Economic Policy and Reforms in Contemporary Italy

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Economic Policy and Reforms in Contemporary Italy

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Padoa Schioppa, Fiorella Kostoris

Abstract

This paper analyses the spectacular fiscal adjustment currently occurring in Italy. In 1990, the Italian General Government showed the second largest primary deficit-to-GDP ratio in Europe; in 1997 it is expected to have the largest primary surplus-to-GDP ratio, with a 3% overall deficit-to-GDP ratio. Inflation and inflationary expectations are beaten; the lira is firmly reintroduced in the EMS exchange rate mechanism and the interest rate differential on Treasury bonds with the rest of Europe is almost non-existent; in the budget process most of the traditional divergences between the appropriations approved by Parliament and the final cash expenditures are eliminated. Some qualitative shortcomings, however, appear in the Italian fiscal adjustment. They concern the excessive use of taxation, the cut of public investment, the insufficiency of structural reforms of the Welfare State and the slowness of concrete steps in the overall administrative reform and in the rethinking of the public sector role in a modern society (liberalizations, public properties’ rentability, privatizations).

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1874.

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Date of creation: Jun 1998
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Handle: RePEc:cpr:ceprdp:1874

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Find related papers by JEL classification:
H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies
H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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Fiorella Kostoris Padoa Schioppa, 2003. "Il Mercato e le Politiche Economiche in Italia," ISAE Working Papers 30, ISAE - Institute for Studies and Economic Analyses - (Rome, ITALY). [Downloadable!]
Elisabetta BERTERO, 2006. "Does a change in the ownership of firms, from public to private, make a difference?," Departemental Working Papers 2006-03, Department of Economics University of Milan Italy. [Downloadable!]

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