Suchergebnisse

This PhD thesis investigates the role of the reduction of fiscal autonomy and uncertainty in the allocation of resources in driving the behaviour of Italian municipalities in non-autonomous regions and of the central government. Focusing on the uncertainty of grants to compensate the abolition of the property tax on main dwellings, we construct a regression discontinuity (RD) and regression kink (RK) design to test how the behaviour of municipalities changes depending on whether they are in a "bad" state (when they manage fewer resources after property tax reform) or in a "good" state (when they manage more resources after property tax reform), and also in light of the "partisan effect" (the mechanism that allows central governments to allocate more resources to the lower layer of government politically aligned with it). An empirical analysis of Italian municipalities suggests that: 1. Municipalities acted differently in terms of waste tax implementation. Their behaviour depended on the benefits or costs they assumed af- ter the abolition of the property tax on main dwellings: in particular municipalities that suffered a loss of resources increased the waste tax more; 2. Property tax reform led to an imperfect substitution between the prop- erty tax on the main dwelling and the waste tax, with a consequent loss in equality; 3. Despite the weakness of the ex-post control and the absence of pun- ishment for lying municipalities concerning the definition of a compen- satory grant may allow the presence of a weak "partisan effect", the reform of the main dwelling property tax was transparent in resources allocation.

The aim of this work is to present and investigate a model that departs from three considerations. First, fiscal policy and debt sustainability are two sides of the same coin: the former is the policy instrument that government manages in the present time to achieve its social objectives, whereas, the latter is the repercussion of the former in the long run. Second, fiscal policy has a direct impact on industries capital accumulation because it affects the available income and, therefore, their savings; such an impact can be evaluated through the intertemporal optimization of industries saving decisions. Finally, fiscal policy has to be characterized on both the revenue and the spending side: revenues are determined through a unique tax rate, while spending is represented as an industry-based subsidy with a fixed fraction, Φ, that must be re-invested in capital. The production function in each industry is assumed AK and investment is subjected to quadratic adjustment costs. The consequences of assuming a convex adjustment cost function are twofold: the model does not display growth in the long run and the invested capital due to the public incentivization program hyper-crowds out private saving, consequently the optimal Φ is 0. Another advantage, due to the simplicity of the framework, is that the notion of debt sustainability, contrary to the majority of literature on fiscal policy sustainability, is defined unambiguously therefore it is always possible to determine whether a certain public debt can be sustained. In section 4, the model is solved as a Nash bargaining problem by assuming an explicit welfare function and it is found that the optimal government size results undetermined whenever the optimal Φ is 0. However, in the conclusions, it is proposed a way to modify slightly the model in order to overcome the problem of the hyper-crowding-out and letting the designed public program of capital incentivization work effectively.

cover -- quartino -- dedica -- Indice -- Introduzione -- La politica fiscale della Destra storica tra le continue emergenze e la conquista del pareggio -- Gli anni dell'egemonia di Agostino Depretis: un "trasformismo" timido -- Dalla ondivaga esperienza crispina alla "crisi di fine secolo" -- L'evoluzione modernizzatrice del sistema tributario: l'Italia giolittiana -- L'Italia verso la grande guerra -- Guerra e dopoguerra.

Questo volume fornisce un'introduzione semplice, ma al contempo esaustiva, al complesso sistema del governo decentralizzato o, come si dice oggi, delle relazioni intergovernative. Questo sistema è stato soggetto negli anni più recenti ad una fase di profondo mutamento all'interno degli stati nazionali, che ha prodotto un progressivo spostamento di funzioni e responsabilità dal governo centrale a favore di quelli subnazionali. In Italia la trasformazione è tuttora in atto. Proprio quando questo lavoro veniva completato il Parlamento italiano ha approvato la legge delega in materia di federalism

The thesis provides an empirical analysis relative to the estimation of the effects of fiscal policy on GDP. The research is conducted through the the study of the causal relationships that emerge from the implementation of some Structural Vector-Autoregressive models, which are estimated with U.S. time series data. Although Fiscal multipliers are the important tools that are able to capture the effect on GDP of one dollar spent by the State in increasing government expenditure or in reducing Taxation, economists until now have not reached a consensus about their size (and even their sign). For this reason one of the main topic on which the thesis is concentrated is the computation of fiscal multipliers. Three are the main innovative aspects of the work, respect to the literature of the empirical fiscal studies. The first one is the data-driven approach that characterises all the aspects of the work. In particular, differently from the majority of researches in the literature, the "identification" of fiscal shocks relies completely on a data-driven procedure (The Independent Component Analysis). This important innovation permits to detect the causal effects of fiscal policy relying exclusively on the properties of the data, avoiding in this way the imposition of some restrictions that are driven by some ex-ante economic knowledge. The second point of differentiation from a standard fiscal SVAR analysis is the completely new interpretation of what is called a "fiscal shock". The Fiscal shock is considered in the work as a unique mixture of exogenous and interrelated measures on Taxes and Government expenditure at the same time. In fact, given the evidence of some recent studies about how the fiscal policy is practically designed and implemented, the common assumption about the existence of two separate and independent fiscal shocks, one on taxes and one on government expenditure, is rejected in this work. Finally the results of government expenditure and Tax multipliers computed in the data-driven environment of the work result to be positive (Government expenditure also above the unity) and even persistent 2 years after the shock, something that is not very common in the literature.

The Monetary Policy and The Exchange Rate Policy in China Index 1.The People's Bank of China 1.1 The history of The People's Bank of China 1.2 The role of The People's Bank of China 1.3 Internal departments 2.The Fiscal policy of china 3. The monetary policy of China 3.1 monetary policy 3.2 The Crisis over the last 10 years 3.3 independence of PBC 3.4 Taylor's rule in China 4. Comparison 4.1 Fed Reserve and ECB 4.2 Comparison of EU, US and China central banks and economies 5 The exchange rate policy of China 5.1 fixed exchange rate and floating exchange rate 5.2balance of international payments and capital mobility 5.3The policy ofChina 6 The future of CNY in the world arena 7.Can the CNY become a currency of international rank?

The NRRP (National Recovery and Resilience Plan) is the plan for Italian economic policy in the context of the European Next Generation EU (NGEU) and is structured in the form of investments designed to achieve the goals of growth and resilience. Of all the EU member states, Italy's NRRP is the one receiving most funding. This article demonstrates two of its weaknesses, namely its provisional nature with respect to the restoration of the Fiscal Compact and its inadequacy from the quantitative point of view. It is also shown that the NRRP is based on the belief that the short-term increase in GDP deriving from an expansionary fiscal policy is enough to generate lasting growth and to keep the higher debt-to-GDP ratio sustainable. Instead, it is argued that a structural intervention is preferable, not conditional on liberal reforms. ; Il PNRR (Piano Nazionale di Ripresa e Resilienza) costituisce il programma di politica economica italiano nell'ambito di quello europeo denominato Next Generation EU (NGEU) ed è strutturato nella forma di investimenti finalizzati a raggiungere gli obiettivi di crescita e di resilienza. Il PNRR italiano è quello maggiormente finanziato fra quelli degli altri paesi europei. In questo articolo se ne mettono in evidenza due debolezze: segnatamente la sua provvisorietà rispetto al ripristino del Fiscal Compact e la sua inadeguatezza, sotto il profilo quantitativo. Si evidenzia inoltre come il PNRR si basi sulla convinzione che nel breve periodo l'aumento del PIL derivante da una politica fiscale espansiva sia tale da generare una crescita duratura e tale da mantenere sostenibile l'aumento del debito in rapporto al PIL. Si considera preferibile, in alternativa, un intervento strutturale e non condizionato a riforme di segno liberista.

In the wake of the Great Recession, the unemployment rate of Greece, Ireland, Italy, Portugal and Spain has struggled to return to pre-crisis levels. This dynamics has occured in concomitance with the severe austerity measures implemented in the Euro Area periphery countries. Is there a link between the fiscal adjustments adopted and the movement disclosed by the unemployment rate?In order to answer this question, recourse to the structural VAR approach has been made. In particular, have been recovered shocks to different government spending components, estimating the corresponding unemployment fiscal multipliers. Furthermore, by recovering demand, supply and monetary policy shocks, has been assessed the role that each economic disturbance plays in explaining the unemployment rate fluctuations at various time horizons.