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The Effects of Unification: Markets, Policy and Cyclical Convergence in Italy, 1861-1913

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Abstract

This paper examines the convergence of regional business cycles in the decades that followed Italy's Unification. The aggregate construction series point to cyclical convergence, but a sectorlevel analysis traces this result to the decline in differentiated "regional-policy" shocks. The regional market cycles diverged, as the regions specialized in different sectors of production; market-cycle convergence is observed only within the "industrial triangle," the regions of which also developed different specializations. This suggests that the balance between growing interdependence and growing differentiation is not general, as the current literature presumes, but specialization-specific.

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Bibliographic Info

Paper provided by Tor Vergata University, CEIS in its series CEIS Research Paper with number 133.

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Length: 26 pages
Date of creation: 18 Nov 2008
Date of revision: 18 Nov 2008
Handle: RePEc:rtv:ceisrp:133

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Postal: CEIS - Centre for Economic and International Studies - Faculty of Economics - University of Rome "Tor Vergata" - Via Columbia, 2 00133 Roma
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Postal: CEIS - Centre for Economic and International Studies - Faculty of Economics - University of Rome "Tor Vergata" - Via Columbia, 2 00133 Roma
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  1. Lawrence J. Christiano & Terry J. Fitzgerald, 2003. "The Band Pass Filter," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(2), pages 435-465, 05.
  2. Maravall, A. & del Rio, A., 2007. "Temporal aggregation, systematic sampling, and the Hodrick-Prescott filter," Computational Statistics & Data Analysis, Elsevier, Elsevier, vol. 52(2), pages 975-998, October.
  3. Athanasios Orphanides & Simon van Norden, 1999. "The Reliability of Output Gap Estimates in Real Time," Macroeconomics, EconWPA 9907006, EconWPA.
  4. Ciccarelli, Carlo & Fenoaltea, Stefano, 2008. "Construction in Italy's regions, 1861-1913," MPRA Paper 9714, University Library of Munich, Germany.
  5. Toniolo, Gianni & Conte, Leandro & Vecchi, Giovanni, 2003. "Monetary Union, institutions and financial market integration: Italy, 1862-1905," Explorations in Economic History, Elsevier, Elsevier, vol. 40(4), pages 443-461, October.
  6. Belke, Ansgar & Heine, Jens M., 2004. "Specialisation Patterns and the Synchronicity of Regional Employment Cycles in Europe," IZA Discussion Papers 1439, Institute for the Study of Labor (IZA).
  7. Morten O. Ravn & Harald Uhlig, 2002. "On adjusting the Hodrick-Prescott filter for the frequency of observations," The Review of Economics and Statistics, MIT Press, vol. 84(2), pages 371-375.
  8. Federico, Giovanni, 2007. "Market integration and market efficiency: The case of 19th century Italy," Explorations in Economic History, Elsevier, Elsevier, vol. 44(2), pages 293-316, April.
  9. Lourdes Acedo Montoya & Jakob de Haan, 2007. "Regional Business Cycle Synchronization in Europe," Bruges European Economic Research Papers, European Economic Studies Department, College of Europe 11, European Economic Studies Department, College of Europe.
  10. Andrew Hughes Hallett & Christian Richter, 2008. "Have the Eurozone economies converged on a common European cycle?," International Economics and Economic Policy, Springer, Springer, vol. 5(1), pages 71-101, July.
  11. Ciccarelli, Carlo & Fenoaltea, Stefano, 2007. "Business fluctuations in Italy, 1861-1913: The new evidence," Explorations in Economic History, Elsevier, Elsevier, vol. 44(3), pages 432-451, July.
  12. Durbin, James & Koopman, Siem Jan, 2001. "Time Series Analysis by State Space Methods," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198523543, October.
  13. Fenoaltea, Stefano, 2003. "Peeking Backward: Regional Aspects of Industrial Growth in Post-Unification Italy," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 63(04), pages 1059-1102, December.
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Cited by:
  1. Emanuele Felice, 2012. "Regional convergence in Italy, 1891–2001: testing human and social capital," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), Association Française de Cliométrie (AFC), vol. 6(3), pages 267-306, October.
  2. Emanuele Felice, 2011. "The Rule and the Exception: Italy’s Regional Imbalances (1891-2001) through a Shift-Share Analysis," QA - Rivista dell'Associazione Rossi-Doria, Associazione Rossi Doria, Associazione Rossi Doria, issue 4, December.
  3. Emanuele Felice, 2014. "GDP and convergence in modern times," Working Papers, Association Française de Cliométrie (AFC) 01-14, Association Française de Cliométrie (AFC).
  4. Makiko Hino & Mototsugu Fukushige, 2014. "Catching up and falling behind in technological progress: the experience of the textile and chemical industries in Italy between 1904 and 1937," Discussion Papers in Economics and Business 14-14, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).

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