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

By Michele Fratianni

This quantity bargains with the financial background of Italy from independence in 1861 to 1992. It presents the 1st whole research of a rustic that has skilled various and sometimes dramatic financial stipulations. The e-book contributes in a singular manner not just to the financial debate, but in addition to economic and institutional questions. The authors mix financial conception, statistical info, and historical past in an obtainable manner that are meant to end up beneficial to either financial historians and fiscal economists.

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Extra resources for A Monetary History of Italy (Studies in Macroeconomic History)

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In the eighties the monetary authorities made a turnaround, by acquiring an increasing degree of monetary-policy independence from the fiscal authorities. In that they were aided by the external constraint of the European Monetary System and an enlightened Treasury Minister. In addition, we also consider two broader sub-periods: the years when several banks of issue co-existed and competed with one another (1861-1925) and the monopoly-of-issue years (1926-91). 14 A monetary history of Italy International comparisons It is now time to outline the basic quantitative story of the Monetary History in an international perspective.

These holdings can be thought of either as an asset of the Treasury or as a subtraction from the Treasury's liabilities. Next, we come to Treasury bills with maturity of less than a year. These are treated as a monetary-base asset during periods when interest rates were pegged by the monetary authorities. 75 per cent per annum. The certainty of buying and selling this type of government paper at a known price is critical in making these assets monetary base. Again, what is at stake here is the relative substitutability of Treasury bills for other monetary-base assets as opposed to bonds.

More specifically, ROW real income is the UK real income from 1861 to 1945 and the US real income from 1946 to 1991. For ROW price levels, market interest rates and the exchange rate, France is the representative country from 1861 to 1913, the UK from 1914 to 1945 and the US from 1946 to 1991. Italian output growth is, on average, not different from the ROW output growth during the 131-year history. Italy grows less rapidly than the ROW in the nineteenth century and more rapidly in the twentieth century.

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