By Michele Fratianni
This quantity bargains with the financial background of Italy from independence in 1861 to 1992. It presents the 1st whole research of a rustic that has skilled various and infrequently dramatic financial stipulations. The publication contributes in a singular method not just to the financial debate, but in addition to economic and institutional questions. The authors mix fiscal idea, statistical info, and historical past in an available means that are meant to turn out worthy to either fiscal historians and financial economists.
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Extra info for A Monetary History of Italy (Studies in Macroeconomic History)
42 A monetary history of Italy Seigniorage and the inflation tax In chapter 1 we saw that deficits of the Italian central government were on average 8 per cent of national income from 1861 to 1991. 5 per cent of national income). 8 per cent of national income, was monetised on average. Naturally, there were wide disparities around this long-run average. 4 per cent of national income). The highest monetisation ratios, quite naturally, coincided with the two world wars. The global peak of 32 per cent of national income was recorded in 1944.
In light of these considerations, it is not surprising that the direction of the Granger causality runs from the money multiplier to the monetary base, and not vice versa (Fratianni 1988). In the following section we analyse to what extent the monetary base is endogenously determined by the authorities' desire to maintain stable exchange rates. The monetary base under fixed exchange rates In a regime of fixed or managed exchange rates the monetary authorities may not control the total monetary base: the central bank controls the domestic component, BD, but not the foreign component, BF.
04 1862-1925 Mean St. dev. 14 1926-91 Mean St. dev. 37 Notes: ROW indicates rest of the world, computed as follows. For real income the UK real income from 1861 to 1945 and then US real income. For prices, French wholesale prices from 1861 to 1913, UK price deflator from 1914 to 1945 and US price deflator for the remainder. For nominal interest rates, French, UK and US long-term interest rates using the same periodization utilized for prices. Real interest rates were calculated subtracting the growth of prices from nominal interest rates in the same time period.
A Monetary History of Italy (Studies in Macroeconomic History) by Michele Fratianni