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The Italian Stabilization of 1947: Domestic and International Factors


  • Martinez Oliva, Juan Carlos


The paper examines the 1947 monetary stabilization in Italy, tracing the domestic and international political dynamics that allowed ideas and theoretical concepts developed within the Bank of Italy to be applied in a successful action to subdue spiraling inflation. The combination of events and circumstances necessary for the good outcome in a critical juncture of Italian economic history was the fruit of the efforts made by Prime Minister Alcide De Gasperi in both the domestic and international political arenas and of the collaboration he received from Luigi Einaudi and Donato Menichella. The Government’s economic action in this crucial episode constitutes perhaps the first outstanding example of cooperation between politicians and experts in the annals of the Italian Republic.

Suggested Citation

  • Martinez Oliva, Juan Carlos, 2005. "The Italian Stabilization of 1947: Domestic and International Factors," MPRA Paper 16396, University Library of Munich, Germany, revised 2007.
  • Handle: RePEc:pra:mprapa:16396

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    References listed on IDEAS

    1. Alessandra Casella & Barry Eichengreen, 1991. "Halting Inflation in Italy and France After World War II," NBER Working Papers 3852, National Bureau of Economic Research, Inc.
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    More about this item


    Economic history; Stabilization; Italy; United States; De Gasperi; Menichella; 1947;

    JEL classification:

    • F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • N34 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: 1913-


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