Search results for " Public Finance"
showing 10 items of 10 documents
The Introduction of the “Balanced Budget” Principle into the Italian Constitution: What Perspectives for the Financial Autonomy of Regional and Local…
2013
This paper analyses the impact on regional and local authorities of Articles 117 and 119 of the Italian Constitution as amended by Constitutional Law no. 1/2012. In particular, it attempts to verify whether the new formulation of these constitutional provisions materializes the risk of a significant reduction in the financial autonomy of both Regions and Local Governments. With the constitutional reform the legislative competence of “harmonization of public account” has become an exclusive State competence, the “balanced budget” principle has been extended to Regions and local authorities and public borrowing has been broadly prohibited. What is the actual significance of the changes introd…
L'attività normativa del governo nel periodo 2009-2012
2020
L’articolo descrive l’attività normativa del governo nel periodo 2009-2012. Sono stati numerosi gli sforzi nell’azione di contenimento della spesa, finalizzata a conseguire la correzione sostanziale e duratura dell’andamento dei conti pubblici. Altrettanto strategica è stata la politica di liberalizzazione, apparsa prioritaria per la crescita economica del Paese e perseguita attraverso importanti provvedimenti. The article describes the legislative and regulatory activity of Government in the period 2009-2012. There have been numerous efforts to contain the public expenditure, aimed at achieving the substantial correction of the trend in public finances. The liberalization policy was strate…
Upoważnienie do dokonywania wydatków – problemy definicyjne w zakresie odpowiedzialności za naruszenie dyscypliny finansów publicznych
2021
Jednym z podstawowych naruszeń podlegających odpowiedzialności za naruszenie dyscypliny finansów publicznych jest dokonanie wydatku ze środków publicznych bez upoważnienia albo z przekroczeniem upoważnienia określonego w stosownych aktach planowania finansowego. Ustawa o odpowiedzialności za naruszenie dyscypliny finansów publicznych nie zawiera jednak definicji pojęć, którymi posługuje się ustawodawca przy penalizacji czynów. Odsyła w tym zakresie do określeń w znaczeniu nadanym ustawą o finansach publicznych. Taki zabieg legislacyjny w odniesieniu do zakresu odesłania, jak również trudności wynikających z możliwości ustalenia znaczenia tych pojęć w ustawie o finansach publicznych powoduje…
The Real Effect of Financial Crises in the European Transition Economies
2010
Working Paper GATE 2009-20; International audience; The aim of this work is to assess the impact of financial crises on output for 11 European transition economies (CEECs). The results suggest that financial crises have a significant and permanent effect, lowering long-term output by about 17 percent. The effect is more important in smaller countries, with relative higher dependence on external financing, and in which the banking sector noticed more important financial disequilibria. We also found that fiscal policy measures have been the most efficient tools in dealing with the crises, while the role of monetary policy instruments has been rather blinded. Exchange rate resulted to be more …
Essays in optimal taxation and dynamic mechanism design
2010
Las deducciones autonómicas en el IRPF: análisis y alternativas
2009
RESUMEN En este trabajo llevamos a cabo un ejercicio de microsimulación para analizar la política autonómica en el IRPF, utilizando la Muestra IRPF 2002 IEF-AEAT. Hasta el momento las Comunidades Autónomas han utilizado las deducciones como instrumento principal para modificar el IRPF. Sin embargo parece que las deducciones autonómicas llevan aparejados elevados costes de diseño, legislativos y administrativos; mientras que sus beneficios afectan poco a pocos contribuyentes. Nuestra hipótesis es que se puede alcanzar un resultado similar con unos costes menores. Para ello hemos considerado dos alternativas, sin duda más sencillas: una ligera reducción de los tipos impositivos de las tarifas…
The Importance of a Medium-term Budgetary Framework in Enhancing the Sustainability of Public Finances in Romania
2014
Abstract The reform that the romanian fiscal system should follow aims to increase the quality of public finances and fiscal governance and strengthening fiscal discipline through better management of budgetary resources. This can be achieved by taking legislative and institutional measures, such as a new law on fiscal responsibility, developing a long-term fiscal strategy, moving to a multi-annual budget programming by implementing a medium-term budgetary framework, the introduction of strict fiscal rules and the establishment of an Independent Fiscal Council. The purpose of this paper is to highlight the importance of adopting a medium-term budgetary framework by Romania and the role that…
Testing explosive bubbles with time-varying volatility: the case of Spanish public debt
2023
In this paper the dynamics of the Spanish public debt-GDP ratio is analysed during the period 1850–2021. We use recent procedures to test for explosive bubbles in the presence under time- varying volatility (Harvey et al., 2016; Harvey et al., 2019, 2020; Kurozumi et al., 2022) in order to test the explosive behavior of Spanish public debt over this long period. We extend previous analysis of Esteve and Prats (2022) where assume constant unconditional volatility in the underlying error process.
Doing Math in Mussolini’s Pocket : Ernesto Rossi and Fascist Public Finance (1926-1930)
2023
This essay deals with the brief but intense collaboration of Ernesto Rossi with the «Riforma Sociale», a prestigious journal of economics and social sciences founded by Francesco Saverio Nitti in 1894 and directed by Luigi Einaudi since 1908. Between 1926 and 1930, Rossi authored seven long essays on issues of public finance, applied economics, and economic statistics that have been relatively neglected by historiography. The rereading of these contributions allows us to illuminate some central moments in his training as an economist. This essay focuses on four articles he devoted to a deep analysis of the Italian budget and public debt, recalculating public revenues and expenses, with rela…
Growing Like Germany: Local Public Debt, Local Banks, Low Private Investment
2021
The paper uses a panel of more than 1m German firms over 2010-2016, to provide the first firm-bank level evidence of local crowding out for a developed economy characterized by low interest rates and fiscal austerity. Our mechanism relies on two structural features of Germany's banking landscape: the local segmentation of credit markets for small and medium-sized firms (SME) and the role of local public banks in local public finance. Local public banks dominate lending to small and medium firms in Germany and also have an explicit mandate to lend to the local public sector. With spreads on local government debt at all-time lows, local public banks tried to break even, using their market pow…