By Michele Fratianni
This quantity offers with the financial background of Italy from independence in 1861 to 1992. It offers the 1st entire research of a rustic that has skilled various and infrequently dramatic financial stipulations. The publication contributes in a singular means not just to the financial debate, but additionally to economic and institutional questions. The authors mix monetary thought, statistical information, and heritage in an obtainable method that are meant to end up beneficial to either financial historians and financial economists.
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Extra info for A Monetary History of Italy (Studies in Macroeconomic History)
Example text
During these years A7, A/*, DEF, and BDt_x are exogenous and determine the two endogenous variables ABF and &BD. 8 These are the estimates = 2875 - ( ! - « , ) == - 0 . 02). 2). 5 of the offset coefficient -(1-^) suggests an imperfect degree of substitutability between Italian and foreign assets, afindingthat agrees with our examination of the historical episodes. On average, the monetary authorities sterilised 80 per cent of the reserveflows,in turn suggesting that domestic objectives dominated external objectives.
3 percentage points lower in Italy than in the ROW. The largest negative differentials were recorded during the two world wars and the 1970s and 1980s, that is, when the country tried to isolate itsfinancialmarkets from those abroad. On the other hand, during the gold standard and Bretton Woods years, the differential was positive. In sum, exchange-rate regimes affect the relative performance in Italy. During the years of the gold standard and Bretton Woods, nominal variables behave roughly in line with those of the ROW.
The inter-war years of 1921-37 were rich in policy and institutional innovations. The Fascist regime implemented a strong stabilisation programme to squelch the inflation legacy left by the First World War. The aim of policy was to return Italy to the gold standard and to restructure industry. In addition, the legislation of 1926 and the Bank Act of 1936 fundamentally redesigned the banking regulatory framework. Similar activity went on in other countries as regulators tried to respond to the economic andfinancialcrises of the thirties.