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Lira stabilisation, construction boom and the level of economic activity: the Shift in Favour of Non-Traded Goods Prices and Urban Rents


  • Giuseppe Tattara


Lira convertibility in the 19th century was mainly advocated due to the need to attract foreign capital, to avoid the temptation of monetizing the huge state debt, to keep the state budget under control and to limit the uncertainties in trade settlements with Italy's main partners, which were gold-standard countries. However, going back to gold had various consequences. Urban rents and the sheltered sectors of the economy, as well as construction activity were favoured by a significant, relative price shift, while industrial and agricultural exporters were subject to additional stress. Two resumption episodes are studied and some conclusions for the present process of European monetary unification and enlargement are discussed.

Suggested Citation

  • Giuseppe Tattara, 2003. "Lira stabilisation, construction boom and the level of economic activity: the Shift in Favour of Non-Traded Goods Prices and Urban Rents," Economie Internationale, CEPII research center, issue 96, pages 23-42.
  • Handle: RePEc:cii:cepiei:2003-4qb

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    Cited by:

    1. Tattara, Giuseppe, 2000. "Was Italy ever on gold?," MPRA Paper 37160, University Library of Munich, Germany.

    More about this item


    Stabilization; construction; traded goods; non traded goods; rents; prices; inflation;

    JEL classification:

    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • N63 - Economic History - - Manufacturing and Construction - - - Europe: Pre-1913
    • N73 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Europe: Pre-1913
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation


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