By Michele Fratianni
This quantity offers with the financial background of Italy from independence in 1861 to 1992. It presents the 1st whole research of a rustic that has skilled assorted and infrequently dramatic financial stipulations. The publication contributes in a unique approach not just to the financial debate, but additionally to financial and institutional questions. The authors mix monetary thought, statistical facts, and background in an available method that are meant to end up necessary to either financial historians and financial economists.
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Extra resources for A Monetary History of Italy (Studies in Macroeconomic History)
2 highlights the spike-like behaviour of these two series in the gold standard relative to later periods. 12 The samefigureshows a tight co-movement between money growth and inflation. Given the noted higher variability of the two variables in the gold standard, the co-movement tends to be tighter after 1913. In general, the inflation amplitudes exceed those of money growth. Economic growth was higher in the twentieth century than in the nineteenth century. In addition, it was more volatile in the gold standard and inter-war years than after the Second World War.
B2 is the sterilisation coefficient which is negative when the authorities desire to achieve domestic objectives. In the limiting case of b2- — \, the authorities fully sterilise reserve flows. On the other hand, if the authorities intend to facilitate the Money growth and its determinants 41 balance-of-payments adjustment process, &2can be zero or even positive. There are 56 years offixedor managed exchange rates from 1862 to 1991: 1862-5, 1884-91, 1904-14, 1951-70 and 1979-91. During these years A7, A/*, DEF, and BDt_x are exogenous and determine the two endogenous variables ABF and &BD.
2 the growth of the monetary base and its Treasury' component. 5 per cent. Growth rates are much higher during war than in peace time, and almost three times as high in the post-monopolist period than in the pre-monopolist period. Not surprisingly, money growth is very contained during the gold standard; but it is even lower in the inter-war period. 06 per cent vs. 65 per cent) and higher output growth. 26 per cent). 6 per cent. a. 74 Note: lvuie. The notation c(x) denotes the contribution of x to the growth of the money stock.