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The Italian-German Clearing

In: Money and Trade Wars in Interwar Europe

Author

Listed:
  • Alessandro Roselli

    (Cass Business School)

Abstract

In early 1930s, the Italian government was concerned about the rapid shrinking of the currency component of the official reserve, as shown by Table 4.4. But even Germany, a trade creditor towards Italy, lacked the currency to pay for its imports. A bilateral clearing arrangement might prove — wrote the Bank of Italy — the lesser evil (‘il male minore’), if accompanied by a mechanism that would balance trade and provide a hedge against foreign exchange risks.1 For a better focus on the arrangements that this general situation of currency shortage was to produce in the commercial relations between Italy and Germany, some background information on the main features of Italy’s foreign trade will be useful.

Suggested Citation

  • Alessandro Roselli, 2014. "The Italian-German Clearing," Palgrave Macmillan Books, in: Money and Trade Wars in Interwar Europe, chapter 7, pages 155-171, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-32700-0_7
    DOI: 10.1057/9781137327000_7
    as

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