{
  "title": "The Risk Premiumon Italian Government Debt, 1976-1988",
  "publication": "IMF Working Papers, April 1, 1990",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/the-risk-premiumon-italian-government-debt-1976-1988-3052",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2016/12/30/the-risk-premiumon-italian-government-debt-1976-1988-3052",
  "overlayPath": "/en/publications/wp/issues/2016/12/30/the-risk-premiumon-italian-government-debt-1976-1988-3052/index.md",
  "summary": "This paper considers the behavior of the yield differential between government and nongovernment bonds in Italy between 1976 and 1988.",
  "sections": [
    {
      "heading": "Summary and main findings",
      "content": "- The paper analyzes the behavior of the yield differential between government and nongovernment bonds in Italy between 1976 and 1988.\n- The trend increase of the yield differential observed in this period was significantly influenced by the deterioration of public finances.\n- Deterioration of public finances is reflected by:\n  - an increase in the relative supply of government with respect to nongovernment paper, and\n  - a worsening of selected default risk indicators.\n- The effect of relative supply factors was found to be:\n  - statistically more robust, and\n  - quantitatively more important\n  than the effect of risk indicators in explaining movements of the yield differential."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Banking; Bonds; Debt default; External debt; Financial institutions; National accounts; Public debt; Return on investment; Sovereign bonds\n- Keywords: asset yield; Bonds; BTPs issue; Debt default; debt ratio; Return on investment; risk premium; SCI bond; Sovereign bonds; WP; yield differential\n\n---\n\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/the-risk-premiumon-italian-government-debt-1976-1988-3052"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2016/12/30/the-risk-premiumon-italian-government-debt-1976-1988-3052/index.md)",
    "[Structured JSON version](/en/publications/wp/issues/2016/12/30/the-risk-premiumon-italian-government-debt-1976-1988-3052/index.json)",
    "[Bundle manifest](/en/publications/wp/issues/2016/12/30/the-risk-premiumon-italian-government-debt-1976-1988-3052/bundle-manifest.json)",
    "Authors: Carlo Cottarelli, Mauro Mecagni",
    "Published: April 1, 1990",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451977516.001",
    "The paper analyzes the behavior of the yield differential between government and nongovernment bonds in Italy between 1976 and 1988.",
    "The trend increase of the yield differential observed in this period was significantly influenced by the deterioration of public finances.",
    "Deterioration of public finances is reflected by:",
    "The effect of relative supply factors was found to be:",
    "Subjects: Banking; Bonds; Debt default; External debt; Financial institutions; National accounts; Public debt; Return on investment; Sovereign bonds",
    "Keywords: asset yield; Bonds; BTPs issue; Debt default; debt ratio; Return on investment; risk premium; SCI bond; Sovereign bonds; WP; yield differential"
  ],
  "alternates": {
    "markdown": "/en/publications/wp/issues/2016/12/30/the-risk-premiumon-italian-government-debt-1976-1988-3052/index.md",
    "json": "/en/publications/wp/issues/2016/12/30/the-risk-premiumon-italian-government-debt-1976-1988-3052/index.json",
    "bundleManifest": "/en/publications/wp/issues/2016/12/30/the-risk-premiumon-italian-government-debt-1976-1988-3052/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-17T07:54:55.184Z"
}