Local development that money cannot buy: Italy’sContratti di Programma

Abstract

The study evaluates the effectiveness of a major Italian place-based policy ( Contratti di Programma ), by means of which the state approves and finances investment projects proposed by private firms. Using the areas to be exposed to the same policy at a later date as counterfactuals, the study finds little evidence of it having had a positive effect. It estimates a limited impact on plant and employment growth rates, which is confined to a small area (a single municipality) and likely crowds out the economic growth of the surrounding areas.

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