Deficit and public debt management before joining the EMU, which considerations today?

Journal title RIVISTA TRIMESTRALE DI SCIENZA DELL’AMMINISTRAZIONE
Author/s Bernardo Maggi
Publishing Year 2014 Issue 2014/1
Language Italian Pages 43 P. 51-93 File size 1119 KB
DOI 10.3280/SA2014-001003
DOI is like a bar code for intellectual property: to have more infomation click here

Below, you can see the article first page

If you want to buy this article in PDF format, you can do it, following the instructions to buy download credits

Article preview

FrancoAngeli is member of Publishers International Linking Association, Inc (PILA), a not-for-profit association which run the CrossRef service enabling links to and from online scholarly content.

In this paper we focus on how the necessities from the public sector borrowing requirement are managed in the Government securities markets. We consider in detail the interaction between the demand and supply schedules and, within this context, the role of economic agents and institutions. The interest in the pre-union period is in the analysis of the reasons that made feasible decreasing levels of new issuances as well as interest expenses out of GDP. In particular, after the estimation of a complete interactive structural model, we carry out simulations experiments to highlight the tendencies according to the structure that was operative in the pre-euro phase. Importantly, the results we derive are helpful to asses also on the current structure underlying the debt management and the balance of the public sector.

Keywords: Public policy issuance management, public sector borrowing requirements, government bonds market, structural simultaneous equations estimation

  1. Alvaro G. (1999). Contabilità Nazionale e Statistica Economica. Bari: Cacucci.
  2. Bosi P. (1996). Corso di Scienza delle Finanze. Bologna: il Mulino.
  3. Balassone F., Daniele F. (1996). Il fabbisogno finanziario pubblico. Temi di discussione. Servizio Studi Banca d’Italia, n. 277.
  4. Delle Chiaie S., Maggi B. (2014). Italian Government debt liquidity. is it of value?. WP DSS n. 2014/3.
  5. Giavazzi F., Pagano M. (1990). Confidence Crisis and Public Debt Management. In: R. Dornbush, M. Draghi (eds.). Public Debt Management: Theory and History. Cambridge: Cambridge University Press, pp. 125-152. Ginebri S., Maggi B., Turco M. (2005). The automatic reaction of the Italian budget balance to fundamentals: an econometric estimate. Applied Economics. January, 1: 67-91.
  6. Giovannini E. (1993). Fabbisogno pubblico, politica monetaria e mercati finanziari. Milano: Franco Angeli.
  7. Giovannini E., Paladini R. (1990). Fabbisogno. Maturità del debito e tassi di interesse: un modello econometrico dei titoli di Stato. Moneta e Credito, 170: 181-209.
  8. Hansen B.E., Gregory A.W. (1996a). Tests for cointegration in models with regime and Trend shifts. Oxford Bullettin of Economic and Statistics, vol. 58, 3: 555-559.
  9. Hansen B.E., Gregory A.W. (1996b). Residual-based tests for cointegration in models with regime shifts. Journal of Econometrics, 70: 99-126.
  10. Hansen P.L., Singleton K.J. (1996). Efficient estimation of linear asset-pricing models with moving average errors. Journal of Business and Economic Statistics, vol. 14, 1: 53-68.
  11. Maggi B. (1998). Debito pubblico. vincolo di bilancio e aspettative di svalutazione. Politica Economica, 2: 283-295.
  12. Maggi B. (2002). Stability of the exchange-rate agreements and public debt management: the Italian experience within SME. Journal of Public Finance and Public Choice/Economia delle Scelte Pubbliche, 1: 53-73.
  13. Obstfeld M. (1994). The Logic of Currency Crisis. in Banca di Francia. Cahiers Èconomiques et Monétaires, 43: 189-213.
  14. Obstfeld M. (1996). Models of Currency Crisis with Self-fulfilling Features. European Economic Review, 40: 1037-1047.
  15. Spaventa L., Giavazzi F., Favero C. (1997). High yields: the spread on German interest rates. The Economic Journal, 107: 956-985.
  16. Spaventa L., Chiorazzo V. (2000). Astuzia o virtù? Come accadde che l’Italia fu ammassa all’Unione monetaria. Roma: Donzelli Editore.

Bernardo Maggi, Amministrazione del fabbisogno e del debito pubblico nella fase pre-euro. Quali riflessioni oggi? in "RIVISTA TRIMESTRALE DI SCIENZA DELL’AMMINISTRAZIONE" 1/2014, pp 51-93, DOI: 10.3280/SA2014-001003