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Subnational fiscal balance, interregional redistribution and risk-sharing in Italy
This paper provides new estimates of redistribution and risk-sharing across regional territories accomplished by the Italian public sector. For the first time, subnational governments’ fiscal balances are explicitly considered and a different methodological approach is followed, providing risk-sharing estimates also at a regional level. It is found that public policies only slightly reduce permanent differences in per capita gross domestic product (GDP) across regions (0.9–2.7%), but, at the same time, they enhance idiosyncratic shocks by 4.8%. Risk-sharing estimates differ significantly among regions that can partially self-insure through fiscal deficits. New estimates diverge from those assessed with traditional methods and suggest important policy implications.
Subnational fiscal balance, interregional redistribution and risk-sharing in Italy
This paper provides new estimates of redistribution and risk-sharing across regional territories accomplished by the Italian public sector. For the first time, subnational governments’ fiscal balances are explicitly considered and a different methodological approach is followed, providing risk-sharing estimates also at a regional level. It is found that public policies only slightly reduce permanent differences in per capita gross domestic product (GDP) across regions (0.9–2.7%), but, at the same time, they enhance idiosyncratic shocks by 4.8%. Risk-sharing estimates differ significantly among regions that can partially self-insure through fiscal deficits. New estimates diverge from those assessed with traditional methods and suggest important policy implications.
Subnational fiscal balance, interregional redistribution and risk-sharing in Italy
Gandullia, Luca (author) / Leporatti, Lucia (author)
Regional Studies ; 54 ; 318-328
2020-03-03
11 pages
Article (Journal)
Electronic Resource
English
fiscal transfers , redistribution , risk-sharing , regional taxes and transfers , E62 , H11 , H23 , H77 , R11
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