By Michele Fratianni
This quantity bargains with the financial historical past of Italy from independence in 1861 to 1992. It offers the 1st whole research of a rustic that has skilled diversified and sometimes dramatic financial stipulations. The e-book contributes in a singular approach not just to the financial debate, but additionally to monetary and institutional questions. The authors mix financial idea, statistical info, and heritage in an available manner that are supposed to turn out worthwhile to either fiscal historians and fiscal economists.
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Extra info for A Monetary History of Italy (Studies in Macroeconomic History)
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.
We now relax the independence assumption and investigate the extent to which the money multiplier responds to changes in the monetary base, and vice versa. The theoretical underpinning of the interaction between the money multiplier and the monetary base can be found in Brunner and Meltzer (1968, 1989), Burger (1971), and Fratianni (1976). Essentially, the link between m 38 A monetary history of Italy and MB goes through the rates of interest. Increases in the monetary base lower the rates of interest on bonds and capital, instigating marginal substitutions of money for bonds and capital.
The latest explosion of the debt-income ratio occurred in the early seventies when Italy, together with other industrial countries, embarked on a vast expansion of the welfare state. PP and Government Corporations for 1968 (data in billions of lire) Government deficit 2,062 Net sales of long-term government bonds to public and banks Net sales of Treasury bills and postal deposits to public and banks Net sales of long-term government bonds to BI Net sales of Treasury bills, postal notes to BI, other accounts with BI Decrease in governmental liabilities vis-a-vis foreigners Increase in other domestic sight government liabilities Net issue of government coins and currency 2,062 1,093 422 219 281 -2 36 13 2,062 payments skyrocketed; deficits contributed to new debt and old and new debt contributed to larger deficits through interest payments.