The Italian response to the economic and health crises

A budgetary comparison

Datos Bibliográficos

ID20201155
AutoresDenita Cepiku (0000-0002-5314-6770, University of Rome Tor Vergata, autor de correspondencia), Benedetta Marchese (University of Rome Tor Vergata), Marco Mastrodascio (0000-0003-4445-3645, Libera Università Maria SS. Assunta)
Año2021
Volumen33
Número1
Páginas47-55
Fecha de publicación2021-01-26
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaJournal of Public Budgeting Accounting & Financial Management (JOURNAL)
Identificadores de la revistaISSN: 1096-3367 • E-ISSN: 1945-1814
EditorialEmerald (PUBLISHER)
DOI10.1108/jpbafm-07-2020-0134
OpenAlexW3093980630
IdiomaEN
Citas recibidas7
Referencias citadas9

Purpose This article aims at shedding light on differences in terms of crisis management approaches adopted by the Italian government in order to tackle the two most impactful crises that heavily hit the entire globe in the last 15 years: the financial and economic crisis occurred in 2007/2008 and the health crisis occurred in 2020 due to the COVID-19 pandemic. Furthermore, the article makes conceptual previsions on the potential impact of the health crisis even though, at this time, it is hard to predict the exact extent of its negative consequences. Design/methodology/approach The authors implement a comparative approach, in terms of budgetary response, to identify the differences and the consequences of the different responses provided by the Italian government to deal with the two worldwide crises. Findings While the economic and financial crisis occurred in the past decade required the Italian government to adopt predominantly austerity measures, the pandemic occurred due to the spreading of COVID-19 pushed the Italian government to adopt investment and fiscal policy based on tax breaks in order to allow the re-launch of the socio-economic fabric of the nation. Originality/value The originality of this paper stems from the scant research focused on the budgetary response of governments to tackle global crises. In addition, the paper endeavours to demonstrate the consequences of the myopic vision of the political leaders who, as it occurred in the Italian context, mainly aimed at maximizing the results in the short run at the expense of the potential consequences in the long run

Austerity · Crisis management · Development economics · Economic policy · Economics · Financial crisis · Fiscal policy · Geography · Globe · Macroeconomics · Originality · Pandemic · Political science · Politics · Public economics · Employment and Welfare Studies · Medicine · Regional resilience and development · Social Policy and Reform Studies · Finance