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New PDF release: A Monetary History of Italy (Studies in Macroeconomic

By Michele Fratianni

ISBN-10: 0521443156

ISBN-13: 9780521443159

This quantity bargains with the financial historical past of Italy from independence in 1861 to 1992. It offers the 1st entire research of a rustic that has skilled various and sometimes dramatic financial stipulations. The ebook contributes in a unique approach not just to the financial debate, but in addition to monetary and institutional questions. The authors mix fiscal thought, statistical facts, and historical past in an obtainable method that are supposed to turn out precious to either monetary historians and fiscal economists.

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

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Without such persistence, it would have been difficult to achieve such a high negative cross correlation coefficient. A strong negative correlation also occurred during the Second World War, whereas the stagflation years of the 22 A monetary history of Italy seventies show a surprisingly low negative correlation. 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.

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. Real interest rates were calculated subtracting the growth of prices from nominal interest rates in the same time period.

The depreciation of the lira in the exchange markets falls somewhat short of the inflation differential: the exchange rate accommodates about 80 per cent of the differences in the rates of inflation. Thus, on average, the lira tends to appreciate in real terms. The most acute phases of real lira appreciation occurred in the 1970s and the 1980s. 2 International comparisons (annual percentage changes) Real income Periods Italy ROW diff. Nominal interest rates Real interest rates Nominal ROW diff.

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


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