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Italy, the fiscal dominance model, and the gold standard age

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  • Tattara, Giuseppe
  • volpe, mario

Abstract

The paper links money supply to the state budget deficit in the Italian historical context. The process of monetization of government deficit is analysed and is related both to the fixity of the exchange rate and free capital mobility typical of the 1860-1913 period. The empirical evidence supporting the view of Italy “shadowing” gold is discussed and the effect of government financing on money supply is tested. The conlusion discusses the implications of the model and of the empirical evidence for the interpretation of the Gold Standard.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 37155.

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Date of creation: 1997
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Handle: RePEc:pra:mprapa:37155

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Related research

Keywords: Monetary theory; Gold Standard; Fiscal theory; Economic History of Italy;

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References

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  1. Giuseppe Tattara & or consequences), 2002. "Paper Money but a Gold Debt. Italy in the Gold Standard," Economic History 0205002, EconWPA.
  2. Eichengreen, Barry & Flandreau, Marc, 1994. "The Geography of the Gold Standard," CEPR Discussion Papers 1050, C.E.P.R. Discussion Papers.
  3. Fratianni,Michele & Spinelli,Franco, 2005. "A Monetary History of Italy," Cambridge Books, Cambridge University Press, number 9780521023450, April.
  4. Fishlow, Albert, 1985. "Lessons from the past: capital markets during the 19th century and the interwar period," International Organization, Cambridge University Press, vol. 39(03), pages 383-439, June.
  5. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
  6. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
  7. Storaci, Marina & Tattara, Giuseppe, 1998. "The external financing of Italian electric companies in the interwar years," European Review of Economic History, Cambridge University Press, vol. 2(03), pages 345-375, December.
  8. Marc Flandreau & Jacques Le Cacheux & Frédéric Zumer, 1998. "Stability without a pact? Lessons from the European gold standard, 1880-1914," Economic Policy, CEPR & CES & MSH, vol. 13(26), pages 115-162, 04.
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Citations

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Cited by:
  1. Tattara, Giuseppe, 2002. "Un margine di arbitraggio non sfruttato sulla Rendita Italiana a Parigi ?
    [An Unexploited Arbitrage Margin on the Italian Rendita in Paris?]
    ," MPRA Paper 10778, University Library of Munich, Germany.
  2. Tattara, Giuseppe, 2003. "Paper money but a gold debt: Italy on the gold standard," Explorations in Economic History, Elsevier, vol. 40(2), pages 122-142, April.
  3. Luis Catão, 2006. "Sudden Stops and Currency Drops," IMF Working Papers 06/133, International Monetary Fund.
  4. tattara, Giuseppe, 1995. "Bilancia dei pagamenti, movimenti dei capitali ed equilibrio interno nei primi 50 anni del regno d'Italia
    [Balance of payments, capital movements, domestic equilibrium in the first 50 years of the
    ," MPRA Paper 39086, University Library of Munich, Germany.

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