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Governance fiscale e sostenibilitˆ del debito pubblico (The sustainability of public debt in the European Union)

Author

Listed:
  • Bianca Giannini

    (Dipartimento del Tesoro Ministero dellÕEconomia e delle Finanze,)

  • Chiara Oldani

    (Universitˆ degli Studi della Tuscia)

Abstract

LÕindebitamento e la sua sostenibilitˆ sono elementi cruciali per determinare la soliditˆ delle finanze pubbliche, ma la risposta alla domanda Òquanto debito dovrebbe emettere il settore dellÕamministrazione pubblicaÓ non univoca. La sostenibilitˆ del debito un obiettivo primario nel processo di integrazione europea e Sylos Labini nel ÒManifestoÓ evidenziava le conseguenze di un debito pubblico elevato. Il forte legame tra il problema della sostenibilitˆ del debito e la necessitˆ di stimolare la domanda, oltre che lÕofferta, per evitare il diffondersi di disoccupazione e disuguaglianze rimane di estrema attualitˆ. Un aspetto rilevante delle azioni correttive intraprese dai governi il livellamento dei costi finanziari del debito e lo spostamento di parte del debito in avanti, attraverso lÕutilizzo di strumenti finanziari derivati, come gli swap. Con il presente contributo, colmiamo la lacuna nel dibattito di policy, muovendo dal contributo al tema della sostenibilitˆ del debito di Sylos Labini per attualizzarlo alle sfide poste dalla finanziarizzazione. Debt and its sustainability are crucial elements in determining the soundness of public finances, but the answer to the question Òhow much debt should the public administration sector issueÓ is not unique. Debt sustainability is a primary objective in the European integration process and Sylos Labini in the ÒManifestoÓ highlighted the consequences of high public debt. The strong link between the problem of debt sustainability and the need to stimulate demand, as well as supply, to avoid the spread of unemployment and inequality remains extremely topical. An important aspect of the corrective actions taken by governments is the leveling of financial costs of debt and the shifting of part of the debt forward, through the use of financial derivative instruments, such as swaps. With this contribution, we fill the gap in the policy debate, moving from Sylos LabiniÕs contribution to the theme of debt sustainability to actualize it to the challenges posed by financialization.

Suggested Citation

  • Bianca Giannini & Chiara Oldani, 2020. "Governance fiscale e sostenibilitˆ del debito pubblico (The sustainability of public debt in the European Union)," Moneta e Credito, Economia civile, vol. 73(292), pages 385-395.
    • Handle: RePEc:psl:moneta:2020:46
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    More about this item

    Keywords

    debito pubblico; finanziarizzazione; sostenibilitˆ; swap; Unione Europea;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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