کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5067940 1476887 2015 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The impact of fiscal policy announcements by the Italian government on the sovereign spread: A comparative analysis
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
The impact of fiscal policy announcements by the Italian government on the sovereign spread: A comparative analysis
چکیده انگلیسی


- We study the impact of fiscal policy announcements on the Italian bond spread.
- We collect data on relevant fiscal policy announcements by government members.
- An econometric comparative analysis between three administrations is conducted.
- Fiscal policy announcements by Monti's cabinet had a significant impact.
- Differences in credibility may have played an important role.

This paper attempts to evaluate the impact of fiscal policy announcements by the Italian government on the long-term sovereign bond spread of Italy relative to Germany. After collecting data on relevant fiscal policy announcements, we perform an econometric comparative analysis between the three administrations that followed one another during the period 2009-2013. The results indicate that only fiscal policy announcements made by members of Monti's cabinet had a significant impact on the Italian spread. We argue that these findings may be partly explained by a credibility gap between Monti's technocratic administration and Berlusconi's and Letta's governments.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Journal of Political Economy - Volume 39, September 2015, Pages 288-304
نویسندگان
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