This volume deals with the monetary history of Italy from
its
inde-pendence in
1861
to
1991
It provides the
first
complete analysis of acountry which has experienced diverse and often dramatic mon-etary conditions.Unlike the tradition of economic history in Italy
where
history is'told' without reference to a specific interpretative framework andemphasises 'real' aspects in preference to nominal and monetaryaspects, the authors adopt the opposite extreme of interpretingItalian monetary history through the looking glass of an economicmodel. Their interpretation is not entirely monetarist in flavour,but at the same time it
is
not wedded to a single model.A key theme
is
that public
finance
is
at the root of the (relatively)high Italian inflation rates of recent history. Professors Fratianniand Spinelli argue that the relationship between the governmentbudget deficit and the monetary policy has been both strong andclear. They show that the monetary authorities have been depen-dent on government to assert an autonomous policy; more oftenthan not they have accommodated the objective of government offinancing large budget deficits at low rates of interest by excessivemonetary base creation. A relentless growth of government spend-ing, rather than sluggish tax revenues, has therefore been respon-sible for the budget deficits.The book contains long
time
series of money aggregates that
will
prove useful to economic historians in general and monetary econ-omists in particular. It combines economic theory, statistical data,analysis and history in an accessible way which covers the entireperiod. It contributes in a novel way not only to the monetarydebate but also to
fiscal
and institutional questions.
A monetary history of Italy
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