La misura corretta del debito pubblico

The solvency of the public debt should be considered taking into account the net assets of the economy but they are not officially available in many European countries. We therefore present a first balance sheet prototype obtained by combining Eurostat statistics on non-financial assets and financial accounts.

Debito pubblico, una questione di interessi

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.

Debito pubblico e BCE: i nuovi Sovereign bond-backed Securities

La BCE ha commissionato un progetto relativo all’emissione di bond comunitari – Sovereign bond-backed Securities – non collettivamente garantiti che saranno suddivisi per categorie di rischio. La proposta […]

Spesa in deficit, debito pubblico e mercati finanziari

This article discusses the importance of the intertemporal constraint on the government budget for financially integrated market economies, and emphasizes the need for governments to ensure the sustainability of their liabilities as a precondition for the effective use of fiscal policy for anti-cyclical purposes. The paper concludes discussing the implications of the budget constraint for Italy’s fiscal policy, including under the hypothesis of the country exiting the euro.

Debito pubblico: le controverse teorie della Commissione europea

Following Neo-Classical theories, developed countries continue to adopt austerity measures or too modest expansionary policies. However, their concern about the effects of public debt on economic growth found conflicting results in the empirical literature.

Lezione di greco? Euro, debito pubblico e conflitto sociale

Numerous experts argue that the single currency is the cause of problems in many of the eurozone countries. However, this article illustrates the fact that the roots of the Great Recession lie in a long global distribution conflict that compressed wage incomes and expanded capital incomes. Equally there is the Greek and Italian economic illness that long pre-existed joining the Euro. It is therefore not enough to leave the Euro because this would bring down the institutional framework of any battle for a different policy.

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