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Exchange Control in Italy and Bulgaria in the Interwar Period: History and Perspectives

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Author Info

  • Nikolay Nenovsky

    ()

  • Giovanni Pavanelli

    ()

  • Kalina Dimitrova

    ()

Abstract

This paper analyses exchange rate control measures adopted in Italy and Bulgaria during the interwar period. The first two sections provide a detailed account of the institutional and economic framework in which these measures were enforced and interpret them utilizing statistical data. In the third section it suggests a theoretical interpretation of exchange control and clearing agreements stressing that these policies were a serious interference in market mechanisms. A further point is that exchange control introduced and practiced in Italy and Bulgaria was an eloquent example of how serious the balance of payments constraint was at that time and how difficult it was to circumvent it. In the last section it derives some lessons for today’s Italian and Bulgarian economies.

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File URL: http://www.icer.it/docs/wp2007/ICERwp40-07.pdf
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Bibliographic Info

Paper provided by ICER - International Centre for Economic Research in its series ICER Working Papers with number 40-2007.

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Length: 39 pages
Date of creation: Mar 2007
Date of revision:
Handle: RePEc:icr:wpicer:40-2007

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Related research

Keywords: Exchange control; Clearing agreements; International monetary relations;

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References

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  1. Fratianni,Michele & Spinelli,Franco, 1997. "A Monetary History of Italy," Cambridge Books, Cambridge University Press, number 9780521443159.
  2. Barry J. Eichengreen & Jeffrey Sachs, 1984. "Exchange Rates and Economic Recovery in the 1930s," NBER Working Papers 1498, National Bureau of Economic Research, Inc.
  3. Kalina Dimitrova & Nikolay Nenovsky, 2006. "Exchange Rate and Inflation: France and Bulgaria in the Interwar Period," ICER Working Papers 34-2006, ICER - International Centre for Economic Research.
  4. D H Aldcroft, 2002. "Currency Stabilisation in the 1920s: Success or Failure?," Economic Issues Journal Articles, Economic Issues, vol. 7(2), pages 83-102, September.
  5. Larry Neal, 1979. "The Economics and Finance of Bilateral Clearing Agreements: Germany, 1934-8," Economic History Review, Economic History Society, vol. 32(3), pages 391-404, 08.
  6. Goodhart, Charles A. E., 1998. "The two concepts of money: implications for the analysis of optimal currency areas," European Journal of Political Economy, Elsevier, vol. 14(3), pages 407-432, August.
  7. Kalina Dimitrova & Martin Ivanov & Ralitsa Simeonova-Ganeva, 2009. "Effective exchange rates of the Bulgarian Lev 1879-1939," ICER Working Papers 04-2009, ICER - International Centre for Economic Research.
  8. tattara, giuesppe, 1991. "Power and Trade: Italy and Germany in the Thirties," MPRA Paper 10802, University Library of Munich, Germany.
  9. Friedman, Philip, 1976. "The welfare costs of bilateralism: German-Hungarian trade, 1933-1938," Explorations in Economic History, Elsevier, vol. 13(1), pages 113-125, January.
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Citations

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Cited by:
  1. Kalina Dimitrova & Martin Ivanov & Ralitsa Simeonova-Ganeva, 2009. "Effective exchange rates of the Bulgarian Lev 1879-1939," ICER Working Papers 04-2009, ICER - International Centre for Economic Research.
  2. repec:cge:warwcg:131 is not listed on IDEAS
  3. Nikolay Nenovsky & Pencho Penchev, 2013. "The Evolution of German Historical School in Bulgaria (1878-1944)," ICER Working Papers 08-2013, ICER - International Centre for Economic Research.
  4. Bertrand BLANCHETON & Nikolay NENOVSKY, 2013. "Protectionism and Protectionists Theories in the Balkans in the Interwar Period," Cahiers du GREThA 2013-02, Groupe de Recherche en Economie Théorique et Appliquée.
  5. Mitchener, Kris James & Wandschneider, Kirsten, 2013. "Capital Controls and Recovery from the Financial Crisis of the 1930s," CAGE Online Working Paper Series 132, Competitive Advantage in the Global Economy (CAGE).
  6. Nikolay Nenovsky & Pencho Penchev, 2013. "Historic View on the Protectionism in Bulgaria and Romania. Protectionism Theories of Mihail Manoilesku (1891-1950) and Konstantin Bobchev (1894-1976)," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 3-44.
  7. Anthony Evans, 2010. "Austrian economics behind the iron curtain: The rebirth of an intellectual tradition," The Review of Austrian Economics, Springer, vol. 23(3), pages 243-268, September.
  8. Nikolay Nenovsky, 2010. "The Bulgarian Economic Thought since 1989: A Personal View," ICER Working Papers 21-2010, ICER - International Centre for Economic Research.

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