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Italy: toward a growth-friendly fiscal reform

Michal Andrle, Shafik Hebous (), Alvar Kangur and Mehdi Raissi
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Mehdi Raissi: International Monetary Fund

Economia Politica: Journal of Analytical and Institutional Economics, 2021, vol. 38, issue 1, No 13, 385-420

Abstract: Abstract Published in late 2017, the Italian medium-term fiscal plan aims to achieve structural balance by 2020, although concrete, high-quality measures to meet the target are yet to be specified. This paper seeks to contribute to the discussion by (1) assessing spending patterns to identify areas for savings; (2) evaluating the pension system; (3) analyzing the scope for revenue rebalancing; and (4) putting forward a package of spending cuts and tax rebalancing that is growth friendly and inclusive, could have limited near-term output costs, and would achieve a notable reduction in public debt over the medium term. Such a package could help the authorities balance the need to bring down public debt and, thus, reduce vulnerabilities while supporting the economic recovery.

Keywords: Fiscal reform; Growth-friendly fiscal policy; Public pensions; Italy (search for similar items in EconPapers)
JEL-codes: E27 E62 H55 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/s40888-020-00198-1

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