Search results for "Politica economica"

showing 10 items of 158 documents

Political, Institutional, and Economic Factors Underlying Deficit Volatility

2013

It is well known that fiscal policy can counter-cyclically smooth out the effect of unexpected shocks and public deficit volatility may reflect the (optimal) policy response to them. However, the welfare losses associated to fiscal instability are also an important challenge for many countries, as it typically implies an inefficient allocation of resources, higher sovereign risk premium and an inadequate provision of public services. In this paper, we empirically analyze the political, institutional, and economic sources of public deficit volatility. Using the system-generalized method-of-moments (GMM) estimator for linear dynamic panel data models and a sample of 125 countries analyzed fro…

VolatilityInstitutionSettore SECS-P/02 Politica EconomicaGMM
researchProduct

How costly are debt crises?

2011

The aim of this paper is to assess the short- and medium-term impact of debt crises on GDP. Using an unbalanced panel of 154 countries from 1970 to 2008, the paper shows that debt crises produce significant and long-lasting output losses, reducing output by about 10 percent after eight years. The results also suggest that debt crises tend to be more detrimental than banking and currency crises. The significance of the results is robust to different specifications, identification and endogeneity checks, and datasets.

Western hemisphereEconomics and Econometricsmedia_common.quotation_subjectjel:E60Settore SECS-P/02 Politica EconomicaMonetary economicsEconomic models;Sovereign debt;Gross domestic product;output losses debt crises sovereign defaults debt crisis currency crises crisis episodes currency crisisCurrency crisisGross domestic productjel:G10Identification (information)Output Losses; Debt Crises; Sovereign Defaults.CrisesCurrencyDebtEconomicsGeneral Earth and Planetary SciencesDefaultEconomic modelEndogeneityFinanceGeneral Environmental ScienceDebt crisismedia_common
researchProduct

Coesione e competitività: nuove strategie e politiche di sviluppo per le regioni europee

2016

coesione sviluppo regioni EuropaSettore SECS-P/02 Politica Economica
researchProduct

Gli svantaggi di costo e competitività delle imprese manifatturiere siciliane: un confronto interregionale attraverso un'indagine sul campo

2013

competitività divari regionali impreseSettore SECS-P/02 Politica EconomicaSettore SECS-P/06 - Economia Applicata
researchProduct

Divari manifatturieri e strumenti di politica industriale. Il caso del credito d'imposta in Sicilia

2013

credito di imposta politica industriale SiciliaSettore SECS-P/02 Politica Economica
researchProduct

Discretionary Fiscal Policies over the Cycle: New Evidence Based on the ESCB Disaggregated Approach

2012

This paper explores how discretionary fiscal policies on the revenue side of the government budget have reacted to economic fluctuations in European Union countries. For this purpose, it uses data on legislated revenue changes and structural indicators provided twice per year by National Central Banks of European Union countries in the ESCB framework for analysing fiscal policy. The analysis is based on the estimation of fiscal policy rules linking these measures of legislated fiscal policy changes to the output gap and other control variables. Then, baseline results are compared with regression estimates where variations of cyclically-adjusted indicators are used as proxy for discretionary…

cyclical sensitivity Discretionary fiscal policies ESCB disaggregated framework government revenues legislation changes narrative approachDiscretionary fiscal policiesjel:E62Settore SECS-P/02 Politica Economicajel:E65jel:H20International Journal of Central Banking
researchProduct

Federalismo Fiscale, dinamica della spesa in conto capitale e processi di interazione spaziale: alcune evidenze empiriche

2010

A growing number of countries throughout the world are reconsidering the role and functions of the various levels of government in order to make public policies more effective in meeting the needs of citizens by firmly pursuing administrative devolution. This paper analyses regional interactions in the dynamics of capital public expenditure based on the estimates of a dynamic gravity model (Dendrinos-Sonis,1990) using the database on Italian Regional Public Accounts (RPA) in the 1996-2007 period. This empirical model allows for the analysis of dynamic relations of a horizonal nature (i.e., between various regions) and vertical nature (i.e., between various levels of government) compared to …

federalismo spesa pubblica interazione spazialeSettore SECS-P/02 Politica Economica
researchProduct

The determinants of FDI: a new network-based approach

2022

This article investigates the determinants of FDI at sub-national level. It recognizes that MNEsModified Letter Turned Comma foreign activities are organized in networks of strongly interconnected, but geographically dispersed affiliates. This implies a different approach to the analysis of the determinants of FDI, which should focus on contextual factors able to stimulate economic relations at distance. Methodologically, we use a gravity-type model and different regression techniques with a new dataset on networks of FDI involving German and Italian regions. We find evidence that technologically proximate regions sharing the same industry profile are more likely to experience positive and …

gravity modelEconomics and EconometricsNetworked FDISECS-P/02 - POLITICA ECONOMICANetworked FDIsregional studiesregional studiedistanceSECS-P/06 - ECONOMIA APPLICATAApplied Economics
researchProduct

Booms and busts in housing markets: determinants and implications

2009

This study looks at real estate price booms and busts in industrialised countries. It identifies major and persistent deviations from long term trends for 18 countries and estimates the probabilities of their occurrence using a Random Effects Panel Probit model over the period 1980-2007. It finds that 1) most recent housing booms have been very persistent and of a significant magnitude; 2) there appears to be a strong correlation between the persistence and magnitude of booms and subsequent busts; 3) economic costs (in terms of GDP losses during the post-boom phase) depend significantly on the magnitude and duration of the boom and money and credit developments during that period; 4) a numb…

house prices housing market booms and busts.Settore SECS-P/02 Politica Economica
researchProduct

Selection bias and incentives to firms in development programs: an ex-post evaluation of an aid scheme for Sicily

2014

This paper focuses on the evaluation of an aid scheme included in a larger local development program framework implemented in Italy during the 2000-2006 cycle of EU Structural Funds. It follows a previous analysis (Cusimano & Mazzola, 2014) on the ex-post evaluation of the effectiveness of the resources allocated to aid schemes included in the Italian territorial integrated projects (TIPs) and aims at identifying the possible presence of selection bias in measuring the effectiveness of the policy. Previous results showed a partial effectiveness of the program, at least with reference to employment and sales. The objective of this work is to investigate the role of the selection process in i…

incentives evaluation firmSettore SECS-P/02 Politica Economica
researchProduct