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.
• Updated and condensed translation of successful Italian book • Fratianni and Spinelli are widely recognized as the foremost authorities on Italian monetary history • First comprehensive collection in English of data, facts, personalities and theories
Foreword; Preface; 1. Structure, main themes and data of the monetary history; 2. Money growth and its determinants; 3. From political unification to 1913: creation of a new currency, multiplicity of banks of issue, banking legislations, monetary systems; 4. The First World War: inflation and stabilisation; 5. The 1920s and 1930s: foreign exchange policy and industrial and financial restructuring; 6. The Second World War and the 1947 stabilisation; 7. The fifties and sixties; 8. The seventies; 9. Italy in the eighties: towards Central Bank independence; 10. Conclusions; Bibliography; Index of authors; Subject Index.
'This book is a breakthrough in Italian macroeconomic history both for the rigour of its approach and for the wealth of data and econometric evidence that it presents.' Economic History Review