Greco L., Iacovoni D. (2004).

Decentramento e mercato del debito pubblico locale. Moneta e Credito, vol. 228, pp. 437-480.



New opportunities and risks arise from the growing role of Italian local governments as public debt issuers on credit and financial markets. The paper analyzes the present institutional framework, and characterizes a reform implementing a stable and efficient “market” for the Italian local governments’ debt (based on three pillars: bonds, bank loans and loans by the Cassa Depositi e Prestiti) compatible with the ongoing fiscal decentralization process.