Decentramento e mercato del debito pubblico locale
New opportunities and risks arise from the growing role of Italian local governments as public debt issuers on credit and financial markets. The paper analyzes the present institutional framework, and characterizes a reform implementing a stable and efficient "market" for the Italian local governments' debt (based on three pillars: bonds, bank loans and loans by the Cassa Depositi e Prestiti) compatible with the ongoing fiscal decentralization process.
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- Ludger Schuknecht, 2002. "The Implementation of the Stability and Growth Pact," OECD Journal on Budgeting, OECD Publishing, vol. 1(3), pages 81-116.
- Orazio Mastroeni, 2001. "Pfandbrief-style products in Europe," BIS Papers chapters, in: Bank for International Settlements (ed.), The changing shape of fixed income markets: a collection of studies by central bank economists, volume 5, pages 44-66 Bank for International Settlements.
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