Papers by fiorenza venturini
RePEc: Research Papers in Economics, 2018
Although numerical fiscal rules may be introduced to achieve several objectives, to date the main... more Although numerical fiscal rules may be introduced to achieve several objectives, to date the maintenance of fiscal sustainability is their predominant goal. This is particularly true at subnational level; maintaining fiscal discipline in a decentralized setting is challenging and subnational government fiscal rules are considered one of the most valid solutions to the problem. While theoretical and empirical literature has mainly focused on their effectiveness in containing subnational deficit and/or debt, little attention has been paid to the possible trade-offs and side effects of the rules on the composition of subnational expenditure. The aim of this paper is to fill this gap by exploiting the case of Italian municipalities, which have been subject for fifteen years (1999-2015) to a set of rules called Domestic Stability Pact. The Italian DSP framework-imposing rules only on municipalities above a population threshold (5000 inhabitants)-allows us to implement a quasi-experimental technique to investigate the unintended composition effects of the rules. A difference-in-discontinuities design permits to find rigorous empirical evidence that the switching in 2007 to rules which are more binding in terms of fiscal discipline leads to a recomposition of municipal expenditure against investment spending. The analysis is then integrated by evaluating the impact of the rules on six categories of investment expenditure. Investment in human capital and infrastructure seems to be the most affected.
Prisma, Feb 1, 2023
La valutazione degli incentivi agli investimenti è fondamentale sia sotto il profilo della politi... more La valutazione degli incentivi agli investimenti è fondamentale sia sotto il profilo della politica industriale, per scegliere i meccanismi che più incidono sulle decisioni delle imprese, ma anche sotto il profilo della finanza pubblica, perché è di notevole importanza comprendere se le risorse stanziate al momento del varo della policy corrispondano alle risorse effettivamente impiegate. Questo lavoro procede a un esercizio di valutazione ex post della politica del credito di imposta sugli investimenti riservato alle imprese operanti nelle regioni meridionali tra il 2016 e il 2019, sulla base delle informazioni estraibili dal modello di microsimulazione MEDITA. Le analisi consentono di verificare una parziale efficacia dello strumento utilizzato sul tasso di investimento delle imprese.
European Journal of Political Economy, Jun 1, 2020
Although numerical fiscal rules may be introduced to achieve several objectives, to date the main... more Although numerical fiscal rules may be introduced to achieve several objectives, to date the maintenance of fiscal sustainability is their predominant goal. This is particularly true at subnational level; maintaining fiscal discipline in a decentralized setting is challenging and subnational government fiscal rules are considered one of the most valid solutions to the problem. While theoretical and empirical literature has mainly focused on their effectiveness in containing subnational deficit and/or debt, little attention has been paid to the possible trade-offs and side effects of the rules on the composition of subnational expenditure. The aim of this paper is to fill this gap by exploiting the case of Italian municipalities, which have been subject for fifteen years (1999-2015) to a set of rules called Domestic Stability Pact. The Italian DSP framework-imposing rules only on municipalities above a population threshold (5,000 inhabitants)-allows us to implement a quasiexperimental technique to investigate the unintended composition effects of the rules. A difference-in-discontinuities design permits to find rigorous empirical evidence that the switching in 2007 to rules which are more binding in terms of fiscal discipline leads to a recomposition of municipal expenditure against investment spending. The analysis is then integrated by evaluating the impact of the rules on six categories of investment expenditure. Investment in human capital and infrastructure seems to be the most affected.
RePEc: Research Papers in Economics, Dec 1, 2016
The aim of this paper is to discuss the reliability of the estimates of fiscal multipliers to be ... more The aim of this paper is to discuss the reliability of the estimates of fiscal multipliers to be found in the empirical literature by studying the case of the Japanese lost decade. We start from the literature considering Japan as proof of the general ineffectiveness of public spending. We identify the critical aspects that the estimates of fiscal multipliers present due to the theoretical assumptions that lie behind the obtained values. We then highlight the importance of the institutional context in which fiscal policies are pursued and the relevance of the quality of ex-penditure. We conclude that the results of the estimates may be strongly influenced by the reference theoretical framework and that they neglect relevant aspects, such as the composition of expenditure and the multiplicative effect of each policy measure. They cannot therefore constitute the sole basis to appraise the effectiveness of fiscal policy.
PRISMA Economia - Società - Lavoro
La valutazione degli incentivi agli investimenti è fondamentale sia sotto il profilo della politi... more La valutazione degli incentivi agli investimenti è fondamentale sia sotto il profilo della politica industriale, per scegliere i meccanismi che più incidono sulle decisioni delle imprese, ma anche sotto il profilo della finanza pubblica, perché è di notevole importanza comprendere se le risorse stanziate al momento del varo della policy corrispondano alle risorse effettivamente impiegate. Questo lavoro procede a un esercizio di valutazione ex post della politica del credito di imposta sugli investimenti riservato alle imprese operanti nelle regioni meridionali tra il 2016 e il 2019, sulla base delle informazioni estraibili dal modello di microsimulazione MEDITA. Le analisi consentono di verificare una parziale efficacia dello strumento utilizzato sul tasso di investimento delle imprese.
European Journal of Political Economy, 2020
Although numerical fiscal rules may be introduced to achieve several objectives, to date the main... more Although numerical fiscal rules may be introduced to achieve several objectives, to date the maintenance of fiscal sustainability is their predominant goal. This is particularly true at subnational level; maintaining fiscal discipline in a decentralized setting is challenging and subnational government fiscal rules are considered one of the most valid solutions to the problem. While theoretical and empirical literature has mainly focused on their effectiveness in containing subnational deficit and/or debt, little attention has been paid to the possible trade-offs and side effects of the rules on the composition of subnational expenditure. The aim of this paper is to fill this gap by exploiting the case of Italian municipalities, which have been subject for fifteen years (1999-2015) to a set of rules called Domestic Stability Pact. The Italian DSP framework-imposing rules only on municipalities above a population threshold (5,000 inhabitants)-allows us to implement a quasiexperimental technique to investigate the unintended composition effects of the rules. A difference-in-discontinuities design permits to find rigorous empirical evidence that the switching in 2007 to rules which are more binding in terms of fiscal discipline leads to a recomposition of municipal expenditure against investment spending. The analysis is then integrated by evaluating the impact of the rules on six categories of investment expenditure. Investment in human capital and infrastructure seems to be the most affected.
The aim of this paper is to discuss the reliability of the estimates of fiscal multipliers to be ... more The aim of this paper is to discuss the reliability of the estimates of fiscal multipliers to be found in the empirical literature by studying the case of the Japanese lost decade. We start from the literature considering Japan as proof of the general ineffectiveness of public spending. We identify the critical aspects that the estimates of fiscal multipliers present due to the theoretical assumptions that lie behind the obtained values. We then highlight the importance of the institutional context in which fiscal policies are pursued and the relevance of the quality of ex-penditure. We conclude that the results of the estimates may be strongly influenced by the reference theoretical framework and that they neglect relevant aspects, such as the composition of expenditure and the multiplicative effect of each policy measure. They cannot therefore constitute the sole basis to appraise the effectiveness of fiscal policy.
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Papers by fiorenza venturini