The Prospects of the Italian Economy in the Centenary of Paolo Sylos Labini's Birth
Bibliographic Data
| ID | 12229130 |
|---|---|
| Authors | Daniela Tavasci (Queen Mary University of London, corresponding author), Luigi Ventimiglia (0000-0002-0928-0489, Queen Mary University of London) |
| Year | 2022 |
| Volume | 36 |
| Issue | 1 |
| Pages | 202-232 |
| Publication date | 2022-02-22 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Review of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0953-8259 • E-ISSN: 1465-3982 |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/09538259.2021.2015169 |
| OpenAlex | W4213337929 |
| Language | EN |
| References cited | 15 |
The hundredth anniversary of Paolo Sylos Labini's birth seems an excellent opportunity to celebrate his contribution, particularly in light of the European post-COVID-19 extraordinary measures. These revived debates around the relationship between state and market, structural inequalities within Italy, and austerity (Papadimitriu et al. 2020; Palma 2020; Variato et al. 2020; Canelli et al. 2021). Inspired by a reflection on Sylos Labini's assessment of the Italian increasing debt/low-investment/low-growth decline, our rationale is the need to re-focus away from debt towards investment and growth. We compare this alternative focus to the theories underpinning austerity, including the Ricardian equivalence, the crowding-out argument, and the bond vigilantes hypothesis. Our work relies on wide-ranging data analysis and concentrates on three econometric models: a vector error correction model to analyse the relationship between public debt and GDP in the long-run; a vector auto-regression model, which analyses the relationship between GDP and the components of debt, interest rates spread, and exchange rate in the short-run; and an additional vector auto-regression model to examine the primary balance components, including fiscal spending and revenues. We find that Sylos Labini's warnings and his view of the relation between economic development and civil development are no less relevant today
Austerity · Debt · Econometrics · Economics · Economy · Error correction model · Keynesian economics · Macroeconomics · Monetary economics · Political science · Economic Theory and Policy · Fiscal Policies and Political Economy · Monetary Policy and Economic Impact
Large Changes in Fiscal Policy
An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output
Growth in a Time of Debt
Inference in Linear Time Series Models with some Unit Roots
The Sraffian schools
Thinking of Sylos Labini (or Sylos Labini's Thinking)
Are EU Policies Effective to Tackle the Covid-19 Crisis? The Case of Italy
Josef Steindl's relations to Italian economics ∗
The Forces of Economic Growth and Decline
| Highly cited | No |
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