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|Material Type:||Internet resource|
|Document Type:||Book, Internet Resource|
|All Authors / Contributors:||
Michele Fratianni; Franco Spinelli
|Notes:||Revised edition of: Storia monetaria d'Italia / Franco Spinelli e Michele Fratianni. 1991.|
|Description:||xvii, 305 pages : illustrations ; 24 cm|
|Contents:||1. Structure, main themes and data of the monetary history --
2. Money growth and its determinants --
3. From political unification to 1913: creation of a new currency, multiplicity of banks of issue, banking legislations, monetary systems --
4. First World War: inflation and stabilisation --
5. 1920s and 1930s: foreign exchange policy and industrial and financial restructuring --
6. Second World War and the 1947 stabilisation --
7. Fifties and sixties --
8. Seventies --
9. Italy in the eighties: towards central bank independence --
|Responsibility:||Michele Fratianni and Franco Spinelli.|
A key theme is that public finance is at the root of the (relatively) high Italian inflation rates of recent history. Professors Fratianni and Spinelli argue that the relationship between the government budget deficit and monetary policy has been dependent on government to assert an autonomous policy; more often than not they have accommodated the objective of government of financing large budget deficits at low rates of interest by excessive monetary base creation. A relentless growth of government spending, rather than sluggish tax revenues, has therefore been responsible for the budget deficits.
The book contains long time series of money aggregates that will prove useful to economic historians in general and monetary economists in particular. It combines economic theory, statistical data, analysis and history in an accessible way which covers the entire period. It contributes in a novel way not only to the monetary debate but also to fiscal and institutional questions.