Our working paper series is designed to promote the circulation and dissemination of working papers drawn up within the Department of the Treasury (DT) of the Italian Ministry of Economy and Finance (MEF) or presented by external economists on the occasion of seminars organised by MEF on topics of institutional interest for DT, and is aimed at encouraging readers to submit comments and suggestions. The views expressed in the working papers are those of the authors and do not necessarily reflect those of MEF and DT.