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Le determinanti del tasso di sconto in Italia negli anni 1876-1913: un'analisi empirica e documentale

  • Franco Spinelli
  • Carmine Trecroci

L’analisi dell’andamento del tasso di sconto italiano durante il Gold Standard è molto scarna. Questo lavoro comincia a rimediare al problema sia stimando alcuni semplici modelli del tasso di sconto con serie storiche a frequenza mensile e annua, sia con un’analisi documentale. Il principale risultato è che il tasso italiano appare dipendere soprattutto dal rapporto interno di liquidità e, limitatamente ai periodi di piena convertibilità della lira, dal tasso di sconto inglese. Le stime confermano inoltre un risultato di precedenti studi non quantitativi, ovvero che le autorità monetarie italiane del tempo fecero un uso della manovra dei tassi molto meno intenso di quello praticato negli altri paesi del sistema aureo.

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Paper provided by University of Brescia, Department of Economics in its series Working Papers with number ubs0405.

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Handle: RePEc:ubs:wpaper:ubs0405
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