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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Paper provided by ICER - International Centre for Economic Research in its series ICER Working Papers with number
40-2007.
Length: 39 pages Date of creation: Mar 2007 Date of revision: Handle: RePEc:icr:wpicer:40-2007
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Find related papers by JEL classification: F31 - International Economics - - International Finance - - - Foreign Exchange F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
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