A Monetary History of Italy (Studies in Macroeconomic by Michele Fratianni

By Michele Fratianni

This quantity offers with the financial historical past of Italy from independence in 1861 to 1992. It presents the 1st whole research of a rustic that has skilled assorted and infrequently dramatic financial stipulations. The e-book contributes in a singular method not just to the financial debate, but additionally to monetary and institutional questions. The authors mix monetary idea, statistical facts, and background in an available means that are supposed to end up worthy to either monetary historians and fiscal economists.

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2). 5 of the offset coefficient -(1-^) suggests an imperfect degree of substitutability between Italian and foreign assets, afindingthat agrees with our examination of the historical episodes. On average, the monetary authorities sterilised 80 per cent of the reserveflows,in turn suggesting that domestic objectives dominated external objectives. This finding as well accords with our historical discussion. The monetary authorities often postponed taking corrective actions to redress an external imbalance.

The assumption that the monetary base is exogenous is critical in the above argument. There are two objections to treating MB independently of the multiplier. Thefirstobjection arises from exchange-rate considerations. Under fixed rates the authorities control the domestic component of the monetary base, and not the total base. BF responds to policy actions and to money demand variables (see subsequent section). 6 Base and the multiplier peg or target interest rates. Shocks to the money multiplier that tend to raise the rate of interest will elicit an offsetting behaviour on the part of the authorities.

4 per cent. 1 indicates, the decline in velocity is particularly sharp in the nineteenth century. 3 weeks of national income. 6 weeks of national income. Over this period deposits were growing more rapidly than currency, reflecting the fact that Italians banked more. 8). The persistent fall in velocity is consistent with the hypothesis of money being a luxury good, a finding of the empirical literature on the demand for money (Spinelli 1980; Calliari, Spinelli and Verga 1984). This phenomenon is not unique to Italy; in fact, in their A Monetary History of the United States Milton Friedman and Anna Schwartz (1963) obtain a similar result.

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