Template-type: ReDIF-Article 1.0 Author-Name: Edoardo Reviglio Title: Evoluzione delle determinanti del debito pubblico nel periodo 1992-2006 e ruolo della componente residuale Abstract: Evoluzione delle determinanti del debito pubblico nel periodo 1992-2006 e ruolo della componente residuale (di Edoardo Reviglio) - ABSTRACT: The aim of the paper is to study the evolution of Italian public debt and the determinants of the standard inter-temporal function of the public debt/gdp ratio in the period 1992-2006. We present a brief description of the evolution of each single component, namely the snow-ball effect, the primary surplus (or deficit) and the stock-flow adjustments. Subsequently we focus on the stock-flow adjustments, that is the difference between the change in government debt and the government deficit/surplus for a given period. The phenomenon has recently attracted the attention of the European accounting officials on the grounds that it has grown in most member countries due to the effect of the strict fiscal rules, such as the excessive deficit procedure and the stability and growth pact (sgp), aiming at constraining government behaviour. We show that the sgp rules have induced also the Italian governments to use stock-flow adjustments, a form of creative accounting, to hide deficit. This tendency to substitute stock-flow adjustments for budget deficit has been especially strong for the cyclical component of the deficit, as in times of recession the cost of reducing the deficit is particularly large. We conclude that the Government new target for reducing the debt/gdp ratio under the 100 per cent threshold by 2011 is realistic and it is based on positive medium term prospects for economic growth, creation of primary surplus and strong reduction of stock-flow adjustments. Classification-JEL: Keywords: Note: Pages:5-21 Volume: 2007/3-4 Year: 2007 Issue:3-4 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=32155&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:epepep:v:html10.3280/Ep2007-41002001 Number: 1 Template-type: ReDIF-Article 1.0 Author-Name: Giuseppe Clerico Title: Cash, coupon e sconto. Valutazione economica delle alternative di risarcimento dell?acquirente Abstract: Cash, coupon e sconto. Valutazione economica delle alternative di risarcimento dell?acquirente (di Cash, coupon e sconto. Valutazione economica delle alternative di risarcimento dell?acquirente) - ABSTRACT: In case of harm to consumers or excessive prices caused by market power a firm can be forced to reduce the price. The main ways in wich this can be implemented are four: fixed cash, per cent discount, fixed monetary discounts, coupons. These remedies are not indifferent in terms both of producer incentives and impact on consumer welfare. The remedies, besides an income effect can also cause a substitution effect. Cash remedy causes only an income effect but has a high transaction cost. Coupons, besides the income effect, cause a substitution effect too. So, in terms of social welfare cash remedy seems preferable to coupons. Discounts can be preferable to cash as they allow transaction cost saving. However, discount remedy, besides the income effect, causes also a substitution effect. Overall, the preference among the different remedies needs an accurate economic assessment of both transaction costs of different remedies and their effects (income and substitution). When the harm evaluation is difficult and the harm variance is high it seems socially preferable a simultaneous use of cash and coupons remedies, allowing the consumer to choose the remedy. The simultaneous use of cash and coupons allows the choice (between the two) by the harmed consumers and makes it easier the equivalent between paid damage by the producer and the customer harm. As a result, the producer has a higher incentive to choose a more efficient level of precaution to reduce harm. Furthemore, the customer?s free choice between cash and coupons allows preference revelation making easier the solution of the problems relative to the transaction costs to evaluate harm. Classification-JEL: Keywords: Note: Pages:23-45 Volume: 2007/3-4 Year: 2007 Issue:3-4 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=32156&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:epepep:v:html10.3280/Ep2007-41002002 Number: 2 Template-type: ReDIF-Article 1.0 Author-Name: Luisa Sciandra Author-Name: Stefano Costa Title: I processi di riforma nei servizi pubblici locali nell?Unione europea: tra regolazione comunitaria e ?istanze? nazionali Abstract: I processi di riforma nei servizi pubblici locali nell?Unione europea: tra regolazione comunitaria e ?istanze? nazionali (di Stefano Costa e Luisa Sciandra) - ABSTRACT: In last decades public utilities in eu have been at the centre of a great liberalization program. The constant confrontation between national and Community institutions fosters a convergence towards (partially) shared models, which are at times operated from a ?top-down? position (by means of Directives and Regulations) and at other times from a ?bottom-up? position (by means of mutual sensitisation efforts on both national and Community orientations). However, the confrontation is also complicated by the concerns of national and local Administrations with economic and social aspect of these sectors, making the process swing between the need to guarantee a public service and the aim of establishing a competitive internal market. This paper, focusing on electricity, gas and water sectors, analyses the current stage of the liberalization process, pointing out the gap between formal and substantial liberalization, as well as the institutional dialectic and its spin-offs. As a matter of fact, from an institutional viewpoint, Member States and Commission are still in search of a difficult balance between the Member States? surrender of their sovereignty and the safeguard of their legacy in terms of a local administration of these sectors. From an economic viewpoint, the liberalization process tends also to make these sectors more similar across the countries than in the countries, inducing to substitute a ?sectoral-based? classification for the traditional ?national-based? one. Classification-JEL: Keywords: Note: Pages:47-97 Volume: 2007/3-4 Year: 2007 Issue:3-4 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=32157&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:epepep:v:html10.3280/Ep2007-41002003 Number: 3 Template-type: ReDIF-Article 1.0 Author-Name: Sara Poggesi Author-Name: Gianpaolo Abatecola Title: Governance e performance delle imprese italiane di servizi pubblici locali quotate: un?analisi empirica Abstract: Governance e performance delle imprese italiane di servizi pubblici locali quotate: un?analisi empirica (di Gianpaolo Abatecola e Sara Poggesi) - ABSTRACT: The paper studies the possible relation between corporate governance and the performance of some Italian local public utilities listed on the Milan?s Stock Exchange. The sample, more deeply, consists of those firms which have continually been listed between January 1 2001 and January 1 2006. In the paper, the proxy variables for corporate governance mainly derive from some rules depicted in the second version of the Preda Code; for what concerns performance, the trends of sales, operational results, net income, roi, roe and ros are used as proxy variables. The paper is articulated as follows: at first, the mainstream literature concerning corporate governance is outlined. The main issues of the Italian local public services are then shown. The empirical analysis and the discussion of the main results finally follow. Classification-JEL: Keywords: Note: Pages:99-117 Volume: 2007/3-4 Year: 2007 Issue:3-4 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=32158&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:epepep:v:html10.3280/Ep2007-41002004 Number: 4 Template-type: ReDIF-Article 1.0 Author-Name: Giovanni Fraquelli Author-Name: Graziano Abrate Title: Domanda e tariffe nel settore idrico italiano: un?analisi di sensitivit? sui Piani d?ambito Abstract: Domanda e tariffe nel settore idrico italiano: un?analisi di sensitivit? sui Piani d?ambito (di Graziano Abrate, Giovanni Fraquelli) - ABSTRACT: The Piano d?ambito is a fundamental instrument for the planning and the management of the integrated water service. Given the evolution of demand, it allows local authorities to define the tariff structure necessary to grant the equilibrium between costs and revenues. Analysing an unbalanced panel data concerning 46 Piani d?ambito observed for 5 to 30 years (1024 total observations), the objective of this work is to verify if the water consumption forecasts are coherent with the available empirical literature. The econometric analysis highlights an implicit demand elasticity equal to 0, and an unjustified growth of per-capita levels of water consumption. With the formulation of more realistic demand scenarios, the problem of budget equilibrium emerges for almost all considered Ambitos, with obvious consequences on planned investments or, alternatively, on tariffs. Under alternative hypothesis, we estimate on average a shortcoming of revenues from 10% to 16% with respect to the budget plans. Classification-JEL: Keywords: Note: Pages:119-132 Volume: 2007/3-4 Year: 2007 Issue:3-4 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=32159&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:epepep:v:html10.3280/Ep2007-41002005 Number: 5 Template-type: ReDIF-Article 1.0 Author-Name: Fabio Monteduro Author-Name: Giacomo Boesso Title: Gli strumenti di comunicazione e relazione con gli stakeholder nel Trasporto pubblico locale: dalla qualit? alla responsabilit? sociale Abstract: Gli strumenti di comunicazione e relazione con gli stakeholder nel Trasporto pubblico locale: dalla qualit? alla responsabilit? sociale (di Giacomo Boesso, Fabio Monteduro) - ABSTRACT: The stakeholder reporting in its original formulation is a managerial tool that helps companies in reviewing its processes and in improving stakeholder relationships rather then a simple reputation tool or even worst a compliance exercise. Object of the paper is to discuss the instruments of institutional stakeholder communication in the local transport industry where innovative voluntary documents, such as the social reports, progressively support the mandatory documents better known as mobility charts. An empirical research is performed in order to compare the annual reports and the mobility charts of the main Italian local transport companies. All documents are investigated through a research table that jointly considers the features of the reporting process (aims, methodologies, stakeholder engagement) and of the document (analytics, measures types and benchmarks). Classification-JEL: Keywords: Note: Pages:133-153 Volume: 2007/3-4 Year: 2007 Issue:3-4 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=32160&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:epepep:v:html10.3280/Ep2007-41002006 Number: 6 Template-type: ReDIF-Article 1.0 Author-Name: Alessandro Di Paolo Title: L?introduzione del New Public Management e della Balanced Scorecard nel processo di riforma dell?Amministrazione pubblica italiana Abstract: L?introduzione del New Public Management e della Balanced Scorecard nel processo di riforma dell?Amministrazione pubblica italiana (di Alessandro Di Paolo) - ABSTRACT: This article analyzes the Italian public administration and its course from the last twenty years to the current change. Previously there had been other attempts to reform, unsuccessful just because they were only legislated, but now there are definite results. The article deals with the analysis of the causes of the current success of the reform and with the unsettled factors which are defined as the critical factors of success. Moreover, this article points out the New Public Management theory, which guides the reform policy. A basic part of the text concerns the future and, in particular, the other steps which would be possible because of the governance decision to use new systems of control and of internal evaluation such as the Key Performance Indicators and the Balanced Scorecard. The article defends the critical but interesting theory that it would be necessary to develop every solution by a point of view of knowledge and not of management. On the other hand, this text emphasizes the growing need to re-form, through specialized schools and academies, every partaker of the political and bureaucratic system. Classification-JEL: Keywords: Note: Pages:155-179 Volume: 2007/3-4 Year: 2007 Issue:3-4 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=32161&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:epepep:v:html10.3280/Ep2007-41002007 Number: 7 Template-type: ReDIF-Article 1.0 Author-Name: n.d. Title: Documenti / Bibliografia Abstract: Classification-JEL: Keywords: Note: Pages:181-202 Volume: 2007/3-4 Year: 2007 Issue:3-4 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=32162&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:epepep:v:html10.3280/Ep2007-41002008 Number: 8