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A Historical Reconstruction of Capital and Labour in Italy, 1861-2013

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Listed:
  • Claire Giordano

    (Bank of Italy)

  • Francesco Zollino

    (Bank of Italy)

Abstract

In this paper we provide a detailed explanation of the methodology underlying the construction of a new labour and capital stock dataset for Italy since 1861. The existing seminal paper (Rossi, Sorgato and Toniolo 1993) only covered the period 1911-1990 for labour and 1890-1990 for capital; moreover, sectoral disaggregation was limited. The labour dataset presented here includes both headcount and full-time equivalent annual estimates and provides a ten-sector breakdown. Net capital stock annual estimates are instead disaggregated by asset type (transport equipment, machinery and equipment, and construction, in turn divided into residential and non-residential). We then analyse the key features of the structural change in the Italian economy over the more than 150 years since unification. This dataset, combined with the new historical national accounts time series published by the Bank of Italy, finally makes a sectoral analysis of Italy's long-run development possible.

Suggested Citation

  • Claire Giordano & Francesco Zollino, 2016. "A Historical Reconstruction of Capital and Labour in Italy, 1861-2013," Quaderni di storia economica (Economic History Working Papers) 37, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:workqs:qse_37
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    References listed on IDEAS

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    1. Olivier Blanchard & Francesco Giavazzi, 2003. "Macroeconomic Effects of Regulation and Deregulation in Goods and Labor Markets," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 118(3), pages 879-907.
    2. Broadberry, Stephen & Giordano, Claire & Zollino, Francesco, 2011. "A Sectoral Analysis of Italy's Development: 1861 -2010," CAGE Online Working Paper Series 62, Competitive Advantage in the Global Economy (CAGE).
    3. Claire Giordano & Francesco Zollino, 2017. "Macroeconomic estimates of Italy's mark-ups in the long-run, 1861-2012," Quaderni di storia economica (Economic History Working Papers) 39, Bank of Italy, Economic Research and International Relations Area.
    4. Ghazala Azmat & Alan Manning & John Van Reenen, 2012. "Privatization and the Decline of Labour's Share: International Evidence from Network Industries," Economica, London School of Economics and Political Science, vol. 79(315), pages 470-492, July.
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    6. Giovanni Federico & Paolo Malanima, 2004. "Progress, decline, growth: product and productivity in Italian agriculture, 1000–2000," Economic History Review, Economic History Society, vol. 57(3), pages 437-464, August.
    7. Giulio Cainelli & Marco Stampini, 2002. "I censimenti industriali in Italia (1911-1991). Problemi di raccordo ed alcune evidenze empiriche a livello territoriale," Rivista di storia economica, Società editrice il Mulino, issue 2, pages 217-238.
    8. Fenoaltea, Stefano, 1982. "The Growth of the Utilities Industries in Italy, 1861–1913," The Journal of Economic History, Cambridge University Press, vol. 42(3), pages 601-627, September.
    9. Nicola Rossi & Gianni Toniolo, 1992. "Catching up or falling behind? Italy's economic growth, 1895-1947," Economic History Review, Economic History Society, vol. 45(3), pages 537-563, August.
    10. Cohen,Jon & Federico,Giovanni, 2001. "The Growth of the Italian Economy, 1820–1960," Cambridge Books, Cambridge University Press, number 9780521661508, September.
    11. Stephen Broadberry & Claire Giordano & Francesco Zollino, 2011. "A Sectoral Analysis of Italy's Development, 1861-2011," Quaderni di storia economica (Economic History Working Papers) 20, Bank of Italy, Economic Research and International Relations Area.
    12. Roberto Torrini, 2005. "Profit Share and Returns on Capital Stock in Italy: the Role of Privatisations behind the Rise of the 1990s," CEP Discussion Papers dp0671, Centre for Economic Performance, LSE.
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    Cited by:

    1. Giordano, Claire & Giugliano, Ferdinando, 2015. "A tale of two Fascisms: Labour productivity growth and competition policy in Italy, 1911–1951," Explorations in Economic History, Elsevier, vol. 55(C), pages 25-38.
    2. Claire Giordano & Francesco Zollino, 2017. "Macroeconomic estimates of Italy's mark-ups in the long-run, 1861-2012," Quaderni di storia economica (Economic History Working Papers) 39, Bank of Italy, Economic Research and International Relations Area.
    3. Stefano Fenoaltea, 2020. "The fruits of disaggregation: The engineering industry, tariff protection, and the industrial investment cycle in Italy, 1861-1913," PSL Quarterly Review, Economia civile, vol. 73(292), pages 77-110.
    4. Giacomo Gabbuti, 2018. "Labour Shares and Income Inequality: Insights from Italian Economic History, 1895-2015," HHB Working Papers Series 13, The Historical Household Budgets Project.
    5. Fenoaltea, Stefano, 2017. "The Growth of the Italian Economy, 1861-1913: Revised Second-Generation Production-Side Estimates," MPRA Paper 83508, University Library of Munich, Germany.
    6. Giulia Mancini, 2018. "Women's Labor Force Participation in Italy, 1861-2011," Rivista di storia economica, Società editrice il Mulino, issue 1, pages 3-68.
    7. Marianna Riggi & Sergio Santoro, 2015. "On the Slope and the Persistence of the Italian Phillips Curve," International Journal of Central Banking, International Journal of Central Banking, vol. 11(2), pages 157-197, March.
    8. Fabio Clementi & Marco Gallegati & Mauro Gallegati, 2015. "Growth and Cycles of the Italian Economy Since 1861: The New Evidence," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 1(1), pages 25-59, March.

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    More about this item

    Keywords

    labour; capital; historical national accounts; Italy;
    All these keywords.

    JEL classification:

    • N00 - Economic History - - General - - - General
    • N01 - Economic History - - General - - - Development of the Discipline: Historiographical; Sources and Methods
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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