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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.

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Article provided by CEPII research center in its journal Economie Internationale.

Volume (Year): (2003)
Issue (Month): 96 ()
Pages: 23-42

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Handle: RePEc:cii:cepiei:2003-4qb
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