Italy, the fiscal dominance model, and the gold standard age
The paper links money supply to the state budget deficit in the Italian historical context. The process of monetization of government deficit is analysed and is related both to the fixity of the exchange rate and free capital mobility typical of the 1860-1913 period. The empirical evidence supporting the view of Italy “shadowing” gold is discussed and the effect of government financing on money supply is tested. The conlusion discusses the implications of the model and of the empirical evidence for the interpretation of the Gold Standard.
|Date of creation:||1997|
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Web page: https://mpra.ub.uni-muenchen.de
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- Fratianni,Michele & Spinelli,Franco, 1997.
"A Monetary History of Italy,"
Cambridge University Press, number 9780521443159, December.
- Barry Eichengreen and Marc Flandreau., 1994.
"The Geography of the Gold Standard,"
Center for International and Development Economics Research (CIDER) Working Papers
C94-042, University of California at Berkeley.
- Eichengreen, Barry & Flandreau, Marc, 1994. "The Geography of the Gold Standard," Center for International and Development Economics Research (CIDER) Working Papers 233393, University of California-Berkeley, Department of Economics.
- Eichengreen, Barry & Flandreau, Marc, 1994. "The Geography of the Gold Standard," CEPR Discussion Papers 1050, C.E.P.R. Discussion Papers.
- Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
- 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.
- Giuseppe Tattara & or consequences), 2002. "Paper Money but a Gold Debt. Italy in the Gold Standard," Economic History 0205002, EconWPA.
- Flandreau, Marc & Le Cacheux, Jacques & Zumer, Frédéric, 1998.
"Stability Without a Pact? Lessons from the European Gold Standard 1880-1914,"
CEPR Discussion Papers
1872, C.E.P.R. Discussion Papers.
- Marc Flandreau & Jacques Le Cacheux & Frédéric Zumer, 1998. "Stability without a pact? Lessons from the European gold standard, 1880-1914," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 115-162, 04.
- Fishlow, Albert, 1985. "Lessons from the past: capital markets during the 19th century and the interwar period," International Organization, Cambridge University Press, vol. 39(03), pages 383-439, June.
- Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
- Storaci, Marina & Tattara, Giuseppe, 1998. "The external financing of Italian electric companies in the interwar years," European Review of Economic History, Cambridge University Press, vol. 2(03), pages 345-375, December.
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