Download e-book for kindle: A Monetary History of Italy (Studies in Macroeconomic by Michele Fratianni

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 different and sometimes dramatic financial stipulations. The booklet contributes in a singular means not just to the financial debate, but in addition to monetary and institutional questions. The authors mix monetary conception, statistical information, and background in an available means that are meant to end up invaluable to either fiscal historians and fiscal economists.

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Dev. 25 1970-80 Mean St. Dev. 37 1981-91 Mean St. Dev. 32 1862-1925 Mean St. Dev. 23 1926-91 Mean St. Dev. 42 Periods Income 1862-1991 Mean St. Dev. 34 1862-1913 Mean St. Dev. Seigniorage Note: Primary deficit is equal to total deficit minus interest payments; seigniorage is the percentage change of the Treasury component of the monetary base multiplied by the ratio of the Treasury component of the monetary base to nominal national income; stability condition is the difference between the growth rate of nominal national income and the average interest rate paid by government on his debt; the inflation tax is the inflation rate multiplied by the sum of the real value of interestbearing debt and the monetary base minus the real value of payments on debt, expressed as a percentage of real national income.

Negative supply shocks were prevalent both in the Second World War and in the seventies. Many other industrialised countries suffered from the same shocks in the seventies (Bruno and Sachs 1985), but Italy was unique among them in responding with high inflation. In sum, there is no evidence of systematically exploitable trade-offs between inflation and output growth. This is not to deny the existence of Phillips-curve effects. Indeed, our History will isolate a few instances where policymakers were able to rely on inflation to stimulate growth.

5 per cent of income. 3). These statistics confirm once more that if there is a distinctive characteristic of the Italian economy it has to do with its relatively (in relation to the representative foreign economy of chapter 1) high inflation rate, which in turn finds its roots in a very accommodating monetary authority. 8).

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