By Bernhard Böhm, Lionello F. Punzo
The financial functionality of Austria and Italy over the last twenty years is analysed through economists from either nations. Their contributions interpret saw old proof ranging from a macroeconomic point all the way down to disaggregated structural concerns. The functionality in addition to customers of monetary coverage about the financial area, the stability of funds, the commercial sectors, and the labour markets are reviewed. particular areas of difficulty are investigated and relationships to present monetary idea are verified. Readers locate adequate fabric to shape reviews in regards to the distinction in nationwide ways to evaluate financial difficulties and in regards to the alternative ways of attacking them.
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Extra resources for Economic Performance: A Look at Austria and Italy
23 It is held that the considerations here iIlustrated may refer 10 the whole economy, with particular emphasis on the industrial sector. arge firnts than for smaIl ones. 25 In 1990 this difference was reduced through the extension ofthe WOIXers' Statute to smaIl fmns. 21 22 55 Graph 13: Part· time workers (as percentage of overall employment) 25, . '_ _. :n 56 Large finns were thus greatly damaged by the increased degree of uncertainty of the economic system and the reduction in labour market flexibility which characterised the 1970s.
Oi (1962). 10 The impossibility (ar the remarkable difliculty) in dismissing walkers makes the investment in "human capital" irreversible (or long-term), giving it the characteristics of fixed capital. 11 In both quantitative and qualitative terms. 47 difficult for the entrepreneur either to hire or f\fe his workers. Whenever occupational flexibility is low, human capital takes on the characteristics typical of fixed capital, i. , it becomes a long-term investment. In this context, the desired human capital stock will be considered in the long run, so that the desired labouf demand will be considerably affected by the degree ofuncertainty.
48 Similarly, folJowing areduction in the degree of flexibility on the labour market, the flexible labour demand which remains unsatisfied will increase. This will produce an increase of the irregular labour demand. d) The Ita/ian erperience Empirical evidence concerning Italy may provide an illustration of the above causal relations. Indicators referring to union struggles and price variability may be considered (elaboration of data supplied by ISTAT)14. The graphs from 6 to 8 show the beaviour of union struggles.
Economic Performance: A Look at Austria and Italy by Bernhard Böhm, Lionello F. Punzo