Chapter
International comparisons
The variables of the exchange equation
Appendix The construction of the monetary base
Treasury, Cassa DD.PP and Government Corporations
The Bank of Italy and the Italian Exchange Office
2 Money growth and its determinants
Decomposition of the money stock
Interaction between the multiplier and the monetary base
The monetary base under fixed exchange rates
Seigniorage and the inflation tax
Data appendix The monetary statistics of Italy: 1861-1991
3 From political unification to 1913: creation of a new currency, multiplicity of banks of issue, banking legislations, monetary systems
Banks of issue in the Italian states prior to political unification
Banca Nazionale degli Stati Sardi (or Kingdom of Sardinia)
Banca Romana (or Banca dello Stato Pontificio)
Stabilimento Mercantile di Venezia (or Veneto)
Banca degli Stati Parmensi
Banca Toscana di Credito per le Industrie ed i Commerci d'Italia
Many or only one bank of issue in the new state?
The choice of a monetary system for the new state
The relationship with the Latin Monetary Union
The years 1861-1913: a quantitative overview
Monetary base, money, output and prices from 1861 to 1896
Exit from the gold standard
The external constraint and interest rate policy
Fiscal policy and the premium for country risk
Banks in difficulty and proclamation of inconvertibility
Suspension of convertibility and BN
Outflow of metal and illegal currency
The discount rate after the proclamation of inconvertibility
Fiscal discipline and the return to convertibility in 1880-1883
International borrowing in 1881 and return to convertibility
Gresham's law, monetary disequilibrium and monetary control inconsistencies
More on the inadequacy of interest rate policy
Ethical-political crisis and Banca Romana s failure
The 1893 law, establishment of the Bank of Italy and the new exit from the gold standard 44
Deficiencies in the law and market reaction
More on the nature of the crisis: money in the decade 1884-1894
Monetary base, money, production and prices from 1897 to 1913
Genesis of a monetary policy model
4 The First World War: inflation and stabilisation
The First World War in a long-run perspective
The fiscal shock and problems in financing government deficits
The placement of public debt in the domestic market and abroad
The monetary shock: legislation and quantitative and qualitative issues
The k ratio and the accumulation of inflationary potential
Price and exchange-rate controls
The end of the war: unexpected inflation and social conflict
The problem of bread price and the end of the crisis
The Banca d'ltalia's Annual Reports
A decade of nominal and real exchange rates and the Phillips curve
5 The 1920s and 1930s: foreign exchange policy and industrial and financial restructuring
The three stages of the Italian economy and a comparison with the USA and UK
Prices and the exchange rate from 1922 to 1928
The resumption of inflation and of exchange-rate depreciation
The stabilisation programme: expectations and actions
The strong lira policy and industrial restructuring
Decisions taken after the Pesaro speech
A continuous revaluation of the lira?
Domestic prices and the cost of stabilisation
The deterioration of the 1930s
Collapse of monetary control
The 1936 banking legislation
6 The Second World War and the 1947 stabilisation
The Second World War from a longer-term perspective
The collapse of industrial output
Fiscal shock and government deficit financing
The direct capital circuit
The indirect capital circuit
The k ratio and the inflationary potential
Inflation and the lira exchange rate in 1943
1944 and the end of the war: the stabilisation debate
Inflation slowdown and resurgence -fiscal and monetary policies
Partial liberalisations and the two-tier foreign exchange market
Surge in velocity and authorities' responsibilities
Was the stabilisation really expected?
Was it really a strong squeeze?
The reconstitution of real money balances
The lira from 1947 to 1949
Bank of Italy, banks and politics
7 The fifties and sixties
The 1950s-1960s versus the 1970s
The sub-period 1950-1969: a quantitative overview
The fifties: trade normalisation and monetary stability
Progress towards freer trade
The road to convertibility
The money supply process in an open economy
Monetary policy and the balance-of-payments constraint
The seventies versus the fifties and the sixties
High inflation as the true Italian peculiarity
Government deficits, their financing and total domestic credit
TDC's endogeneity and Bis subservience to fiscal authorities
Interest rates and monetary aggregates
The 'massimale' and portfolio constraints
Italy's monetary and financial isolation
Business cycles, the external constraint and monetary policy
Determinants of the current account
Pressures on the lira in the exchange market
Monetary and business cycles
9 Italy in the eighties: towards central bank independence
The European Monetary System
A more independent and conservative Banca d'ltalia
Freeing banks from quantitative constraints
A quantitative glance at the period
The trade-off between inflation and output
First theme: What is money?
Second theme: Regulation of money and credit
Third theme: Causes of inflation
Fourth theme: Trade-offs between inflation and output?
Fifth theme: Behaviour of the monetary authorities
Sixth theme: Fiscal dominance
A Monetary History of Italy
( Studies in Macroeconomic History )
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