1,720,996 research outputs found
L'Italia può farcela - Equità, flessibilità, democrazia. Strategie per vivere nella globalizzazione.
No full textIl tramonto dell'euro - Come e perché la fine della moneta unica salverebbe democrazia e benessere in Europa
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Italy’s decline and the balance-of-payments constraint: a multicountry analysis
No full textAccording to the literature the decline experienced by the Italian economy in the last two decades depends on a slowdown of its labor productivity, starting in the Nineties. The supply-side explanations of this slowdown are inconsistent with the major stylized facts. In this paper we verify whether a better explanation is provided by the effect of a negative demand shock, through Italy’s external constraints, in the framework of Kaldor-Dixon-Thirlwall’s cumulative growth model. To this end, we use a multi-country generalization of Thirlwall’s balance-of-payments-constrained growth model, which allows us to investigate the contribution of Italy’s main trade partners to Italy’s long-run growth from 1970 to 2010. The trade partners are disaggregated into seven groups: Eurozone core, Eurozone periphery, United States, other European countries, OPEC countries, BRIC, and the rest of the world. The results show that Italy’s long-run growth has been consistent with the Bop-constraint, that its decline can be explained by a progressive tightening of this constraint, that the sudden slowdown of labor productivity in the Nineties corresponds with a major shock on Italy’s external constraint, and that the major contributions to this shock came, through different channels of transmission, from the core Eurozone countries and from OPEC countries
Structural breaks and the twin deficits hypothesis
No full textRecent theoretical and empirical analyses of the relation between the
current account and the government budget balance suggest that the “twin deficits”
relation is subject to structural changes. Most previous empirical analyses impose the
change point without resorting to econometric testing. In this paper we utilize time
series data to evaluate the impact of structural breaks on the long- and short-run
relation between current account, government balance and investment in 22 OECD
countries. We found that when allowing for the possible existence of structural
breaks of unknown date, the data reveal more clearly the long-run relation between
the current account and its determinants. Moreover, the empirical results show that
the degree of financial integration is generally increasing in most OECD countries,
including the leading non-EU economies. This contrasts some recent evidence on the
persistence of the so-called Feldstein–Horioka puzzle
CEEC vs. PIGS: a comparative panel assessment of financial sustainability and twin deficits
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