Il dibattito sul problema dell'emissione monetaria in Italia tra la fine del XIX e l'inizio del XX secolo: un'ipotesi interpretativa (The debate on the problem of monetary issue in Italy between the 19th and the 20th century: a suggestion for interpretation)

In the debate on the role of the banking system which took place between the end of the nineteenth and the beginning of the twentieth century, two different positions were upheld in Italy: some people supported the principle of the plurality of monetary issue, while others were in favour of its unity. As bank crises began to put on the pressure, the latter position became the dominant one. This theoretical confrontation assumed a specific value in the analysis of a number of experts (Fanno and De Viti de Marco, for example), who took as their starting point a new interpretation of the genesis of money as a means of exchange, and of the role of the banks in this process. In the light of these contributions, a consideration of the means of regulating monetary issue appeared to be a fundamental step in the process of re-interpretation which shed more light on the intrinsic limitations of the neoclassical monetary theory