Abstract
IMF Country Report No. 23/274
Copyright Page
IMF Country Report No. 23/274
ITALY
SELECTED ISSUES
July 2023
This paper on Italy was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on July 5, 2023.
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© 2023 International Monetary Fund
Title page
ITALY
SELECTED ISSUES
July 5, 2023
Approved By
European Department
Prepared By Sylwia Nowak, Magali Pinat, and Zhongxia (Sam) Zhang (all EUR), and La-Bhus Fah Jirasavetakul (SPR)
Contents
POPULATION AGING IN ITALY: ECONOMIC CHALLENGES AND OPTIONS FOR OVERCOMING THE DEMOGRAPHIC DRAG
FIGURES
1. Population Forecasts
2. Labor Market Participation
3. Migration of University Graduates, 2011–18
4. Fertility Rates and Life Expectancy, 2021
5. Labor Productivity—Developments, Drivers, and Outcomes
6. Business Dynamism
7. Youth and Education Outcomes
8. Digitalization
9. R&D and Economic Complexity
10. Civil and Judiciary Systems
References
ITALY’S SOVEREIGN BOND SPREADS: EVOLUTION AND DRIVERS
FIGURES
1. Sovereign Bond Spreads, Political Risks, and ECB Asset Purchases
2. Roles of Macroeconomic Fundamentals and Risks on Spreads
3. Roles of Monetary Policy on Spreads—Average Effects
4. Roles of Monetary Policy on Spreads—Heterogeneous Effects
APPENDIX
I. Empirical Results
References
REACHING CLIMATE TARGETS
References