Search results for "fiscal"

Insularità, autogoverno e fiscalità di sviluppo nella prospettiva della Macroregione del mediterraneo occidentale

2017

Insularità, autogoverno e fiscalità di sviluppo nell’ordinamento europeo sono connotati da un’intima correlazione nel senso che un elemento determinante per poter accedere a peculiari forme di incentivazione fiscale regionale, come vedremo alla luce degli orientamenti della giurisprudenza europea, si rinviene nell’esercizio di particolari forme di autonomia (costituzionalmente garantita, decisionale e finanziaria), e risulta ulteriormente rafforzato dalla condizione di insularità. In questo senso, un approccio che tenga conto delle dinamiche europee in tale contesto può contribuire a condurre il dibattito sul regionalismo in Italia fuori dalle sue contraddittorie dinamiche che vedono, in br…

Equilibrio fra poteri e libertà dai Trattati in diritto dell'Unione europea e diritto internazionale

2014

Riflessione sulla categoria civilistica dell'invalidità applicata ai Trattati internazionali e a quella peculiare species costituita dai Trattati istitutivi dell'Unione Europea. Si dà conto altresì delle modalità di modifica degli stessi e dell'estinzione.

How significant is yardstick competition among governments? Three reasons to dig deeper

2013

22 pages; The significance of yardstick competition among governments is now confirmed with regard to fiscal variables. This is an important result but the significance of the mechanism must also be sought in a context broader than that of fiscal federalism and without limitation to relations and processes fully observable. Three points are made. Even in the case of governments trying to mimic each other over a single variable, additional variables are involved in an important way. Yardstick competition can be latent without being ineffective. Its major effect, then, is to set bounds to the choices that office-holders could think of making. Finally, the mechanism is a hidden albeit essentia…

La mise en cause de la responsabilité du régisseur d'un restaurant universitaire

2000

International audience

Political risks: the “red shift” in debt sustainability analysis

2020

Political stability and economic policy uncertainty can be key determinants of sovereign debt dynamics, and we show how they can be incorporated in debt sustainability analysis. We distinguish between short-term ambiguity and long-term uncertainty about political risk factors, and using a combination of narrative scenarios and calibrated probabilistic scenarios we obtain a comprehensive heatmap of high-risk debt dynamics. We use Italy as an interesting case study and demonstrate a “red shift” in the assessment of vulnerabilities when accounting for political risks. Ignoring these risks can lead to excessive optimism and wrong decisions.

Coping with Asymmetric Shocks in the EMU: The Role of Labour Market Flexibility

2013

The chapter discusses the economic conditions for the success of EMU when there is still a need for structural reforms in the markets of goods and services, and factors of production. In view of asymmetric shocks, experience shows that behaviour in nominal and real wage growth resulted in increased unemployment throughout the EU15. Fiscal policy, on the other hand, could mitigate to some extent the burden of wage adjustment, and could play an important role in improving productivity. In general, however, smooth shock-absorption requires a flexible wage formation process to circumvent low employment levels, but the risk of hysteresis would remain. To avoid the accumulation of wage and labour…

Pension Schemes and Falling Birth-Rates: Change in Customs or Microeconomic Optimization?

2004

In this paper, we develop an overlapping generations model where fertility is endogenous. The utility of the parents is a function of the number of their children, and each child implies two types of fixed costs: the financial cost and the cost in terms of time. A "pay-as-you-go" pension scheme introduces an externality in that the number of children will be fewer than optimal because their favorable impact on the level of pension income is not taken into account. First, we define the competitive equilibrium dynamics and the steady state. This allows comparisons with the optimal stationary state, a notion which generalizes the golden rule. Two instruments, pensions and child benefits, are n…

IN TEMA DI MISURE CAUTELARI IN MATERIA FISCALE

2014

Is an Increase of the Fiscal Budget at EMU level Desirable?

2005

The birth of the European Monetary Union (EMU) has determined the creation of a common currency, the Euro, but unlike other monetary unions, the EMU does not have a central fiscal authority. The role of fiscal policy is left to the responsibility of the governments of the EMU member States. The new architecture modifies the assignment of the instruments to the objectives, especially those of stabilization. The loss of the sovereignty of monetary policy and exchange rate control by the individual member states has determined the inability to use two important instruments of insurance against the risks of shocks. Moreover, the Treaty of Maastricht and the Stability and Growth Pact (SGP) could…

National fiscal consolidations and regional inequality in Europe

2016

Using annual data for 13 European countries over the period 1980-2008, we assess the impact of national fiscal consolidations on the income inequality of European regions. Regional dispersion increases in the outcome of consolidation episodes, particularly, when packages are more severe and implemented through spending cuts rather than tax rises. From a policy perspective, these findings suggest that fiscal consolidations driven by reductions in government spending can exacerbate regional disparities and may ultimately counteract the European policy efforts to promote territorial cohesion. Our results are robust to alternative inequality measures, the occurrence of crisis episodes and the e…