UID:
edoccha_9958109753602883
Format:
1 online resource (87 p.)
ISBN:
1-4623-7384-4
,
1-4623-0421-4
,
1-283-56575-7
,
9786613878205
,
1-4623-7182-5
Series Statement:
IMF Staff Country Reports
Content:
Based on the economic literature, various policy measures and institutions in the product and labor markets that increase growth and employment are studied. From a cross-country approach, this study finds a significant relationship between Vertical Fiscal Imbalances (VFIs) and fiscal performance in OECD countries. Different measures of vertical imbalance are used. To assess the impact of a vertical gap, a panel equation is estimated that is related to general government primary balance to vertical balance, spending decentralization, covariates, and interaction terms.
Note:
Description based upon print version of record.
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Cover; Contents; I. Structural Reforms and Growth: What Works?; A. Diagnosis; Boxes; 1. Why is Italy lagging behind?; Figures; 1. Structural Indicators for Product Market; 2. Italy and EU 15: Tax Wedge; B. Some Evidence from the Literature; 3. Structural Indicators for Labor Market; C. Lessons from International Experience; D. Required Actions: What Needs to Be Done?; Tables; 1. An Overview of Performance in Each Policy Area at Aggregate Level - 2009; References; II. Italy's Regional Disparities; III. Decentralizing Spending More Than Revenue: Is It Bad For Fiscal Performance?
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A. IntroductionB. Vertical Fiscal Imbalance and Fiscal Performance; Boxes; 1. Cost-Benefit Analysis of Vertical Imbalances in the Theoretical Literature; C. Measuring Vertical Fiscal Imbalances; 2. Vertical Fiscal Imbalance: Definition and Accounting Determinants; D. Some Stylized Facts on Vertical Imbalances; Figures; 1. Vertical Fiscal Imbalance, Sub-National Own Revenue and Expenditure; 2. Vertical Fiscal Imbalance: Level and Change; 3. Breakdown of the Annual Change in Vertical Fiscal Imbalances; 3. Contribution to the Change in the Vertical Fiscal Imbalance; Tables
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1. Granger Non-Causality Test Results4. Fiscal Performance and Vertical Fiscal Imbalance; E. Econometric Evidence; 2. Vertical Fiscal Imbalance and Fiscal Performance; 3. Vertical Fiscal Imbalance and Fiscal Performance: Selected Robustness Checks; 4. Vertical Fiscal Imbalance, Government Expenditure, and Government Revenue; F. Fiscal Federalism Reform in Italy: Straightening the "Crooked Tree" of Italy's Public Finances; 5. Italy: Fiscal Decentralization and Vertical Imbalance, 1980-2009; 6. Italy: General Government Expenditure and Revenue by Sub-Sectors, 2005-2009
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7. Italy: Fiscal Developments around Selected Major Decentralization Events4. Municipal and Regional Financing Reform: Some Highlights; G. Conclusions; References; Appendix; 1. Data Sources and Definition; Appendix Tables; 1A. List of Countries and Data Availability; 2A. List of Variables, Definitions, and Sources; IV. The Link between Sovereign and Banking Risks in Italy; A. Introduction; B. Banks' CDS and Sovereign Spreads: Stylized Facts; C. The Movements in Italian Banks' CDS Spreads Relative to EA Bank CDS Spreads; D. Sovereign Risks and Bank Funding Costs; Tables
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1. Determinants of Changes in Italian Banks' CDS Spreads Relative to Euro Area's Banks' CDS SpreadsE. Conclusions and Policy Implications; 2. Determinants of Changes in Italian Banks' Bond Yields Relative to Euro Area's Banks' Bond Yields; References; Appendix; 1. Construction of the Dummy Variable Capturing Good and Bad News
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English
Additional Edition:
ISBN 1-4623-0120-7
Language:
English
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