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Was Italy ever on gold?

Author

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  • Tattara, Giuseppe

Abstract

This article deals with the evolution of the Italian economy in the last part of the nineteenth century and the beginning of the twentieth century with particular emphasis on money and banking. It also deals with the problem of the huge Italian public debt. In this context it examines the exchange rate regime and presents a model of exchange rate determination for the years 1872-1913. An important element of Italian policy was the committment of limiting the fluctuations in the exchange rate while isolating the process of money creation from external shocks. This process was rather different from the classic adjustment process envisaged by the "Gold Standard Myth"

Suggested Citation

  • Tattara, Giuseppe, 2000. "Was Italy ever on gold?," MPRA Paper 37160, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:37160
    as

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    File URL: https://mpra.ub.uni-muenchen.de/37160/1/MPRA_paper_37160.pdf
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    References listed on IDEAS

    as
    1. 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.
    2. Giuseppe Tattara, 2002. "Un margine di arbitraggio non sfruttato sulla Rendita Italiana a Parigi?," Rivista di storia economica, Società editrice il Mulino, issue 1, pages 51-64.
    3. Fenoaltea, Stefano, 1988. "International resource flows and construction movements in the atlantic economy: the kuznets cycle in Italy, 1861–1913," The Journal of Economic History, Cambridge University Press, vol. 48(03), pages 605-637, September.
    4. Giuseppe Tattara, 2003. "Lira stabilisation, construction boom and the level of economic activity: the Shift in Favour of Non-Traded Goods Prices and Urban Rents," Economie Internationale, CEPII research center, issue 96, pages 23-42.
    5. John F. O. Bilson & Richard C. Marston, 1984. "Exchange Rate Theory and Practice," NBER Books, National Bureau of Economic Research, Inc, number bils84-1.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Luis A. V. Catão, 2007. "Sudden Stops and Currency Drops: A Historical Look," NBER Chapters,in: The Decline of Latin American Economies: Growth, Institutions, and Crises, pages 243-290 National Bureau of Economic Research, Inc.
    2. Christopher M. Meissner, 2002. "A New World Order: Explaining the Emergence of the Classical Gold Standard," NBER Working Papers 9233, National Bureau of Economic Research, Inc.
    3. Lazaretou, Sophia, 2005. "The drachma, foreign creditors, and the international monetary system: tales of a currency during the 19th and the early 20th centuries," Explorations in Economic History, Elsevier, vol. 42(2), pages 202-236, April.
    4. Morys, Matthias, 2013. "Discount rate policy under the Classical Gold Standard: Core versus periphery (1870s–1914)," Explorations in Economic History, Elsevier, vol. 50(2), pages 205-226.
    5. Sophia Lazaretou, 2004. "The Drachma, Foreign Creditors and the International Monetary System: Tales of a Currency during the 19th and the Early 20th Century," Working Papers 16, Bank of Greece.

    More about this item

    Keywords

    Gold Standard; Monetary Regimes; Fixed Exchange Rate; Economic History of Italy;

    JEL classification:

    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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