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Don't look back in anger: The use of derivatives in public debt management in Italy

The paper provides a comprehensive and up-to-date overview of the use of derivative financial instruments for the management of Italian public debt, analysing the strategies pursued by the government and their impact on public finances, also in comparison with other European countries. The objectives pursued through the use of derivatives by the Italian government have changed over time. The information available about the strategies, size and features of the derivatives portfolio has markedly increased over the last few years achieving a higher level of transparency than in most other EU countries. The impact of derivatives on Italy's public finances, though significant by international standards, has been relatively small.

(article only in Italian)