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Between 2002 and 2015, regional disparities across EU regions diminished and absolute convergence occurred. It was mainly fostered by the Eastern European countries and regions. In the Eurozone, the great recession started in 2009 notably increased regional disparities. The impact of the recession was particularly severe in Italy.
L'affidabilità finanziaria dello Stato ed i vincoli all’indirizzo politico governativo nella crisi del compromesso democratico-sociale. Perché la vicenda della mancata nomina del professor Savona a Ministro dell’Economia e delle Finanze ci dice di più sulla...
Introduzione Nell’Unione monetaria europea (UME) le istituzioni e le politiche intraprese hanno tollerato o alimentato asimmetrie in parte preesistenti, che hanno generato a loro volta squilibri macroeconomici. Indichiamo prima le istituzioni e le politiche europee...
Evidence indicates that the tightening of restrictive policies experienced in Italy after 2010/11 did not lead to fiscal consolidation, while they contributed to increase debt-to-GDP ratio by curbing aggregate demand. Particularly, budget cuts occurred in health and education. On the contrary, we argue that expansionary measures may lower the debt ratio by increasing real output.
Italy has a ratio of public debt to GDP close to 132% despite 26 consecutive years of primary surpluses in public accounts. The data shows that interest expense led to the majority of the growth in this ratio, while the most effective factor to contain the increase was the GDP deflator. Trying to reduce the ratio parameter only by increasing primary surpluses seems a road of dubious effectiveness.
In line with our previous work, we simulate the effects of a policy measure designed to achieve a higher output gap. By increasing Italy’s participation rate we aim at finding a greater stance for fiscal policy that would allow for the deficit-financing of a minimum income conditional to active job-seeking. We also consider feasible effects on real output.