Search results for "Politica economica"
showing 10 items of 158 documents
Assessing long-term fiscal developments : a new approach
2011
We use a new approach to assess long-term fiscal developments. By analyzing the time-varying behaviour of the two components of government spending and revenue – responsiveness and persistence–, a feature not captured by automatic stabilisers, we are able to infer about the sources of fiscal deterioration (improvement). Drawing on quarterly data, we estimate recursively these components within a system of government revenue and spending equations using a Three-Stage Least Square method for eight European Union countries plus the US. The results suggest that significant changes in the fiscal stance (including those related to the current crisis) are reflected in the estimates of persistence …
Can re-regulation of the financial sector strike back public debt?
2015
This paper analyzes the impact of financial sector policy changes on the dynamics of public debt. Using a panel of 89 countries from 1973 to 2005, we find that while the implementation of (large) financial liberalisation policies significantly raises the public debt growth rate, the adoption of financial re-regulation measures leads to a mild reduction of public debt. Looking at the different typologies of financial sector policy changes, we show that stricter banking supervision, privatisations and restrictions to international capital flows contribute to a fast decline of the growth rate of public debt. In contrast, the removal of entry barriers and the elimination of interest rate contro…
The Determinants of the Volatility of Fiscal Policy Discretion
2014
We investigate the determinants of the volatility of fiscal policy discretion. Using a linear dynamic panel dataset model for 104 countries from 1980 to 2006 and a system-GMM estimator,we find that more government instability, less democracy and presidentialist systems increase the volatility of the discretionary component of fiscal policy. Additionally, we show that countries with a larger size, a smaller degree of financial openness, and a stable exchange rate system are more insured against the uncertainty about the conduct of fiscal policy. Our results are robust to various regional dummy variables, diferent sub-sets of countries and the presence of high inflation and crisis episodes.
What determines the likelihood of structural reforms?
2015
We use data for a panel of 60 countries over the period 1980–2005 to investigate the main drivers of the likelihood of structural reforms. We find that: (i) external debt crises are the main trigger of financial and banking reforms; (ii) inflation and banking crises are the key drivers of external capital account reforms; (iii) banking crises also hasten financial reforms; and (iv) economic recessions play an important role in promoting the necessary consensus for financial, capital, banking and trade reforms, especially in the group of OECD-countries. Additionally, we also observe that the degree of globalisation is relevant for financial reforms, in particular in the group of non-OECD cou…
Nonlinear effects of asset prices on fiscal policy: Evidence from the UK, Italy and Spain
2015
"Available online 1 August 2014"
Cost effectiveness of boceprevir or telaprevir for previously treated patients with genotype 1 chronic hepatitis C.
2013
Background & Aims Randomised controlled trials (RCTs) show that triple therapy (TT) with peginterferon alfa, ribavirin, and boceprevir (BOC) or telaprevir (TVR) is more effective than peginterferon-ribavirin dual therapy (DT) in the treatment of genotype 1 (G1) chronic hepatitis C (CHC) patients with previous relapse (RR), partial response (PAR), and null-response (NR). We assess the cost-effectiveness of TT compared to no therapy in the treatment of patients previously treated with G1 CHC. Methods The available published literature provided the data source. The target population was made up of previously treated Caucasian patients with G1 CHC and these were evaluated over a lifetime horizo…
Marginalità e bioeconomia per lo sviluppo regionale
2014
La bioeconomia si riferisce ad un sistema che si fonda sull'uso intelligente delle risorse biologiche e rinnovabili provenienti dalla terra e dal mare come input industriali e della produzione di alimenti. La Commissione Europea, facendo seguito al lungo dibattito e al percorso effettuato negli ultimi anni sulla strada della sostenibilità, ha approvato la Strategia per l'innovazione per una crescita sostenibile e una bioeconomia per l'Europa. Il lavoro si propone di approfondire come la marginalità territoriale collegata alle disparità socio-economiche, possa essere elemento di vantaggio per la sfida proposta dalla bioeconomia in aree marginali come la Sicilia che hanno le potenzialità di c…
The role of tourism in island economic growth and resilience: A panel analysis for the European Mediterranean countries (2000–2015)
2019
Purpose The purpose of this paper is to verifying the economic resilience of islands and, in particular, the role of the tourism sector in the reaction to the most recent economic crisis. The analysis concerns insular contexts, such as the greater island regions in the Mediterranean basin. Design/methodology/approach Static and dynamic panel data techniques are used for a sample of 13 island economies over a period of 16 years. Findings Results show that the growth factors for regional islands are similar to the ones usually considered for other regions, but the tourism-led growth hypothesis is highly supported. Tourism demand more than supply plays a role together with accessibility. The …
Microcredit, Regional Programs and Credit Guarantees in Italy
2019
This work proposes an analysis of microcredit initiatives analyzed at the territorial level. The differences are analyzed on the basis of distinctive features to identify different ways to develop microcredit in Italy. An empirical analysis is also carried out to verify the existence of a statistically significant correlation between the characteristics of entrepreneurial microcredit programs and their default risk. The presence of credit guarantee systems and the role of bank intermediaries as promoters significantly mitigate the risk of default on these initiatives. Regional microcredit programs do not show significant territorial differences in terms of credit guarantees.
The Role of Guarantees in support of Entrepreneurial Microcredit in Italy.
2016
This paper proposes an empirical analysis of the microcredit initiatives promoted by local and cooperative credit banks trying to take advantage of any differences in the initiatives promoted by other types of operators in terms of default rates of loans. The differences are analyzed on the basis of distinctive features to identify a possible way of developing microcredit in Italy. The empirical analysis verifies the existence of a statically significant correlation between characteristics of the entrepreneurial microcredit programs and their default risk. The presence of credit guarantee schemes and the role of banking intermediaries as promoters reduce significantly the risk of default on…