A Monetary History of Italy (Studies in Macroeconomic by Michele Fratianni

By Michele Fratianni

This quantity offers with the financial historical past of Italy from independence in 1861 to 1992. It presents the 1st entire research of a rustic that has skilled different and sometimes dramatic financial stipulations. The publication contributes in a singular approach not just to the financial debate, but additionally to financial and institutional questions. The authors mix financial idea, statistical info, and heritage in an obtainable manner that are supposed to end up worthy to either fiscal historians and financial economists.

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32 1862-1913 Mean St. dev. 06 1914-20 Mean St. dev. 11 1921-37 Mean St. dev. 24 1938^9 Mean St. dev. 19 1950-69 Mean St. dev. 42 1970-80 Mean St. 54 1981-91 Mean St. dev. 04 1862-1925 Mean St. dev. 14 1926-91 Mean St. dev. 37 Notes: ROW indicates rest of the world, computed as follows. For real income the UK real income from 1861 to 1945 and then US real income. For prices, French wholesale prices from 1861 to 1913, UK price deflator from 1914 to 1945 and US price deflator for the remainder. For nominal interest rates, French, UK and US long-term interest rates using the same periodization utilized for prices.

99 1862-1913 Mean St. dev. 54 1914-20 Mean St. dev. 70 1921-37 Mean St. dev. 96 1938-49 Mean St. dev. 84 1950-69 Mean St. dev. 38 1970-80 Mean St. dev. 96 1981-91 Mean St. dev. S. Dev. St. S. Dev. St. 65 Notes: G=total spending of the central government; T^total tax revenues of the central government; DEF=fiYst difference of central government's gross debt; F=nominal national income; dMBTR=fiows of monetary base created through the Treasury. 4 Ratio of government debt to national income, 1861-1991 when budget deficits reached an historical low.

This is so within a given regime, but not across regimes. In fact, inflation was more variable during the gold standard years, when the average was close to zero, than in the inflationary seventies and eighties. 2 Money growth and inflation, 1862-1991 similar story holds for money growth. 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.

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