Autori
Greco, Luciano
Catapano, Valentina
Mormando, Filippo

Titolo
Gestione del debito pubblico e liquidità del mercato dei titoli di stato
Periodico
Politica economica
Anno: 2024 - Fascicolo: 3 - Pagina iniziale: 321 - Pagina finale: 343

The fiscal crisis that Italy faced in the last two decades on the XX century, forced the Italian government to adopt innovative policies and institutions to manage a growing public debt. This dynamic represents an interesting case study in a world, like the contemporary one, in which the expansion of public debt affects many developed economies. Starting from the dynamic equation of the public debt-to-GDP ratio, the contribution highlights the role of financial instruments and of the primary and secondary markets in the management of public debt. With reference to the functioning of the secondary market, the contribution focuses on the importance of liquidity to control debt service and related risks, and on the microstructure as the main conducive tool to obtain it. Finally, using the main liquidity metrics of the secondary government bond market, the contribution reconstructs the dynamics of market liquidity over the last twenty years.



SICI: 1120-9496(2024)3<321:GDDPEL>2.0.ZU;2-G
Testo completo: https://www.rivisteweb.it/download/article/10.1429/117191
Testo completo alternativo: https://www.rivisteweb.it/doi/10.1429/117191

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