/pdf/bidaecing-flypaper-effecte-gwanhan-yeongu-2u73lip3o8.pdf

비대칭 Flypaper Effect에 관한 연구

I estimate the effect of retirement on housework by exploiting the discontinuity in pension eligibility generated by the Italian social security rules. Using microdata from the 2007 wave of the Survey on Income and Living Conditions (SILC), I show that women increase their time spent on home production by more than 400 minutes per week. For men, there is on average no evidence of a significant change, which differs from the results of studies in other countries. However, estimates are heterogeneous by marital status, suggesting that married men do not increase time spent on household production because they can rely on their spouses. I also discuss other possible explanations, in particular men dedicating their time to ‘semi-leisure chores’ that do not fall under the definition of housework used in SILC. Overall, results suggest that retirement does not lead to a more equal distribution of ‘core’ household chores between genders.

/pdf/retirement-pension-eligibility-and-home-production-3ld89pcw86.pdf

Retirement, Pension Eligibility and Home Production

Since 2012 the Italian Government made several steps to repay its commercial debts. By using a composite dataset, we evaluate the effect of these policies on the financial performances of a representative sample of Italian firms. We distinguish between firms beneficiaries of these repayments, those that were not repaid, although they had a legitimate right, and those that did not have commercial relations with the General Government. We find that receiving money had a significant positive impact on firms’ financial position.

/pdf/an-evaluation-of-the-policies-on-repayment-of-government-s-7yrl2hsrlj.pdf

An Evaluation of the Policies on Repayment of Government’s Trade Debt in Italy

The paper studies the impact of foreign ownership on a firm’s economic performance. We use a unique panel dataset to test the foreign ownership premium by comparing our sample of firms based in Italy and owned by a foreign subject with a sample of purely domestic firms that, in order to have a proper counterfactual, were selected using propensity score matching. Our difference-in-differences results show the existence of a premium for the size, profitability and financial soundness of the foreign-owned companies. The premium increases with time, is concentrated in the service sector, and disappears if the foreign investor is based in a fiscal haven.

Foreign ownership and performance: evidence from a panel of Italian firms

I exploit a reform that required Italian municipalities to disclose their balance sheetsbefore elections to study whether having more informed voters aects the political budgetcycle. To start, inve ...

/pdf/political-budget-cycles-with-informed-voters-evidence-from-4ba8tymf89.pdf

Political budget cycles with informed voters:evidence from Italy

Fiscal consolidation by intergovernmental transfers cuts? The unpleasant effect on expenditure arrears

This paper analyzes the decline in Italian municipal investments that began in the middle of the last decade. The analysis shows that, organizational methods for service provision and budgetary financial conditions being equal, investments declined more sharply in the larger municipalities subject to the Domestic Stability Pact than in those which were exempted. The Pact effects have been relatively stronger for those municipalities in better financial conditions, that would have been able to finance investments with their own resources. The Pact has helped to achieve the main goal of the legislator, i.e. to keep the deficit under control. It has also provided a stimulus for local governments to be more rigorous in drafting their budgets, leading to a closer correlation between the amounts committed and those actually spent, in line with the provisions of the new accounting system which has come into force in 2015.

Il calo degli investimenti nei Comuni tra Patto di stabilità interno e carenza di risorse

Local governments may increase expenditure arrears to relax the financial constraints induced by intergovernmental transfer cuts. We assess this hypothesis using information from accounting and financial reports from Italian municipalities for the period 2003-2010. By exploiting the long-lasting effect of the 1977-1978 structural reform of Italian local public finance, we employ an instrumental variable approach to address endogeneity concerns. We find robust empirical evidence that the lower the intergovernmental grants, the larger the use of arrears in public investment expenditures by municipalities. We argue that, when local governments are not subject to effective controls on the formation of arrears but fiscal rules impose binding budget constraints, a cut in intergovernmental transfers can partially diminish the effectiveness of fiscal consolidation at local level.

Intergovernmental transfers and expenditure arrears

This paper analyzes the decline in Italian municipal investments that began in the middle of the last decade. The analysis shows that, organizational methods for service provision budgetary financial conditions being equal, investments declined more sharply in the municipalities subject to the Domestic Stability Pact than in those which were exempted. The Pact effects have been relatively stronger for those municipalities in better financial conditions, that would have been able to finance investments with their own resources. In more recent years, the relaxation of the constraints and the introduction of regional pacts have alleviated difficulties in settling expenditure arrears. The Pact has helped to achieve the main goal of the legislator, i.e. to keep the deficit under control. It has also provided a stimulus for local governments to be more rigorous in drafting their budgets, leading to a closer correlation between the amounts committed and those actually spent, in line with the provisions of the new accounting system which will come into force in 2015.

The decline in municipal investments between Domestic Stability Pact and lack of financial resources

In this paper we investigate how tightening fiscal constraints (e.g., through intergovernmental transfer cuts) can lead local governments to postpone investments’ payments. We first provide a simple model showing how local governments can use arrears to relax their short-run financial constraints. We then empirically assess our theoretical prediction, using information from accounting and financial reports of all Italian municipalities for the period 2003-2010. Exploiting the long-lasting effect of 1979 structural reform of Italian local public finance, we employ an instrumental variable approach to face endogeneity concerns. We find robust evidence that tighter fiscal and financial conditions of the local governments determine larger arrears for public investment expenditures.

/pdf/fiscal-consolidation-and-expenditure-arrears-evidence-from-4ltjpl6of5.pdf

Vanni Mengotto

Papers

Fiscal consolidation by intergovernmental transfers cuts? The unpleasant effect on expenditure arrears

Il calo degli investimenti nei Comuni tra Patto di stabilità interno e carenza di risorse

Intergovernmental transfers and expenditure arrears

The decline in municipal investments between Domestic Stability Pact and lack of financial resources

Fiscal Consolidation and Expenditure Arrears: Evidence from Local Governments' Investments