fiscal policy; macroeconomic imbalances; global crisis;

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  1. Lusine Lusinyan & Dirk Muir, 2013. "Assessing the Macroeconomic Impact of Structural Reforms The Case of Italy," IMF Working Papers 13/22, International Monetary Fund.
  2. Raffaela Giordano & Marcello Pericoli & Pietro Tommasino, 2013. "Pure or Wake-up-Call Contagion? Another Look at the EMU Sovereign Debt Crisis," International Finance, Wiley Blackwell, vol. 16(2), pages 131-160, 06.
  3. Torsten Persson & Guido Tabellini, 2004. "Constitutional Rules and Fiscal Policy Outcomes," American Economic Review, American Economic Association, vol. 94(1), pages 25-45, March.
  4. Andrea Brandolini & Piero Casadio & Piero Cipollone & Marco Magnani & Alfonso Rosolia, 2007. "Employment Growth in Italy in the 1990s: Institutional Arrangements and Market Forces," AIEL Series in Labour Economics, in: Nicola Acocella & Riccardo Leoni (ed.), Social Pacts, Employment and Growth. A Reappraisal of Ezio Tarantelli’s Thought, edition 1, chapter 4, pages 31-68 AIEL - Associazione Italiana Economisti del Lavoro.
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  6. Massimiliano Pisani & Andrea Gerali & Lorenzo Forni, 2008. "The macroeconomics of fiscal consolidations in a Monetary Union: the case of Italy," 2008 Meeting Papers 863, Society for Economic Dynamics.
  7. Alan S. Blinder, 2005. "Fear of Offshoring," Working Papers 83, Princeton University, Department of Economics, Center for Economic Policy Studies..
  8. European Commission, 2012. "Taxation trends in the European Union: 2012 edition," Taxation trends 2012, Directorate General Taxation and Customs Union, European Commission.
  9. Alessandro Roncaglia, 2010. "Introduction," PSL Quarterly Review, Economia civile, vol. 63(252), pages 3-5.
  10. Andrea Nobili & Francesco Zollino, 2012. "A structural model for the housing and credit markets in Italy," Temi di discussione (Economic working papers) 887, Bank of Italy, Economic Research and International Relations Area.
  11. Silvia Giacomelli & Carlo Menon, 2013. "Firm size and judicial efficiency: evidence from the neighbour's court," Temi di discussione (Economic working papers) 898, Bank of Italy, Economic Research and International Relations Area.
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