Tricks of the Trade Chiara Goretti Senato della Repubblica - Italy Bucharest, 10th April 2008. Outline. Fiscal rules: incentive to creative accounting Forecasts: optimism bias Stock-flow adjustment: Infrastructures: the ISPA case Railway transfers Securitisation and lease back
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Senato della Repubblica - Italy
Bucharest, 10th April 2008
Debtt – Debtt-1 = Deficitt + SFA
2001: securitisation operations (0.6%), capital injections in FS (0.4%), re-calculations of current expenditures (0.6%), transactions with the EU budget (0.2%);
2002: capital injections in FS (0.4%).
2003: capital injections in FS, reduction in the accrual estimate of social contributions, tax collectors.
2004: tax collectors.
Experience demonstrates that gvts: