Corso della Rendita e andamenti del tasso di cambio della Lira negli anni del "gold standard" (1883-1893)

Paolo Di Martino

Rivista di storia economica, 2001, issue 1, 3-32

Abstract: This paper studies the pattern of the Lira exchange rate during the period 1883-1893. Although the Lira joined the specie standard, its value was extremely unstable and in 1894 the metal anchor was abandoned. A possible interpretation of this pattern is provided by the connection between the exchange rate and the value of Italian bonds ("Rendita"), traded both in the domestic and in the international markets. In foreign markets, the value of the "Rendita" reflected more the mood of the international markets than the conditions of the fundamentals of the Italian economy. On the other hand, in Italy the price of bonds was rather stable, so as to produce a spread between the value of bonds in the domestic and in the international markets. Italian speculators spotted the possibility of making profits by buying bonds abroad and selling them in Italy. This operation led to a worsening of the exchange rate.

Date: 2001
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://www.rivisteweb.it/download/article/10.1410/9900 (application/pdf)
https://www.rivisteweb.it/doi/10.1410/9900 (text/html)
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mul:jrkmxm:doi:10.1410/9900:y:2001:i:1:p:3-32

Access Statistics for this article

Rivista di storia economica is currently edited by P.L. Ciocca, G. Federico, G. Toniolo (resp.)

More articles in Rivista di storia economica from Società editrice il Mulino
Bibliographic data for series maintained by ().