H.M. Scobie - Böcker

This volume puts forward a group of models applied to different countries, capturing the progress and growth in their economic system. They provide a quantified framework for the formulation of economic policy, particularly with regard to development aid. The material, much of which is not otherwise available, provides theoretical underpinning to current problems in development policy, and there is an important contribution from the World Bank.

This book should be of interest to academic economists, economic analysts, policy makers.

The Italian economy has been one of the most turbulent in Europe. Its growth rates have consistently been amongst the highest in the European Community, but concerns about underlying structural weaknesses were highlighted by its ignominious departure from the ERM. Since then, despite continuing political upheavals, the performance of the real economy has been buoyant. The Italian Economy in the 1990's presents an authoritative and up-to-date account of one of Europe's major economies as we reach the middle of the decade. Rich in data, it provides analysis of: *Italy's economic performance *the labour market *public debt *privatisation.

Until not too many years ago, the Italian government bond market, though the third largest in the world in terms of size, was characterised by numerous inefficiencies and problems regarding both policy in managing the public debt and the operation of the market. These aspects tended to isolate the Italian market from the international fmancial community and to keep large, international investors away from our market. As the situation with Italy's public finances grew worse and with financial markets being deregulated and expanding internationally, several direct measures were taken in recent years to encourage an even greater recourse to the Italian government securities market and to improve it's efficiency. Innovations in techniques for issuing government bonds, the creation of an automated trading system for Italian state securities, and the launch of a futures market in Italy, too, have all been useful measures in getting the Italian market closer to international standards. The measures adopted by economic policy authorities have often been inspired by the works developed by various study groups instituted by the treasury Ministry as well as by research coming from the academic world. Likewise, many measures aimed at improving the government bond market have been realised thanks to the important contribution of the trade associations and the main financial intermediaries operating in Italy, whose studies, suggestions and proposals have been based on operating expertise built up over decades.

THE EUROPEAN SINGLE MARKET This volume comprises a collection of papers, some of which were presented at different workshops organized by the European Economics and Financial Centre (London), in conjunction with various European central banks.