IDEAS home Printed from https://ideas.repec.org/p/cpr/ceprdp/1874.html
   My bibliography  Save this paper

Economic Policy and Reforms in Contemporary Italy

Author

Listed:
  • 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).

Suggested Citation

  • Padoa Schioppa, Fiorella Kostoris, 1998. "Economic Policy and Reforms in Contemporary Italy," CEPR Discussion Papers 1874, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:1874
    as

    Download full text from publisher

    File URL: http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=1874
    Download Restriction: CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at subscribers@cepr.org

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Elisabetta BERTERO, 2006. "Does a change in the ownership of firms, from public to private, make a difference?," Departmental Working Papers 2006-03, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    2. Fiorella Kostoris Padoa Schioppa, 2003. "Il Mercato e le Politiche Economiche in Italia," ISAE Working Papers 30, ISTAT - Italian National Institute of Statistics - (Rome, ITALY).

    More about this item

    Keywords

    Fiscal Adjustment; privatizations; reforms; Welfare State;

    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cpr:ceprdp:1874. 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: (). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.