Review of economic conditions in Italy

Publisher: Banco di Roma

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  • Other titles
    Review of the economic conditions in Italy
  • ISSN
    0034-6799
  • OCLC
    6392682
  • Material type
    Periodical, Internet resource
  • Document type
    Journal / Magazine / Newspaper, Internet Resource

Publications in this journal

  • [Show abstract] [Hide abstract]
    ABSTRACT: The article traces the factors that have kept Italy from turning to advantage the sweeping changes to the European and world economy over the past fifteen years. It identifies two in particular: the relatively slow internationalization of the Italian economy by comparison with others, especially Germany; and the fact that European monetary unification has been a zero-sum game, benefiting some countries (above all Germany) and penalizing others, Italy among them. An econometric test comparing Italy with the other main euro-area economies (Germany, France and Spain) provides interesting confirmation of this thesis. One implication is that internationalization represents an opportunity that Italy needs to exploit in the course of this decade in order to pick up the pace of economic growth.
    Review of economic conditions in Italy 12/2012; 2012(1).
  • [Show abstract] [Hide abstract]
    ABSTRACT: An analysis of the long-term evolution of Italy’s financial intermediaries must consider the macroeconomic constraints impinging on Italy during the early phases of its industrialization in the late nineteenth and early twentieth centuries. The context explains the structuring of the system and the models adopted by the central authorities for systemic stability and satisfactory rates of investment and GDP growth. The pronounced instability associated with a system of “mixed” or universal banks, insufficiently integrated with the financial market, led to the gradual development of an alternative, the “Beneduce system”, which recast bank-firm relations. The internal consistency of this model, designed to buffer exogenous shocks and stabilize capital formation, was progressively eroded in the period of rapid growth following the Second World War, undercutting the ability of the entire financial structure to allocate capital efficiently. In the years of stagflation, the financial deterioration of Italy’s large corporations required an overhaul of the financial system, deemed incapable of efficiently screening entrepreneurs and investment projects. In recent decades the return to universal banking, brought about by a partial institutional convergence, has not been accompanied by robust growth of the kind that Italy enjoyed during the so-called Age of Giolitti before the First World War.
    Review of economic conditions in Italy 01/2011; 64(2/3):333-379.
  • [Show abstract] [Hide abstract]
    ABSTRACT: The official data indicate a much less severe impact of the international crisis on employment and on the incomes of wage-earners and pensioners in Italy than might have been predicted. But the standard measure of unemployment agreed at international level has some shortcomings. For one thing, the "objective" definition of unemployment is a poor fit with the Italian labour market. And for another, the emergence of "semi-employment" – the alternation of brief periods of work with periods of unemployment or economic inactivity – and the considerable increase in labour hoarding make the state of the market hard to read. This article offers a more in-depth examination of the impact of the crisis, using labour force survey data to count workers on wage supplementation, the semi-employed and discouraged workers. The picture that emerges is one of a "long wave" of recession, which will inevitably last for years to come, until the pockets of implicit unemployment are reabsorbed and jobs are created for those now idled. And joblessness will be aggravated by the arrival in the labour market of new generations. So now is the time for reform of unemployment benefits, not just to provide income support for those caught up in the long wave but also to permit quicker reorganization of the productive system. The reform will have to highlight the diverse interests and roles of government and of the collective bargaining partners.
    Review of economic conditions in Italy 01/2010;
  • Review of economic conditions in Italy 01/2008;
  • Review of economic conditions in Italy 01/2000;
  • [Show abstract] [Hide abstract]
    ABSTRACT: The author comments on recent pension reforms carried out in Italy. He suggests that "the promise to renounce real indexing of pensions appears to be a ¿sham', used in order to make the initial pension award more generous but impossible to maintain. Equalization will be necessary and will once again unhinge the financial balance of the system, because the rate of return will be pushed above the growth of overall wages and the golden rule will be violated. Moreover, individual rates of return on contributions will again be diversified, favouring those working people whose retirement period is longer (in terms of the working life) and/or characterized by more frequent or more generous adjustments."
    Review of economic conditions in Italy 01/1996;
  • Review of economic conditions in Italy 01/1988;
  • Review of economic conditions in Italy 07/1983;
  • Review of economic conditions in Italy 07/1983;
  • Review of economic conditions in Italy 02/1979; 33(1):7-17.
  • [Show abstract] [Hide abstract]
    ABSTRACT: "Italian demographic evolution closely resembles that of the other leading European countries, although with some distinctive features, such as a lower birth rate, more rapid population aging and fewer immigrants. Projections for the next two or three decades point to accelerating expansion of the aged population, especially of the very old, and a contraction of the working age population after the turn of the century. However, there are also unknowns involved in the demographic evolution of the aged population, turning on the speed of the decline in senile mortality in the decades to come and the possible effects on the health of the elderly population, hence on the demand for social services, considering among other things changing family patterns. There is broad agreement that the birth rate is now too low, that this could have serious long-run repercussions on relations between generations and on intergenerational transfers, and that there is room for social policy action to influence the reproductive choices of couples. This article examines several possible reproductive models and discusses the foundations for action and the potential policy contradictions."
    Review of economic conditions in Italy