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Financial integration and financial development in transition economies: What happens during financial crises?

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  • Arjana BREZIGAR-MASTEN
  • Fabrizio CORICELLI
  • Igor MASTEN

Abstract

Italy’s first Fascist government applied a large-scale privatization policy between 1922 and 1925. The government privatized the state monopoly of match sale, eliminated the State monopoly on life insurances, sold most of the State-owned telephone networks and services to private firms, reprivatized the largest metal machinery producer, and awarded concessions to private firms to build and operate motorways. While ideological considerations may have had a certain influence, privatization was used mainly as a political tool to build confidence among industrialists and to increase support for the government and the Partito Nazionale Fascista. Privatization also contributed to balancing the budget, which was the core objective of Fascist economic policy in its first phase.

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Bibliographic Info

Paper provided by European University Institute in its series RSCAS Working Papers with number 2009/49.

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Date of creation: 29 Sep 2009
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Handle: RePEc:rsc:rsceui:2009/49

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Keywords: transition economies; financial integration; financial crises; economic growth; threshold effects;

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Cited by:
  1. Josef C. Brada & Trajko Slaveski, 2012. "Transition in a Bubble Economy," Emerging Markets Finance and Trade, M.E. Sharpe, Inc., vol. 48(S4), pages 7-13, November.

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