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291. Does a Switch of Budget Regimes Constrain Managerial Discretion? Evidence for Italian Public Enterprises' Investment

Author:
Elisabetta Bertero and Laura Rondi
Publication Date:
03-2002
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
This study examines the effect of the hardening of the budget constraint on the investment behaviour of Italian state owned enterprises (SOEs). It carries out a natural experiment that exploits the 1987 shift of budget regimes due to the pressure of European Union economic policies on the Italian government.Drawing from the theory of capital market imperfections, we apply the empirical framework for the analysis of investment-cash flow sensitivity to a panel of state-owned manufacturing firms during the period 1977-93. We parallel state firms to Anglo-Saxon public corporations which, under separation of ownership and control, are afflicted by agency problems, managerial discretion, misallocation of free cash-flow and overinvestment. We argue that, under a soft budget constraint, state firms' managerial discretion and, in particular, collusion between managers and vote-seeking politicians, lead to wasteful investment.
Topic:
Economics and International Trade and Finance
Political Geography:
Europe and Italy

292. The Declining Use of Unskilled Labour in Italian Manufacturing: Is Trade to Blame?

Author:
Paul Brenton and Anna Maria Pinna
Publication Date:
12-2001
Content Type:
Working Paper
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
As in other industrialised countries, the manufacturing sector in Italy has recently experienced a substantial increase in the use of skilled relative to unskilled workers — skill upgrading. In this paper we estimate a model, based upon the notion of outsourcing, of the relative demand for skilled labour which allows identification of the roles of technological change and trade, the two main culprits, in skill upgrading. Compared to previous studies of Italy the model is applied to highly disaggregated industrial data and in addition the impact of trade is more precisely measured through the separate identification of import flows from low-wage labour abundant countries and those from OECD partners. Furthermore we also introduce a measure of trade variability. Our results show firstly that economic variables played little or no role in determining the relative demand for unskilled workers in the 1970s in Italy, reflecting the nature of Italian labour market institutions in the period. Subsequently, in the 1980s and 1990s, following some labour market reforms, we find that international competition, in terms of import penetration and the variability of trade prices, had a significant effect on the relative demand for blue-collar workers in Italy in skilled intensive sectors. In unskilled intensive sectors, such as textiles and clothing, where the impact of imports from low-wage countries might be expected to be more pronounced, we do not find a significant effect from imports but rather that the most important role has been played by technological change. The result is consistent with previous studies that indicate that Italian textile and clothing firms have remained internationally competitive by increasingly switching to high quality segments of the industry.
Topic:
Economics, Government, Human Rights, International Trade and Finance, Migration, and Political Economy
Political Geography:
Europe and Italy

293. Improving Upon Nature: Creating Competitive Advantage in Ceramic Tile Clusters in Italy, Spain, and Brazil

Author:
Jorg Meyer-Stamer, Silene Seibel, and Claudio Maggi
Publication Date:
10-2001
Content Type:
Working Paper
Institution:
Institute for Development and Peace
Abstract:
This paper shows how using a combination of a cluster and a global value chain approach helps to assess local competitive strategies and upgrading possibilities. The global ceramic tile industry is dominated by two industrial clusters, Sassuolo in Italy and Castellón in Spain, which are not only dominating tile production in their respective countries and in Europe but are also the global technology leaders and the leading exporters. The Italian tile manufacturers are closely linked with capital goods manufacturers, the Spanish with producers of glazing materials. The equipment and materials producers drive technical change and innovation in tile design, whereas the tile manufacturers try to establish a competitive advantage in particular by innovating in downstream activities: training tilers, establishing diversified brands for different sales channels, and going into direct sales. Analyzing the value chain, from inputs and capital goods to final sales, offers new insights into scope and alternatives of local upgrading. It also helps to reassess the competitiveness of tile clusters in the developing world. This is done for Brazil's leading cluster which is located in Santa Catarina. Tile firms there can benefit from the fierce rivalry among Italian capital goods producers and among Spanish producers of glazing materials, as well as the rivalry between Italy and Spain. They are technology followers. However, having to deal with a volatile and very competitive market, they are innovative in downstream activities, experimenting with concepts which are not yet used by Italian or Spanish manufacturers.
Topic:
Development, Economics, and Peace Studies
Political Geography:
Europe, Brazil, Spain, and Italy

294. Saudi-Italian Relations During the Reign of King Fahd

Author:
Roberto Aliboni
Publication Date:
11-2001
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
In the hundred years that have elapsed since the birth of Saudi Arabia many important developments and changes have affected both this country and Italy. Still, whereas Saudi Arabia has progressed with remarkable political stability, Italy has suffered numerous shocks: the crisis and fall, after World War I, of the nationalist elites which had made Italy an independent and united country in the 19th century; the fall of the Fascist regime and the Savoy monarchy at the end of World War II; the emergence, during the Cold War, of a Western democracy run by the classes which the nationalist elite had excluded from the process of independence; today, after the end of the Cold War, the fall of the Catholic and communist parties that dominated the Cold War domestic stage and the painful attempt to establish a less ideologically-based, more market-oriented and liberal-minded democracy in the country.
Topic:
International Relations, Foreign Policy, and Economics
Political Geography:
Europe, Arabia, Saudi Arabia, and Italy

295. Relations Between Italy and Libya

Author:
Roberto Aliboni
Publication Date:
03-2001
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
Relations between Italy and Libya have oscillated over time, though broadly in tune with trends in international relations with this country. Despite oscillations, however, relations have never ceased to be important for both Italy and Libya.
Topic:
International Relations
Political Geography:
Europe, Libya, North Africa, and Italy

296. Italy — Berlusconi Victory

Author:
Caspar Fithin
Publication Date:
05-2001
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
The outcome of last Sunday's general election is now clear. Although the centre-right has won substantial majorities in both houses of parliament, both the Alleanza Nazionale and the Northern League suffered setbacks. The League failed to pass the threshold needed to qualify for a share of the quarter of seats in the Chamber of Deputies allocated by proportional representation. For the time being, Forza Italia, and therefore Berlusconi, who dominates the party, is in firm control of the centre-right coalition. If Berlusconi can retain his authority over the coalition for the next five years, it could assist in stabilising a still highly-fractured and potentially unstable party system.
Topic:
Government and Politics
Political Geography:
Europe and Italy

297. Consumer Credit in the European Union

Author:
Nuria Diez Guardia
Publication Date:
02-2000
Content Type:
Working Paper
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
This report analyses the European consumer credit markets and their regulation at European level. Its findings are as follows: European consumer credit markets are characterised by deep national differences and strong market segmentation. The report finds no generalised model of consumer credit from the analysis of statistical data. An Anglo-Saxon consumer credit model cannot be identified. The weight of consumer credit is far higher in the US economy than in the EU countries, including the UK. In the US, the share of consumer loans made by banks is much lower, securitisation of consumer credit assets is very developed and the share of revolving credit is much greater than in the EU countries. Nor is it possible, on account of the large differences in the use of consumer credit observed across EU countries, to identify a European model of consumer credit. Consumer credit is very widely used in Sweden, whereas it is underdeveloped in Greece and Italy. The use of consumer credit reaches comparatively high levels in Germany and the UK and an intermediate level in France and Spain. Lending to consumers is carried out through bank intermediation, crossborder provision is non-existent.
Topic:
Economics and Political Economy
Political Geography:
United States, United Kingdom, Europe, Greece, France, Germany, Spain, and Italy

298. Report of the Conference on "Ukraine's European Choice and the Partnership with Poland and Italy"

Author:
Giovanni Gasparini
Publication Date:
03-2000
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
Istituto Affari Internazionali (IAI), Italy's major international affairs think tank organised an international conference on “Ukraine's European Choice and the Partnership with Poland and Italy”, in cooperation with the Ukrainian and the Polish Embassies in Rome. The event took place in Rome on 22nd March 2000 and was supported by the Ukrainian Ministry of Foreign Affairs, the Polish Ministry of Foreign Affairs, the Italian Ministry of Foreign Affairs, the NATO Office of Information and Press, the Office of the European Commission in Rome, and the Centre for European and International Studies and the Institute of International Relations, Kyiv.
Topic:
International Relations, Security, NATO, and International Cooperation
Political Geography:
Russia, Europe, Ukraine, Italy, and Rome

299. Euro Spectator 2000 - Italy

Author:
Silvia Nenci and Marina Mancini
Publication Date:
01-2000
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
According to the “Eurobarometer” survey (Eurobarometer No 54), conducted in November and December 2000 among more than 16,000 citizens of the European Union, 55% (-3% in comparison with spring 2000) of Europeans support the single currency, whilst 37% do not. The Member States in which support is strongest are Italy (79%), Luxembourg (75%), Belgium (72%), Greece (70%), Ireland (69%), Spain (68%) and the Netherlands (64%). The majority of public opinion is against the Euro in Sweden (26%), the United Kingdom (21%), Denmark (41%) and Finland (45%). Looking at Italy, results show that 79% of citizens are in favour of the Euro (-2% in comparison with previous six months), 17% are against it (+ 3%) and the remaining 4% are indifferent.
Topic:
Economics and International Trade and Finance
Political Geography:
United Kingdom, Europe, Finland, Greece, Belgium, Denmark, Spain, Italy, Sweden, Netherlands, Ireland, and Luxembourg

300. State Strength and the European Union: Examining the Impact of Unification on Europe's Major Powers

Author:
Timothy Ponce
Publication Date:
03-2000
Content Type:
Working Paper
Institution:
International Studies Association
Abstract:
The continued drive to unify Europe holds numerous implications for the measurement of state strength. The emergence of the European Union as a powerful player in the post-Cold War international system still remains to be seen. This article examines the complications for state strength brought about by European unification. Particularly, I examine the impact of unification on state strength for the United Kingdom, France, Germany and Italy from 1960 to the current period. Although potentially construed as part of the pains and process of unification, this paper argues that European unification does not seriously erode the strength of these states. My results indicate that these more powerful states are influenced negatively by the processes of globalization but not regional integration.
Political Geography:
United Kingdom, Europe, France, Germany, and Italy