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Public Finances Today: Lessons Learned and Challenges Ahead

Author

Listed:
  • Salvador Barrios

    () (European Commission)

  • Serena Fatica

    () (European Commission)

  • Diego Martinez

    () (Universidad Pablo de Olavide)

  • Gilles Mourre

    () (European Commission)

  • Ferhan Salman

    () (International Monetary Fund)

  • Elva Bova

    () (International Monetary Fund)

  • Christina Kolerus

    () (International Monetary Fund)

  • Jules S. Tapsoba

    () (International Monetary Fund)

  • Gilles Mourre

    () (European Commission)

  • Nikola Altiparmakov

    () (Fiscal Council - Republic of Serbia)

  • Lukas Reiss

    () (Oesterreische Nationalbank)

  • Mariano Bosch

    () (Inter-American Development Bank)

  • Angel Melguizo Esteso

    () (OECD)

  • Carmen Pages-Serra

    () (Inter-American Development Bank)

  • Renee Philip

    () (New Zealand Treasury)

  • Boris Cournède

    () (OECD)

  • Antoine Goujard

    () (OECD)

  • Álvaro Pina

    () (OECD)

  • Wolfgang Merz

    () (Federal Ministry of Finance – Berlin)

  • Martin Larch

    () (European Commission)

  • Kristin Magnusson Bernard

    () (European Commission)

  • Balint Tatar

    () (European Commission)

  • Nicola Giammarioli

    () (European Stability Mechanism)

  • Cristina Checherita-Westphal

    () (European Central Bank)

  • Alexander Klemm

    () (International Monetary Fund)

  • Paul Viefers

    () (Deutsches Institut für Wirtschaftsforschung - Berlin)

  • Pedro Hinojo

    () (Ministry of Economy and Competitiveness, Spain)

  • Giovanni Ricco

    () (London Business School)

  • Giovanni Callegari

    () (European Central Bank)

  • Jacopo Cimadomo

    () (European Central Bank)

  • Enrico D’Elia

    () (Ministero dell'Economia e delle Finanze)

  • Filippo Pericoli

    () (Ministero dell'Economia e delle Finanze)

  • Reda Cherif

    () (International Monetary Fund)

  • Fuad Hasanov

    () (International Monetary Fund)

  • Ernesto Rezk

    () (National University of Córdoba, Argentina)

  • Diego Martínez López

    () (Universidad Pablo de Olavide, Sevilla)

  • Anna Kalbhenn

    () (European Central Bank)

  • Livio Stracca

    () (European Central Bank)

  • Luiz de Mello

    () (OECD)

  • George Hondroyiannis

    () (Bank of Greece)

  • Dimitrios Papaoikonomou

    () (Bank of Greece)

  • Jan Babecký

    () (Czech National Bank)

  • Richard Morris

    () (ECB)

  • Pietro Rizza

    () (Banca d’Italia)

  • Vladimir Borgy

    () (Banque de France)

  • Kirstine Eibye Brandt

    () (Danmarks Nationalbank)

  • Manuel Coutinho Pereira

    () (Banco de Portugal)

  • Anna Jablecka

    () (Narodowy Bank Polski)

  • Javier J. Pérez

    () (Banco de España)

  • Lukas Reiss

    () (Oesterrichische Nationalbank)

  • Morten Rasmussen

    () (Danmarks Nationalbank)

  • Karim Triki

    () (Banque de France)

  • Lara Wemens

    () (Banco de Portugal)

  • David Heald

    () (University of Aberdeen)

  • Ludovít Ódor

    () (Council for Budget Responsibility, Bratislava)

  • Tomasz Jedrzejowicz

    () (Narodowy Bank Polski)

  • Marcin Kitala

    () (Narodowy Bank Polski)

  • Xavier Debrun

    () (International Monetary Fund)

  • Tidiane Kinda

    () (International Monetary Fund)

  • Geert Langenus

    () (National Bank of Belgium)

  • Fabrizio Balassone

    () (Banca d'Italia)

  • Sandro Momigliano

    () (Banca d'Italia)

  • Marzia Romanelli

    () (Banca d'Italia)

  • Pietro Tommasino

    () (Banca d'Italia)

  • Teresa Ter-Minassian

    () (Inter-American Development Bank)

  • Marco Buti

    () (European Commission)

  • Daniele Franco

    () (Ragioneria Generale dello Stato)

  • Karsten Wendorff

    () (Deutsche Bundesbank)

Abstract

The volume collects the essays presented at the 16th Workshop on Public Finance organised by Banca d’Italia in Perugia from 3 to 5 April 2014. The workshop had two main objectives: (i) examining the changes that public policies should undertake in the coming years to adapt to the challenging new environment; (ii) assessing policy responses to the crisis. In many countries the recent crisis accelerated pre-existing trends and made even more urgent a rethinking of the tax and welfare systems. The workshop contributed to this reassessment offering insights on the consequences of specific reforms carried out in Europe and elsewhere. The reaction to the euro-area sovereign debt crisis included fiscal adjustments as well as institutional reforms. In the workshop, theoretical and empirical works examined timing, effectiveness and composition of the fiscal consolidations carried out, as well as the recent reform of EU governance. The first session focused on the effects of both tax and expenditure policies on tax rates, work related tax expenditures, labor markets, the overall economy and pension reforms. Budgetary adjustments were at the core of the second session. Factors conducive to a successful exit from IMF official assistance, impact of government’s payment delays, propagation of government spending shocks, debt dynamics, the effects on public opinion of fiscal policy and fiscal multipliers were all given space and attention. The third session concentrated on recent changes in fiscal rules, fiscal councils and the possible establishment of an euro-area fiscal union. The panel discussion focused on the progress made and the characteristics of existing fiscal rules.

Suggested Citation

  • Salvador Barrios & Serena Fatica & Diego Martinez & Gilles Mourre & Ferhan Salman & Elva Bova & Christina Kolerus & Jules S. Tapsoba & Gilles Mourre & Nikola Altiparmakov & Lukas Reiss & Mariano Bosch, 2015. "Public Finances Today: Lessons Learned and Challenges Ahead," Workshop and Conferences 19, Bank of Italy, Economic Research and International Relations Area.
  • Handle: RePEc:bdi:workpa:sec_19
    as

    Download full text from publisher

    File URL: http://www.bancaditalia.it/pubblicazioni/collana-seminari-convegni/2015-0019/PUBLIC-FINANCES-TODAY.pdf
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    References listed on IDEAS

    as
    1. Daniele Franco & Francesco Zollino, 2014. "Macroeconomic imbalances in Europe: institutional progress and the challenges that remain," Applied Economics, Taylor & Francis Journals, vol. 46(6), pages 589-602, February.
    2. Marco Buti & Daniele Franco, 2005. "Fiscal Policy in Economic and Monetary Union," Books, Edward Elgar Publishing, number 3590.
    3. Buti, Marco & Eijffinger, Sylvester C.W. & Franco, Daniele, 2003. "Revisiting the stability and growth pact: grand design or internal adjustment?," Seminarios y Conferencias 6567, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    arrears; accounts payable; caribbean; expenditure; fiscal policy; fiscal adjustment; financial crises; fiscal measures; fiscal policy uncertainty; fiscal reaction function; fiscal rules; fiscal transmission mechanism; government spending shock; imf lending; impact of public finance; informality; labor market; latin america; macroeconomic; national saving; public debt; public payment delays; impulse responses; payg vs. funded rates of return; pension privatization; pensions; revenue; var; unemployment gaps;

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • G01 - Financial Economics - - General - - - Financial Crises
    • H6 - Public Economics - - National Budget, Deficit, and Debt
    • H8 - Public Economics - - Miscellaneous Issues
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
    • J08 - Labor and Demographic Economics - - General - - - Labor Economics Policies

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