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

By Michele Fratianni

ISBN-10: 0521443156

ISBN-13: 9780521443159

This quantity offers with the financial heritage of Italy from independence in 1861 to 1992. It offers the 1st whole research of a rustic that has skilled diversified and infrequently dramatic financial stipulations. The booklet contributes in a unique approach not just to the financial debate, but additionally to financial and institutional questions. The authors mix financial idea, statistical facts, and heritage in an obtainable method that are supposed to turn out priceless to either fiscal historians and fiscal economists.

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Additional info for A Monetary History of Italy (Studies in Macroeconomic History)

Sample text

Government agencies hold coins and currency issued by BI and the Treasury. These holdings can be thought of either as an asset of the Treasury or as a subtraction from the Treasury's liabilities. Next, we come to Treasury bills with maturity of less than a year. These are treated as a monetary-base asset during periods when interest rates were pegged by the monetary authorities. 75 per cent per annum. The certainty of buying and selling this type of government paper at a known price is critical in making these assets monetary base.

The price level of the rest of the world, P\ is the French wholesale price level from 1861 to 1913 (Mitchell 1978), the UK income deflator for the years 1914-45 (Friedman and Schwartz 1982), the US income deflator (Friedman and Schwartz 1982) from 1946 to 1975, the net national product deflator from 1976 to 1980 (ISCO, Quadri della contabilita nazionale), and the gross domestic product deflator for the remainder (Economic Report of the President 1992). The Italian market rate of interest, /, is the average annual yield of the Rendita Italiana from 1861 to 1913 (De Mattia 1978), and the average yield of the Buoni del Tesoro poliennali for the remainder (BI, Bollettino Statistico).

Next, we come to Treasury bills with maturity of less than a year. These are treated as a monetary-base asset during periods when interest rates were pegged by the monetary authorities. 75 per cent per annum. The certainty of buying and selling this type of government paper at a known price is critical in making these assets monetary base. Again, what is at stake here is the relative substitutability of Treasury bills for other monetary-base assets as opposed to bonds. The assumption underlying the construction of table 2 A is that the former is higher than the latter; note higher and not infinite.

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


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