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Il debito pubblico italiano 1861-1946: ricostruzione della serie storica

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  • Vera Zamagni

Abstract

Public debt is a topic that has commanded recently in Italy great attention by economists, who have used also long term analysis. But the existing historical series were under many accounts inaccurate and incoherent so that efforts were made to build up a consistent long run series, without, however, reaching entirely satisfactory results. The present article is the final result of a long term research that has started some years ago with the reconstruction of a comprehensive series for the years 1919-1939 based on the present definition of public debt. The same approach has been applied here for the entire period 1861-1946 and all the detailed components of the overall series and the methods of construction are reported and commented. The article also proposes some short comments of the results in terms of the ratio public debt/GNP, composition of public debt and share of foreign ownership. Concerning the ratio public debt/GNP, the three episodes of climbing ratio were all put under control, in ways that differed markedly. As for the composition, the strategic importance of the Cassa Depositi e Prestiti in certain years is underlined, as well as the monetization of debt in other years. As for the share of foreign ownership, it can be seen that it was important in liberal Italy and played a unique role during the First World War.

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  • Vera Zamagni, 1998. "Il debito pubblico italiano 1861-1946: ricostruzione della serie storica," Rivista di storia economica, Società editrice il Mulino, issue 3, pages 207-242.
    • Handle: RePEc:mul:jrkmxm:doi:10.1410/9868:y:1998:i:3:p:207-242
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    Cited by:

    1. Antoine Gentier & Giusepina Gianfreda & Nathalie Janson, 2011. "Rent dissipation or government predation ? The notes issuance activity in Italy 1865-1882," Post-Print hal-00735325, HAL.
    2. Silvana Bartoletto & Bruno Chiarini & Elisabetta Marzano, 2013. "Is the Italian Public Debt Really Unsustainable? An Historical Comparison (1861-2010)," CESifo Working Paper Series 4185, CESifo.
    3. Michael D Bordo & Christopher M Meissner & Marc D Weidenmier, 2006. "Currency Mismatches, Default Risk, and Exchange Rate Depreciation: Evidence from the End of Bimetallism," WEF Working Papers 0010, ESRC World Economy and Finance Research Programme, Birkbeck, University of London.
    4. Luis A. V. Catão, 2007. "Sudden Stops and Currency Drops: A Historical Look," NBER Chapters, in: The Decline of Latin American Economies: Growth, Institutions, and Crises, pages 243-290, National Bureau of Economic Research, Inc.
    5. Federico, Giovanni & Tena Junguito, Antonio, 2013. "The ripples of the Industrial revolution: exports, economic growth and regional integration in Italy in the early 19th century," IFCS - Working Papers in Economic History.WH wp13-02, Universidad Carlos III de Madrid. Instituto Figuerola.
    6. Silvana Bartoletto & Bruno Chiarini & Elisabetta Marzano, 2012. "The Sustainability of Fiscal Policy in Italy: A Long-Term Perspective," CESifo Working Paper Series 3812, CESifo.
    7. Michael D. Bordo & Christopher M. Meissner, 2007. "Financial Crises, 1880-1913: The Role of Foreign Currency Debt," NBER Chapters, in: The Decline of Latin American Economies: Growth, Institutions, and Crises, pages 139-194, National Bureau of Economic Research, Inc.
    8. Enrico Berbenni & Stefano Colombo, 2021. "The impact of pandemics: revising the Spanish Flu in Italy in light of models’ predictions, and some lessons for the Covid-19 pandemic," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 48(2), pages 219-243, June.
    9. Matthias Morys, 2006. "Adjustment under the Classical Gold Standard: How costly did the external constraint come to the European periphery?," Working Papers 6009, Economic History Society.

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