In recent times several factors like financial speculation, high debt of the sovereign states of the euro, political and economic tensions of the smaller countries and the consequent reduction of credit ratings (for example Greece, Ireland, Portugal, Belgium, and so on) as well as the increase in spreads between borrowing rates of the different actors has brought the issue of public administration funding to the fore. More specifically public finance has been over many years the focus of research by professionals and practitioners since the Government and the local authorities have experimented new tools for collection of financial resources, due to the changed economic and financial environment. The use of derivatives by the Local Authorities is a new concept in order to fit with the new context in which the local authority operates. The purpose of such operations is to ensure solvency to the local authority within the short term without compromising its strength in the longer term. The aim of this study is to understand the innovative state of the art in public finance in Italy. The adopted approach is as follows: - a descriptive - deductive introduction to the background of the cultural, social, economic and financial changes in public institutions that led to adopt new innovative financial instruments, - an experimental-inductive approach to the analysis of regulatory developments and the identification of the scope of the phenomenon in Italy.
EVOLUTION OF THE FINANCE FUNCTION IN THE ITALIAN LOCAL PUBLIC
QUARTA, Fabrizio;STEFANIZZI, Pasquale
2013-01-01
Abstract
In recent times several factors like financial speculation, high debt of the sovereign states of the euro, political and economic tensions of the smaller countries and the consequent reduction of credit ratings (for example Greece, Ireland, Portugal, Belgium, and so on) as well as the increase in spreads between borrowing rates of the different actors has brought the issue of public administration funding to the fore. More specifically public finance has been over many years the focus of research by professionals and practitioners since the Government and the local authorities have experimented new tools for collection of financial resources, due to the changed economic and financial environment. The use of derivatives by the Local Authorities is a new concept in order to fit with the new context in which the local authority operates. The purpose of such operations is to ensure solvency to the local authority within the short term without compromising its strength in the longer term. The aim of this study is to understand the innovative state of the art in public finance in Italy. The adopted approach is as follows: - a descriptive - deductive introduction to the background of the cultural, social, economic and financial changes in public institutions that led to adopt new innovative financial instruments, - an experimental-inductive approach to the analysis of regulatory developments and the identification of the scope of the phenomenon in Italy.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
