Italy’s Comparative Advantage: A Long-Run Perspective
AbstractThe growth of the Italian economy over the past 150 years since unification was accompanied by a dramatic increase in the country’s integration with European and global commodity markets: foreign trade in the long run grew on average faster than the overall economy. Behind the dynamics of aggregate trade, Italy’s comparative advantage changed fundamentally over the last 150 years. The composition of trade, in terms of both commodities imported and exported and in terms of trading partners, developed from a high concentration of a few trading partners and a handful of rather simple commodities into a wide diversification of trading partners and more sophisticated commodities. In this paper we exploit a new long-term database on Italian foreign trade at a high level of disaggregation to document and analyze these changes. We conclude with an assessment of Italy’s growth prospects from a historical perspective.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 8758.
Date of creation: Jan 2012
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Find related papers by JEL classification:
- F14 - International Economics - - Trade - - - Empirical Studies of Trade
- N73 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Europe: Pre-1913
- N74 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Europe: 1913-
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-03-28 (All new papers)
- NEP-HIS-2012-03-28 (Business, Economic & Financial History)
- NEP-INT-2012-03-28 (International Trade)
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