SIPI
VIII-IX/1993
Rivista di Politica Economica
F. Modigliani

Since the early 1970s and progressively during the 1980s the Italian economy has been experimenting a subtle and pewerse “model” which has expressed itself in these early 1990s in the form of the impending dangev of an irreversible veal and financial crisis.

The tenet of the mode1 is that it is possible to deficit finance public-sector current-account spending. This results in a systematic “destruction” of savings which in turn distorts the allocation of resources, shifting them from savings to consumption…continua a leggere

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