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THE INCOMPLETE FEDERALISM, THE EXCESSIVE FISCAL PRESSURE, THE EFFECTS ON CONSUMPTION

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Microsoft Word - Forntesp_q162005.doc Dipartimento di Scienze Economiche, Matematiche e Statistiche Università degli Studi di Foggia ____________________________________________________________________ THE INCOMPLETE FEDERALISM, THE EXCESSIVE FISCAL PRESSURE, THE EFFECTS ON CONSUMPTION Luca Grilli e Angelo Sfrecola Quaderno n. 16/2005 “Esemplare fuori commercio per il deposito legale agli effetti della legge 15 aprile 2004 n. 106” Quaderno riprodotto al Dipartimento di Scienze Economiche, Matematiche e Statistiche nel mese di luglio 2005 e depositato ai sensi di legge Authors only are responsible for the content of this preprint. _______________________________________________________________________________ Dipartimento di Scienze Economiche, Matematiche e Statistiche, Largo Papa Giovanni Paolo II, 1, 71100 Foggia (Italy), Phone +39 0881-75.37.30, Fax +39 0881-77.56.16 1 THE INCOMPLETE FEDERALISM, THE EXCESSIVE FISCAL PRESSURE, THE EFFECTS ON CONSUMPTION Mario Palazzo University of Foggia Faculty of Economics Department of Economics, Mathematics and Statistics [email protected] JEL CODE: C13, C25, C33, E21, E62 JUNE 2005 2 In Italy at the beginning of ‘70s there was an attempt to bring citizens closer to centralism, using a new model, based on derivative finance. This was a risky enterprise because of the distance, which had been evident until a few years before, coming from the absolute centralism. The increasing imbalance, which became clear in the post-war period, took origin from the explosion of the gross national product, the increase in consumption and the big investments which made the macroeconomic system grow considerably. But at the same time, there was a structural rigidity of the local government bodies, unable to keep up pace with growing. The derivative finance became a well-estab

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