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Vecchi e nuovi problemi nell’impiego delle politiche di bilancio


  • Antonio Pedone

    () (Sapienza Universitˆ di Roma)


The global financial and economic crisis has reopened the debate on the role, the efficacy and limits of fiscal policies in sustaining aggregate demand. At the same time, the crisis has worsened the prospects of unsustainability of public debt in some countries. In order to conciliate fiscal rules for stabilizing the economy and measures aimed at reducing public debt it seems necessary to consider national specificities during the crisis. Economic areas and single countries within them are heterogeneous with respect to the timing and depth of their fiscal unbalances. Consideration for the increasingly relevant linkages between public budgets and the disequilibria accumulated in other sectors of the economy makes it scarcely credible to pursue deficit reduction strategies on the basis of quantitative, rigid and uniform rules to be applied without regard for the deep differences between countries highlighted by the crisis.

Suggested Citation

  • Antonio Pedone, 2011. "Vecchi e nuovi problemi nell’impiego delle politiche di bilancio," Moneta e Credito, Economia civile, vol. 64(253), pages 53-75.
  • Handle: RePEc:psl:moneta:2011:6

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    More about this item


    financial crisis; public debt; fiscal policy; primary surplus;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G01 - Financial Economics - - General - - - Financial Crises
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus


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