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https://doi.org/10.1080/1331677X.2019.1583585

The sustainability of Italian fiscal policy: myth or reality?

Gordon L. Brady ; Department of Economics, Bryan School of Business and Economics, University of North Carolina, Greensboro, N.C., U.S.A.
Cosimo Magazzino   ORCID icon orcid.org/0000-0002-3176-9838 ; Department of Political Sciences, Roma Tre University, Rome, Italy

Puni tekst: engleski, pdf (2 MB) str. 772-796 preuzimanja: 63* citiraj
APA 6th Edition
L. Brady, G. i Magazzino, C. (2019). The sustainability of Italian fiscal policy: myth or reality?. Economic research - Ekonomska istraživanja, 32 (1), 772-796. https://doi.org/10.1080/1331677X.2019.1583585
MLA 8th Edition
L. Brady, Gordon i Cosimo Magazzino. "The sustainability of Italian fiscal policy: myth or reality?." Economic research - Ekonomska istraživanja, vol. 32, br. 1, 2019, str. 772-796. https://doi.org/10.1080/1331677X.2019.1583585. Citirano 08.04.2020.
Chicago 17th Edition
L. Brady, Gordon i Cosimo Magazzino. "The sustainability of Italian fiscal policy: myth or reality?." Economic research - Ekonomska istraživanja 32, br. 1 (2019): 772-796. https://doi.org/10.1080/1331677X.2019.1583585
Harvard
L. Brady, G., i Magazzino, C. (2019). 'The sustainability of Italian fiscal policy: myth or reality?', Economic research - Ekonomska istraživanja, 32(1), str. 772-796. https://doi.org/10.1080/1331677X.2019.1583585
Vancouver
L. Brady G, Magazzino C. The sustainability of Italian fiscal policy: myth or reality?. Economic research - Ekonomska istraživanja [Internet]. 2019 [pristupljeno 08.04.2020.];32(1):772-796. https://doi.org/10.1080/1331677X.2019.1583585
IEEE
G. L. Brady i C. Magazzino, "The sustainability of Italian fiscal policy: myth or reality?", Economic research - Ekonomska istraživanja, vol.32, br. 1, str. 772-796, 2019. [Online]. https://doi.org/10.1080/1331677X.2019.1583585

Sažetak
In this paper, we analyse the sustainability of Italian public finances using a unique database covering the period 1862–2013. This paper focuses on empirical tests for the sustainability and solvency of fiscal policies. A necessary but not sufficient condition implies that the growth rate of public debt should at the limit be smaller than the asymptotic rate of interest. In addition, the debt-to-G.D.P. ratio must eventually stabilise at a steady-state level. The results of unit root and stationarity tests show that the variables are non-stationary at levels, but stationary in first-differences form, orI(1). Some breaks in the series emerge, however, given internal and external crises (wars, oil shocks, regime changes, institutional reforms). Therefore, the empirical analysis is conducted for the entire period, as well as two sub-periods (1862–1913 and 1947–2013). Moreover, anecdotal evidence and visual inspection of the series confirm our results. Furthermore, we conduct tests on co-integration, which evidence that a long-run relationship between public expenditure and revenues is found only for the first sub-period (1862–1913). In essence, the paper’s results reveal that Italy had sustainability problems in the Republican age

Ključne riječi
Public finance; sustainability; A.R.D.L.; Italy

Hrčak ID: 228615

URI
https://hrcak.srce.hr/228615

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