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.
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Web page: https://mpra.ub.uni-muenchen.de
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- 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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CEPR Discussion Papers
1050, C.E.P.R. Discussion Papers.
- 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.
- Giuseppe Tattara & or consequences), 2002.
"Paper Money but a Gold Debt. Italy in the Gold Standard,"
- 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.
- Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
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