A Monetary History of Italy
Cambridge University Press, Nov 24, 2005 - Business & Economics - 324 pages
This volume deals with the monetary history of Italy from its independence in 1861 to 1992. It provides the first complete analysis of a country which has experienced diverse and often dramatic monetary conditions. The authors interpret Italian monetary history through the looking glass of a model which, while monetarist in flavour, is open to other interpretations. A key theme is that public finance is at the root of the (relatively) high Italian inflation rates. The authors argue that there is a strong relationship between the government budget deficit and monetary policy, and that the monetary authorities are too dependent on government. The book contributes in a novel way not only to the monetary debate, but also to fiscal and institutional questions. It combines economic theory, statistical data and history in an accessible way which should prove useful to both economic historians and monetary economists.
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1 Structure main themes and data of the monetary history
2 Money growth and its determinants
creation of a new currency multiplicity of banks of issue banking legislations monetary systems
inflation and stabilisation
foreign exchange policy and industrial and financial restructuring
6 The Second World War and the 1947 stabilisation
7 The fifties and sixties
Other editions - View all
annual assets average Bafﬁ balance Banca d’Italia Banca Nazionale Banco di Sicilia Bank of Italy banks of issue BI’s budget deﬁcits capital Carlo Azeglio Ciampi central bank conﬂict convertibility country’s crisis currency stock debt declined deﬂator discount rate domestic economic Einaudi exchange market exchange-rate expenditures export fact ﬁgure ﬁnancial markets ﬁrst ﬁscal ﬁscal policy ﬁxed ﬂows ﬂuctuations foreign exchange foreign exchange market Fratianni gold standard History inconvertibility increased industrial inﬂation rate inﬂuence interest rates Italian lira Italian monetary Italy’s Kingdom of Sardinia lira depreciation lira exchange rate loans MBTR ment metal reserves million lire monetary authorities monetary base monetary policy monetary system monetisation money growth money multiplier money stock national income nominal notes ofﬁcial outﬂow output growth percentage points period political ratio reﬂected regime sector seigniorage seventies signiﬁcant Spinelli stabilisation sub-period tion trade Treasury bills uniﬁcation variables velocity