Exchange Control in Italy and Bulgaria in the Interwar Period: History and Perspectives
This paper analyses exchange rate control measures adopted in Italy and Bulgaria during the interwar period. The first two sections provide a detailed account of the institutional and economic framework in which these measures were enforced and interpret them utilizing statistical data. In the third section it suggests a theoretical interpretation of exchange control and clearing agreements stressing that these policies were a serious interference in market mechanisms. A further point is that exchange control introduced and practiced in Italy and Bulgaria was an eloquent example of how serious the balance of payments constraint was at that time and how difficult it was to circumvent it. In the last section it derives some lessons for today’s Italian and Bulgarian economies.
|Date of creation:||Mar 2007|
|Contact details of provider:|| Postal: Corso Unione Sovietica, 218bis - 10134 Torino - Italy|
Phone: +39 011 6706060
Fax: +39 011 6706062
Web page: http://www.esomas.unito.it/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Kalina Dimitrova & Nikolay Nenovsky, 2006.
"Exchange Rate and Inflation: France and Bulgaria in the Interwar Period,"
ICER Working Papers
34-2006, ICER - International Centre for Economic Research.
- K. Dimitrova & Nikolay Nenovsky, 2006. "Exchange Rate and Inflation: France and Bulgaria in the interwar period," Post-Print halshs-00259694, HAL.
- Nikolay Nenovsky, 2006. "Exchange Rate and Inflation : France and Bulgaria in the Interwar Period," Post-Print halshs-00260397, HAL.
- Fratianni,Michele & Spinelli,Franco, 2005. "A Monetary History of Italy," Cambridge Books, Cambridge University Press, number 9780521023450, December.
- Fratianni,Michele & Spinelli,Franco, 1997. "A Monetary History of Italy," Cambridge Books, Cambridge University Press, number 9780521443159, December.
- Eichengreen, Barry & Sachs, Jeffrey, 1985. "Exchange Rates and Economic Recovery in the 1930s," The Journal of Economic History, Cambridge University Press, vol. 45(04), pages 925-946, December.
- Barry J. Eichengreen & Jeffrey Sachs, 1984. "Exchange Rates and Economic Recovery in the 1930s," NBER Working Papers 1498, National Bureau of Economic Research, Inc.
- Larry Neal, 1979. "The Economics and Finance of Bilateral Clearing Agreements: Germany, 1934-8," Economic History Review, Economic History Society, vol. 32(3), pages 391-404, 08.
- Goodhart, Charles A. E., 1998. "The two concepts of money: implications for the analysis of optimal currency areas," European Journal of Political Economy, Elsevier, vol. 14(3), pages 407-432, August.
- Friedman, Philip, 1976. "The welfare costs of bilateralism: German-Hungarian trade, 1933-1938," Explorations in Economic History, Elsevier, vol. 13(1), pages 113-125, January.
- Kalina Dimitrova & Martin Ivanov & Ralitsa Simeonova-Ganeva, 2009. "Effective exchange rates of the Bulgarian Lev 1879-1939," ICER Working Papers 04-2009, ICER - International Centre for Economic Research.
- D H Aldcroft, 2002. "Currency Stabilisation in the 1920s: Success or Failure?," Economic Issues Journal Articles, Economic Issues, vol. 7(2), pages 83-102, September.
- tattara, giuesppe, 1991. "Power and Trade: Italy and Germany in the Thirties," MPRA Paper 10802, University Library of Munich, Germany. Full references (including those not matched with items on IDEAS)