1,720,980 research outputs found
Istituzioni di politica Economica, squilibri macroeconomici e il futuro dell'unione monetaria
No full textSOMMARIO: 1. Introduzione. – 2. Il modello di politica economica in Europa. – 3. La crisi in Europa. – 3.1. La prima fase: interpretazione e gestione. – 3.2. La seconda fase: la riduzio-ne degli spread e gli effetti dell’austerità. – 4. La crisi e la politica economica in Europa. Considerazioni conclusive
Current account and fiscal imbalances in the Euro-area
No full textIn this paper a model connecting fiscal and external imbalances in Euro peripheral countries is presented. The underlying idea is that, after the negative shock of the 2007 financial crisis, the current account position constitutes the main element in originating different behavior of foreign lenders toward single countries. Once the interaction between the two has started, it turns into a never ending self-fulfilling process. For peripheral countries, positive results of fiscal retrenchments and real devaluation to restore stability and stop capital outflows are subject to unlikely conditions that undermine the improvements of public accounts. The choice governments face is therefore, at least in the short run and in recessive conditions, either to restore the equilibrium of public finance, or to counteract the real shocks coming from the crisis. This conclusion suggests to adopt shared policy instruments to contrast centrifugal forces in EMU
Current account and fiscal imbalances in the Eurozone: Siamese twins in an asymmetrical currency union
No full textThe paper aims at connecting fiscal and external imbalances in the Eurozone. After the shock of the 2007 financial crisis, the current account position was the root cause of discriminatory behavior of foreign lenders towards single countries. Once the interaction between the current account and fiscal imbalances started, the only way out to restore stability and stem capital outflows was to implement fiscal retrenchments and real devaluation. The choice governments of peripheral countries face is therefore, at least in the short run and in recessive conditions, either to restore the equilibrium to their public finance, or to counteract the real shocks coming from the crisis. This suggests to consider that the stability of the Eurozone could be realized at expenses of a lower output in peripheral countries
Did the governance of EU funds help italian regional labour markets during the great recession?
No full textEuropean and national policy-makers have highlighted the role of the cohesion policy in smoothing the effects of the crisis during the programme period 2007–13. To support these claims, however, specific evidence is needed. This article studied the relations between the absorption of the EU funds and regional labour markets in Italian regions during the Great Recession. By applying different panel data models to new data on cohesion policy, three main results were achieved. We found that the cohesion policy made a contribution to the resilience of Italian regional labour markets. Yet the short-term consequences of the cohesion policy on regional economies were conditional on the heterogeneous quality of regional institutions. We also found that the policy changes introduced in Italy during the crisis increased the effectiveness of the cohesion policy. The analysis was controlled for endogeneity issues and alternative specifications
Divari di competitività tra regioni durante la sovereign debt crisis: il Mezzogiorno tra resistenza e resa
No full textSimilarities and Differences in Competitiveness Among European NUTS2 Regions: An Empirical Analysis Based on 2010–2013 Data
No full textDID THE GOOD GOVERNANCE OF EU FUNDS HELP THE RESILIENCE OF LOCAL LABOUR MARKETS DURING THE GREAT RECESSION. EVIDENCE ON ITALIAN REGIONS
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