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

By Michele Fratianni

This quantity offers with the financial heritage of Italy from independence in 1861 to 1992. It offers the 1st entire research of a rustic that has skilled varied and infrequently dramatic financial stipulations. The publication contributes in a singular manner not just to the financial debate, but additionally to monetary and institutional questions. The authors mix financial idea, statistical info, and background in an available manner that are supposed to end up beneficial to either financial historians and fiscal economists.

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One remarkable exception is the inter-war years, when the indebtedness of government vis-a-vis the central bank actually fell. 4 Government budget and its financing (per cent) Periods (G/Y) (77 Y) (DEF/Y) (dMBTR/DEF) 1862-1991 Mean St. dev. 99 1862-1913 Mean St. dev. 54 1914-20 Mean St. dev. 70 1921-37 Mean St. dev. 96 1938-49 Mean St. dev. 84 1950-69 Mean St. dev. 38 1970-80 Mean St. dev. 96 1981-91 Mean St. dev. S. Dev. St. S. Dev. St. 65 Notes: G=total spending of the central government; T^total tax revenues of the central government; DEF=fiYst difference of central government's gross debt; F=nominal national income; dMBTR=fiows of monetary base created through the Treasury.

These results are not sensitive to whether the monetary base includes postal deposits. Interaction between the multiplier and the monetary base In the previous section we decomposed the growth of M in terms of its five determinants. The approach was similar to growth accounting, and assumed that the money multiplier was independent of the monetary base. We now relax the independence assumption and investigate the extent to which the money multiplier responds to changes in the monetary base, and vice versa.

The Treasury is also constrained by law as to how much it can borrow directly from the Bank. Compulsory agricultural stock-piling bills are Treasury liabilities which arose when the government had a policy to regulate the retail price of basic staples such as wheat and rice. The difference between the cost of production and market price is borne by the Treasury which, unable at times to meet the expense with revenues, issues notes having legal tender properties to producers who cash them in at banks; banks, in turn, treat them as reserves.

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