The policy response to macroeconomic and fiscal imbalances in Italy in the last fifteen years
This paper reviews the main macroeconomic trends and the debate on policy priorities in Italy since the advent of EMU. It argues that, in the decade up to the outbreak of the global crisis (1998-2007), in Italy the reform process came to a virtual standstill and fiscal policy was inconsistent with the commitments taken on at the European level. The paper suggests that the lack of resolute policy reactions to the institutional dysfunctions and structural weaknesses was 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.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Roberto Sabbatini & Francesco Zollino, 2010. "Macroeconomic trends and reforms in Germany," PSL Quarterly Review, Economia civile, vol. 63(254), pages 235-263.
- Terenzio Cozzi, 2013. "La crisi e i moltiplicatori fiscali," Moneta e Credito, Economia civile, vol. 66(262), pages 129-151.
- Olivier J. Blanchard & Daniel Leigh, 2013.
"Growth Forecast Errors and Fiscal Multipliers,"
NBER Working Papers
18779, National Bureau of Economic Research, Inc.
- 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.
- Lorenzo Forni & Andrea Gerali & Massimiliano Pisani, 2010. "The macroeconomics of fiscal consolidations in a monetary union: the case of Italy," Temi di discussione (Economic working papers) 747, Bank of Italy, Economic Research and International Relations Area.
- European Commission, 2012. "Taxation trends in the European Union: 2012 edition," Taxation trends 2012, Directorate General Taxation and Customs Union, European Commission.
- Lusine Lusinyan & Dirk Muir, 2013. "Assessing the Macroeconomic Impact of Structural Reforms The Case of Italy," IMF Working Papers 13/22, International Monetary Fund.
- AfDB AfDB, . "AfDB Group Annual Report 2006," Annual Report, African Development Bank, number 62 edited by Koua Louis Kouakou, 9.
- Anja Baum & Marcos Poplawski-Ribeiro & Anke Weber, 2012. "Fiscal Multipliers and the State of the Economy," IMF Working Papers 12/286, International Monetary Fund.
- Raffaela Giordano & Marcello Pericoli & Pietro Tommasino, 2013.
"Pure or wake-up-call contagion? Another look at the EMU sovereign debt crisis,"
Temi di discussione (Economic working papers)
904, Bank of Italy, Economic Research and International Relations Area.
- 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.
- Alan S. Blinder, 2005. "Fear of Offshoring," Working Papers 83, Princeton University, Department of Economics, Center for Economic Policy Studies..
- 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.
- 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.
- Alan J. Auerbach & Yuriy Gorodnichenko, 2012.
"Measuring the Output Responses to Fiscal Policy,"
American Economic Journal: Economic Policy,
American Economic Association, vol. 4(2), pages 1-27, May.
- Bordignon, Massimo & Turati, Gilberto, 2009. "Bailing out expectations and public health expenditure," Journal of Health Economics, Elsevier, vol. 28(2), pages 305-321, March.
- Antonio Schizzerotto & Sonia Marzadro, 2008. "Social Mobility in Italy since the Beginning of the Twentieth Century," Rivista di Politica Economica, SIPI Spa, vol. 98(5), pages 5-40, September.
- Sandro Momigliano & Pietro Rizza, 2007. "Temporary measures in Italy: buying or losing time?," MNB Conference Volume, Magyar Nemzeti Bank (the central bank of Hungary), vol. 1(1), pages 61-71, December.
- André Sapir, 2005. "Un modello obsoleto? Crescita e specializzone dell'economia italiana," ULB Institutional Repository 2013/8122, ULB -- Universite Libre de Bruxelles.
- Alessandro Roncaglia, 2010. "Introduction," PSL Quarterly Review, Economia civile, vol. 63(252), pages 3-5.
- European Commission, 2013. "Taxation trends in the European Union: 2013 edition," Taxation trends 2013, Directorate General Taxation and Customs Union, European Commission.
- Alessandro Roncaglia, 2011. "Macroeconomie in crisi e macroeconomie in ripresa," Moneta e Credito, Economia civile, vol. 64(254), pages 115-133.
- 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.
- Andrea Brandolini & Matteo Bugamelli & Guglielmo Barone & Antonio Bassanetti & Magda Bianco & Emanuele Breda & Emanuela Ciapanna & Federico Cingano & Francesco D'Amuri & Leandro D'Aurizio & Virginia D, 2009. "Report on trends in the Italian productive system," Questioni di Economia e Finanza (Occasional Papers) 45, Bank of Italy, Economic Research and International Relations Area.
- Torsten Persson & Guido Tabellini, 2004. "Constitutional Rules and Fiscal Policy Outcomes," American Economic Review, American Economic Association, vol. 94(1), pages 25-45, March.
When requesting a correction, please mention this item's handle: RePEc:psl:pslqrr:2014:13. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Carlo D'Ippoliti)
If references are entirely missing, you can add them using this form.