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Fiscal consolidation policies in the context of Italy’s two recessions

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  • Figari, Francesco
  • Fiorio, Carlo

Abstract

The Italian Great Recession has a double-dip pattern. After the start of the global financial crisis, Italy experienced a second serious recession in 2011 because of the sovereign debt crisis. The reaction of Italian governments was mild at the beginning and more convinced since the start of the sovereign debt crisis in 2011. Adopted policies contributed to realign public finances at a sustainable level, while household real income decreased by 13 per cent and quite unevenly along the household income distribution. The medium-term outlook is still uncertain: a great deal depends on the capacity of the Italian economy to reduce the level of public debt and to return to sustained economic growth, which has been very weak for more than a decade.

Suggested Citation

  • Figari, Francesco & Fiorio, Carlo, 2015. "Fiscal consolidation policies in the context of Italy’s two recessions," EUROMOD Working Papers EM7/15, EUROMOD at the Institute for Social and Economic Research.
    • Handle: RePEc:ese:emodwp:em7-15
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    References listed on IDEAS

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    1. Leventi, Chrysa & Figari, Francesco & Paulus, Alari & Avram, Silvia & Matsaganis, Manos & Navicke, Jekaterina & Rastrigina, Olga & Sutherland, Holly & Militaru, Eva & Levy, Horacio, 2013. "The distributional effects of fiscal consolidation in nine EU countries," EUROMOD Working Papers EM2/13, EUROMOD at the Institute for Social and Economic Research.
    2. Lidia Ceriani & Carlo V. Fiorio & Chiara Gigliarano, 2013. "The importance of choosing the data set for tax-benefit analysis," International Journal of Microsimulation, International Microsimulation Association, vol. 1(6), pages 86-121.
    3. Alberto Baffigi, 2011. "Italian National Accounts, 1861-2011," Quaderni di storia economica (Economic History Working Papers) 18, Bank of Italy, Economic Research and International Relations Area.
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    Cited by:

    1. Daniela Piazzalunga & Maria Laura Di Tommaso, 2019. "The increase of the gender wage gap in Italy during the 2008-2012 economic crisis," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 17(2), pages 171-193, June.
    2. Carabotta, Laura & Paluzie, Elisenda & Ramos, Raul, 2017. "Does fiscal responsibility matter? Evidence from public and private forecasters in Italy," International Journal of Forecasting, Elsevier, vol. 33(3), pages 694-706.
    3. Philippe Burger & Estian Calitz, 2021. "Covid‐19, Economic Growth and South African Fiscal Policy," South African Journal of Economics, Economic Society of South Africa, vol. 89(1), pages 3-24, March.

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