The growth of public debt in Italy: past experience, perspectives and policy problems
Keywords:public debt, sovereign debt, fiscal policy, debt management
Article originally published in Banca Nazionale del Lavoro Quarterly Review, vol. 37 n. 149, June 1984, pp. 119-149. The work surveys the Italian experience with reference to growth and public debt. It does not seek to test conflicting views, as the effects of some financial and policy innovations are too recent and some data is of poor quality. Rather, its more limited scope is to draw on past experience and, more importantly, assess future prospects in order to discuss some problems regarding both fiscal and monetary policy. The author examines debt formation with reference to borrowing requirements, their composition and their adjusted measure, before taking into consideration financing policies pursued by the authorities and the changes in the composition, ownership and cost of debt. Finally, possible future developments and some connected policy problems are examined.
JEL Codes: H63, F34, B31
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