By Gianni Toniolo
This Oxford instruction manual presents a clean total view and interpretation of the trendy monetary development of 1 of the most important ecu international locations, whose fiscal heritage is much less recognized across the world than that of alternative comparably huge and profitable economies. it is going to offer, for the 1st time, a accomplished, quantitative "new monetary historical past" of Italy.
The instruction manual deals an interpretation of the most successes and screw ups of the Italian financial system at a macro point, the research--conducted via a wide overseas crew of students --contains fullyyt new quantitative effects and interpretations, spanning the complete 150-year interval because the unification of Italy, on loads of concerns. via delivering a accomplished view of the successes and screw ups of Italian organizations, employees, and coverage makers in responding to the demanding situations of the foreign enterprise cycle, the booklet crucially shapes suitable questions about the explanations for the present unsatisfactory reaction of the Italian financial system to the continuing "second globalization." such a lot chapters of the guide are co-authored via either an Italian and a overseas student.
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Extra resources for The Oxford Handbook of the Italian Economy Since Unification
At the end of the 1970s, however, consensus built up about bringing inflation under control. Three main decisions were made: (1) participation in the European Monetary System, (2) the introduction of a form of incomes policy, and (3) repeal of the agreement between the central bank and the Treasury whereby the latter bought unsubscribed government bonds at every auction (the so-called divorce between the Treasury and the Bank of Italy). It was hoped (in vain as it turned out) that the latter decision would also increase fiscal responsibility by making policy-makers come to terms with budget constraints.
The Italian economy, now well integrated into the world economy, participated in the events that affected the latter, notably the negative productivity shock, although with an evolution that reflected its own peculiar features. 5 percent per year. The convergence on US per capita GDP reached 76 percent(up from 65 percent in 1973). The convergence on Western Europe was virtually complete: in 1992, per capita GDP in Italy was equal to that in Germany and the United Kingdom. Convergence of product per hour worked was also almost complete.
A third “novelty” of the 1990s and 2000s was the overvaluation of the real exchange rate, in contrast to Italy’s previous economic history when it was almost always undervalued or close to parity. Chapter 13 argues that undervaluation fosters growth by shifting resources from protected sectors to high productivity growth export-oriented industries. The authors of chapter 13 maintain, however, that this effect became weaker as the economy grew. It was probably a fairly significant factor until the start of the 1970s, much less so thereafter.