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Corso della Rendita e andamenti del tasso di cambio della Lira negli anni del "gold standard" (1883-1893)

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  • Paolo Di Martino

Abstract

This paper studies the pattern of the Lira exchange rate during the period 1883-1893. Although the Lira joined the specie standard, its value was extremely unstable and in 1894 the metal anchor was abandoned. A possible interpretation of this pattern is provided by the connection between the exchange rate and the value of Italian bonds ("Rendita"), traded both in the domestic and in the international markets. In foreign markets, the value of the "Rendita" reflected more the mood of the international markets than the conditions of the fundamentals of the Italian economy. On the other hand, in Italy the price of bonds was rather stable, so as to produce a spread between the value of bonds in the domestic and in the international markets. Italian speculators spotted the possibility of making profits by buying bonds abroad and selling them in Italy. This operation led to a worsening of the exchange rate.

Suggested Citation

  • Paolo Di Martino, 2001. "Corso della Rendita e andamenti del tasso di cambio della Lira negli anni del "gold standard" (1883-1893)," Rivista di storia economica, Società editrice il Mulino, issue 1, pages 3-32.
    • Handle: RePEc:mul:jrkmxm:doi:10.1410/9900:y:2001:i:1:p:3-32
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    Cited by:

    1. 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.
    2. Filippo Cesarano & Giulio Cifarelli & Gianni Toniolo, 2009. "Exchange Rate Regimes and Reserve Policy on the Periphery: The Italian Lira 1883-1911," Working Papers - Economics wp2009_11.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    3. Barbara Pistoresi & Alberto Rinaldi, 2015. "Capital Inflows, Current Accounts and the Investment Cycle in Italy: 1861–1913," Research in Economic History, in: Research in Economic History, volume 31, pages 241-261, Emerald Group Publishing Limited.

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