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

Authors

Francesco Figari, Carlo V. Fiorio

Publication Date

Dec 2015

Summary

Italy experienced a double-dip Great Recession: after the start of the global financial crisis, Italy had a second serious recession in 2011 as a result of the sovereign debt crisis. The reaction of Italian governments was minimal at the beginning but more serious action has been taken to address Italy's fiscal problems since the start of the sovereign debt crisis in 2011. The policies adopted have helped to move the public finances to a more sustainable position, but household real incomes decreased by 13 per cent, with this reduction being quite unevenly felt across 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.

Volume and page numbers

Volume: 36 , p.499 -526

DOI

http://dx.doi.org/10.1111/j.1475-5890.2015.12074

Publication type

Journal Article

Research area

Tax and benefit systems

Links

http://serlib0.essex.ac.uk/record=b1612309~S5

Notes

Albert Sloman Library Periodicals *restricted to University of Essex registered users*

---

Related Publications

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

  Francesco Figari, Carlo Fiorio, EUROMOD Working Paper Series -23 Jun 2015

Cid:523423