La progressiva apertura dei mercati nazionali dell'offerta di gas naturale viene analizzata s... more La progressiva apertura dei mercati nazionali dell'offerta di gas naturale viene analizzata siua dal punto di vista dellemodalità di regolazione nazionali in via di progressiva convergenza, sia dal punto di vista delle differenze di prezzo del servizio final
Il presente studio focalizzato su Alitalia utilizza le informazioni disponibili alla data del 30.... more Il presente studio focalizzato su Alitalia utilizza le informazioni disponibili alla data del 30.4.2018. Esso sarà oggetto di aggiornamento in funzione della disponibilità futura di dati e informazioni rilevanti. La prima parte dello studio esamina le caratteristiche del mercato italiano del trasporto aereo nel periodo 2004-2016 e il ruolo in esso svolto da Alitalia. Analizza inoltre i principali risultati economici e industriali del vettore nazionale, confrontandone i costi con quelli dei maggiori vettori low cost operanti nel nostro paese, suoi diretti concorrenti. Propone infine una prima valutazione delle condizioni necessarie per interrompere le elevate perdite, determinate nel triennio 2012-15 principalmente da una riduzione delle tariffe, per effetto dell’elevata concorrenza sul mercato, molto più rapida e incisiva rispetto al contenimento dei costi realizzato dalla gestione aziendale. La seconda parte analizza il periodo 2016-18 nel quale dapprima la crisi di Alitalia si è aggravata sino a determinare l’insolvenza e il commissariamento e in seguito la gestione commissariale ha avviato su indicazione del governo il percorso di vendita. Esamina inoltre, per quanto possibile data la totale mancanza di dati ufficiali, i risultati della gestione industriale del vettore nel 2016 e nel 2017. La terza parte analizza le prospettive di soluzione della crisi di Alitalia, valutando le diverse opzioni per i decisori pubblici. Vi sono tre possibili esiti: il primo è vendere Alitalia, il secondo è chiuderla, il terzo è ristrutturarla. Il fallimento dell’azienda, la sua chiusura, è l’ipotesi peggiore, date le enormi conseguenze sui livelli occupazionali, i costi sociali e di finanza pubblica che genererebbe e l’affidamento quasi esclusivo dell’offerta di trasporto aereo sui cieli italiani a imprese battenti bandiera estera. Per evitare tale conseguenza l’amministrazione straordinaria aveva dall’inizio due percorsi a disposizione: vendere Alitalia a un soggetto economico che si sarebbe incaricato di ristrutturarla oppure ristrutturare Alitalia, quanto meno elaborare e avviare un piano di ristrutturazione, per poi eventualmente cedere il vettore a un nuovo soggetto economico. Tuttavia il governo ha indirizzato da subito la gestione commissariale verso una rapida cessione, precludendo la seconda ipotesi. Nell’anno abbondante sinora trascorso la cessione non è tuttavia andata in porto né sembra essere a portata di mano neppure qualora il governo entrante desiderasse confermarla. Se questo percorso dovesse chiudersi restano gli altri due, dei quali l’unico di segno positivo è quello della ristrutturazione. Esso verrebbe tuttavia avviato dopo aver perso inutilmente oltre un anno su una strada, quella della cessione, priva di visibili vie d’uscita. Il percorso in grado di minimizzare le conseguenze negative di lungo termine della crisi di Alitalia, di salvaguardare nel tempo le dimensioni aziendali, la sua capacità di offerta a condizione economiche sostenibili e i livelli occupazionali, evitando drammatici costi sociali è un sentiero molto stretto che deve essere delineato con cura prima di intraprenderlo. “Conoscere per decidere”, come sosteneva Luigi Einaudi. Questo studio sarà utile se effettivamente in grado di migliorare lo stato della conoscenza.
European Journal of Government and Economics, 2015
It is a well-known fact that reforms necessary to enhance competition and make the economy more a... more It is a well-known fact that reforms necessary to enhance competition and make the economy more attractive play a major role in the Government activity in Europe. Considering the Italian state of affairs, this paper focuses on the inefficiency of public producers in the light of certain market and legal impediments. This paper describes key barriers that undermine the healthy functioning of an important industrial and service sector of the Italian economy: specifically local public transport. This paper also sheds some light on this problem analysing the impact that a controversial regulation framework may have on an industry and suggests that the degree of liberalisation affects the return on investments.
The purpose of this paper is to illustrate the evolution of both schemes and levels of public sup... more The purpose of this paper is to illustrate the evolution of both schemes and levels of public support to railway sector in selected European countries. Although prior research sheds some light on this topic, more information is required to clarify national obligations under European railway liberalisation law regarding incentives toward railway undertakings. Focusing on Italy, besides the reduction of capital grants, justified by the completion of the high-speed line Turin-Milan-Naples, this paper finds an increasing support to the service operators and in the meantime a reduction of subsidies aimed at financing network operations. This shift of resources may undermine competition. The findings of this study help to fill the gap in estimating State aid to European railways.
This paper is aimed at analysing state aid to the railway sector in selected countries of the Eur... more This paper is aimed at analysing state aid to the railway sector in selected countries of the European Union. Although this is a preliminary exercise, literature lacks of specificity. From the analysis, a highly differentiated situation emerges: a group of countries with permanently lower subsidies (the Iberians, the Scandinavians and Austria); a group of countries with a medium level of subsidies (all of the major countries: Germany, France and the UK) and a group of countries with permanently high subsidies (Italy, Denmark, Belgium and the Netherlands). This paper demonstrates that railways have so far benefited from weakened forms state aid control. This can be motivated (i) by the need for modal rebalance recognised by national transport policies, (ii) by the natural monopolistic character of the network whose duplication is not economically feasible and (iii) by the non-competitive traditional structure, from a legal point of view, of even the transport service. This situation,...
This paper aims to reconstruct the total amount of public expenditure on railways in key European... more This paper aims to reconstruct the total amount of public expenditure on railways in key European Countries. The analysis bases on data referring to: Italy, Great Britain, Germany, France and Sweden. The main objective is to evaluate the appropriateness of transfers granted in view of containing and rationalising public expenditure, improving overall system efficiency and protecting competition in a market that has, at least from a legal point of view, fully liberalised segments. Because of the lack of reliable data, previous literature struggled in identifying the determinants of public subsidies granted to national railways across Europe. This paper provides a synthetic index of the size of the rail sector (SISR) that justifies subsidies and estimates the subsidies from the public fiances (SP) that would be paid in a specific country adopting the standard of another country or a European average. This paper concludes that there is plenty of room for a deeper investigation into the...
This paper provides an overview of the government debt associated to the postal services focusing... more This paper provides an overview of the government debt associated to the postal services focusing on a case study. In fact, the performance and the government expenditure on postal services from the Belle Epoque to the current situation is investigated. This is done with the aim of identifying in the various historical moments the burden on the public finances resulting from government expenditure on postal services. This paper also tries to measure the impact of the cumulated transfers on the stock of public debt. Nonetheless, this work is one-step in a broader research aimed at estimating what part of the public debt exceeding the Maastricht parameters is attributable to additional costs paid by the entrepreneurial State in different fields: post, railways, local transport and airways. Acknowledgement of the strategic link between quality and coverage can be very useful in the design of a regulatory policy. In almost half a century from the beginning of the 10s of the last century...
Political Economy - Development: Fiscal & Monetary Policy eJournal, 2014
This paper aims to reconstruct the total amount of public expenditure on railways in key European... more This paper aims to reconstruct the total amount of public expenditure on railways in key European Countries. The analysis bases on data referring to: Italy, Great Britain, Germany, France and Sweden. The main objective is to evaluate the appropriateness of transfers granted in view of containing and rationalizing public expenditure, improving overall system efficiency and protecting competition in a market that has, at least from a legal point of view, fully liberalized segments. Because of the lack of reliable data, previous literature struggled in identifying the determinants of public subsidies granted to national railways across Europe. This paper provides a synthetic index of the size of the rail sector (SISR) that justifies subsidies and estimates the subsidies from the public finances (SP) that would be paid in a specific country adopting the standard of another country or a European average. This paper concludes that there is plenty of room for a deeper investigation into th...
The public expenditure on railways is largely unexplored in Europe. This is surprising because th... more The public expenditure on railways is largely unexplored in Europe. This is surprising because the size of government financial support to the industry is remarkable. Filling a dozen years of missing information, this paper rebuilds the total public spending on the Italian railway since 1992 making it comparable. This research complements a significant lack of information of public interest since these data have been published from 1966 until 2001; year of the last data release. From then the extent of public support to the industry has remained indefinite. Our results serve: scholars aimed at comparing such expenses with other countries, policy makers aimed at taking superior data-supported decisions when it comes to budgeting and industry professionals for intelligence purposes. Thus, reducing the long-lasting asymmetric information in this domain a key threaten to the sector growth. Results of this paper enable a proper comparison of the government spending on railways among diff...
La progressiva apertura dei mercati nazionali dell'offerta di gas naturale viene analizzata s... more La progressiva apertura dei mercati nazionali dell'offerta di gas naturale viene analizzata siua dal punto di vista dellemodalità di regolazione nazionali in via di progressiva convergenza, sia dal punto di vista delle differenze di prezzo del servizio final
Il presente studio focalizzato su Alitalia utilizza le informazioni disponibili alla data del 30.... more Il presente studio focalizzato su Alitalia utilizza le informazioni disponibili alla data del 30.4.2018. Esso sarà oggetto di aggiornamento in funzione della disponibilità futura di dati e informazioni rilevanti. La prima parte dello studio esamina le caratteristiche del mercato italiano del trasporto aereo nel periodo 2004-2016 e il ruolo in esso svolto da Alitalia. Analizza inoltre i principali risultati economici e industriali del vettore nazionale, confrontandone i costi con quelli dei maggiori vettori low cost operanti nel nostro paese, suoi diretti concorrenti. Propone infine una prima valutazione delle condizioni necessarie per interrompere le elevate perdite, determinate nel triennio 2012-15 principalmente da una riduzione delle tariffe, per effetto dell’elevata concorrenza sul mercato, molto più rapida e incisiva rispetto al contenimento dei costi realizzato dalla gestione aziendale. La seconda parte analizza il periodo 2016-18 nel quale dapprima la crisi di Alitalia si è aggravata sino a determinare l’insolvenza e il commissariamento e in seguito la gestione commissariale ha avviato su indicazione del governo il percorso di vendita. Esamina inoltre, per quanto possibile data la totale mancanza di dati ufficiali, i risultati della gestione industriale del vettore nel 2016 e nel 2017. La terza parte analizza le prospettive di soluzione della crisi di Alitalia, valutando le diverse opzioni per i decisori pubblici. Vi sono tre possibili esiti: il primo è vendere Alitalia, il secondo è chiuderla, il terzo è ristrutturarla. Il fallimento dell’azienda, la sua chiusura, è l’ipotesi peggiore, date le enormi conseguenze sui livelli occupazionali, i costi sociali e di finanza pubblica che genererebbe e l’affidamento quasi esclusivo dell’offerta di trasporto aereo sui cieli italiani a imprese battenti bandiera estera. Per evitare tale conseguenza l’amministrazione straordinaria aveva dall’inizio due percorsi a disposizione: vendere Alitalia a un soggetto economico che si sarebbe incaricato di ristrutturarla oppure ristrutturare Alitalia, quanto meno elaborare e avviare un piano di ristrutturazione, per poi eventualmente cedere il vettore a un nuovo soggetto economico. Tuttavia il governo ha indirizzato da subito la gestione commissariale verso una rapida cessione, precludendo la seconda ipotesi. Nell’anno abbondante sinora trascorso la cessione non è tuttavia andata in porto né sembra essere a portata di mano neppure qualora il governo entrante desiderasse confermarla. Se questo percorso dovesse chiudersi restano gli altri due, dei quali l’unico di segno positivo è quello della ristrutturazione. Esso verrebbe tuttavia avviato dopo aver perso inutilmente oltre un anno su una strada, quella della cessione, priva di visibili vie d’uscita. Il percorso in grado di minimizzare le conseguenze negative di lungo termine della crisi di Alitalia, di salvaguardare nel tempo le dimensioni aziendali, la sua capacità di offerta a condizione economiche sostenibili e i livelli occupazionali, evitando drammatici costi sociali è un sentiero molto stretto che deve essere delineato con cura prima di intraprenderlo. “Conoscere per decidere”, come sosteneva Luigi Einaudi. Questo studio sarà utile se effettivamente in grado di migliorare lo stato della conoscenza.
European Journal of Government and Economics, 2015
It is a well-known fact that reforms necessary to enhance competition and make the economy more a... more It is a well-known fact that reforms necessary to enhance competition and make the economy more attractive play a major role in the Government activity in Europe. Considering the Italian state of affairs, this paper focuses on the inefficiency of public producers in the light of certain market and legal impediments. This paper describes key barriers that undermine the healthy functioning of an important industrial and service sector of the Italian economy: specifically local public transport. This paper also sheds some light on this problem analysing the impact that a controversial regulation framework may have on an industry and suggests that the degree of liberalisation affects the return on investments.
The purpose of this paper is to illustrate the evolution of both schemes and levels of public sup... more The purpose of this paper is to illustrate the evolution of both schemes and levels of public support to railway sector in selected European countries. Although prior research sheds some light on this topic, more information is required to clarify national obligations under European railway liberalisation law regarding incentives toward railway undertakings. Focusing on Italy, besides the reduction of capital grants, justified by the completion of the high-speed line Turin-Milan-Naples, this paper finds an increasing support to the service operators and in the meantime a reduction of subsidies aimed at financing network operations. This shift of resources may undermine competition. The findings of this study help to fill the gap in estimating State aid to European railways.
This paper is aimed at analysing state aid to the railway sector in selected countries of the Eur... more This paper is aimed at analysing state aid to the railway sector in selected countries of the European Union. Although this is a preliminary exercise, literature lacks of specificity. From the analysis, a highly differentiated situation emerges: a group of countries with permanently lower subsidies (the Iberians, the Scandinavians and Austria); a group of countries with a medium level of subsidies (all of the major countries: Germany, France and the UK) and a group of countries with permanently high subsidies (Italy, Denmark, Belgium and the Netherlands). This paper demonstrates that railways have so far benefited from weakened forms state aid control. This can be motivated (i) by the need for modal rebalance recognised by national transport policies, (ii) by the natural monopolistic character of the network whose duplication is not economically feasible and (iii) by the non-competitive traditional structure, from a legal point of view, of even the transport service. This situation,...
This paper aims to reconstruct the total amount of public expenditure on railways in key European... more This paper aims to reconstruct the total amount of public expenditure on railways in key European Countries. The analysis bases on data referring to: Italy, Great Britain, Germany, France and Sweden. The main objective is to evaluate the appropriateness of transfers granted in view of containing and rationalising public expenditure, improving overall system efficiency and protecting competition in a market that has, at least from a legal point of view, fully liberalised segments. Because of the lack of reliable data, previous literature struggled in identifying the determinants of public subsidies granted to national railways across Europe. This paper provides a synthetic index of the size of the rail sector (SISR) that justifies subsidies and estimates the subsidies from the public fiances (SP) that would be paid in a specific country adopting the standard of another country or a European average. This paper concludes that there is plenty of room for a deeper investigation into the...
This paper provides an overview of the government debt associated to the postal services focusing... more This paper provides an overview of the government debt associated to the postal services focusing on a case study. In fact, the performance and the government expenditure on postal services from the Belle Epoque to the current situation is investigated. This is done with the aim of identifying in the various historical moments the burden on the public finances resulting from government expenditure on postal services. This paper also tries to measure the impact of the cumulated transfers on the stock of public debt. Nonetheless, this work is one-step in a broader research aimed at estimating what part of the public debt exceeding the Maastricht parameters is attributable to additional costs paid by the entrepreneurial State in different fields: post, railways, local transport and airways. Acknowledgement of the strategic link between quality and coverage can be very useful in the design of a regulatory policy. In almost half a century from the beginning of the 10s of the last century...
Political Economy - Development: Fiscal & Monetary Policy eJournal, 2014
This paper aims to reconstruct the total amount of public expenditure on railways in key European... more This paper aims to reconstruct the total amount of public expenditure on railways in key European Countries. The analysis bases on data referring to: Italy, Great Britain, Germany, France and Sweden. The main objective is to evaluate the appropriateness of transfers granted in view of containing and rationalizing public expenditure, improving overall system efficiency and protecting competition in a market that has, at least from a legal point of view, fully liberalized segments. Because of the lack of reliable data, previous literature struggled in identifying the determinants of public subsidies granted to national railways across Europe. This paper provides a synthetic index of the size of the rail sector (SISR) that justifies subsidies and estimates the subsidies from the public finances (SP) that would be paid in a specific country adopting the standard of another country or a European average. This paper concludes that there is plenty of room for a deeper investigation into th...
The public expenditure on railways is largely unexplored in Europe. This is surprising because th... more The public expenditure on railways is largely unexplored in Europe. This is surprising because the size of government financial support to the industry is remarkable. Filling a dozen years of missing information, this paper rebuilds the total public spending on the Italian railway since 1992 making it comparable. This research complements a significant lack of information of public interest since these data have been published from 1966 until 2001; year of the last data release. From then the extent of public support to the industry has remained indefinite. Our results serve: scholars aimed at comparing such expenses with other countries, policy makers aimed at taking superior data-supported decisions when it comes to budgeting and industry professionals for intelligence purposes. Thus, reducing the long-lasting asymmetric information in this domain a key threaten to the sector growth. Results of this paper enable a proper comparison of the government spending on railways among diff...
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