Exchange Control in Italy and Bulgaria in the Interwar Period: History and Perspectives

Nikolay Nenovsky (), Giovanni Pavanelli () and Kalina Dimitrova ()

ICER Working Papers from ICER - International Centre for Economic Research

Abstract: This paper analyses exchange rate control measures adopted in Italy and Bulgaria during the interwar period. The first two sections provide a detailed account of the institutional and economic framework in which these measures were enforced and interpret them utilizing statistical data. In the third section it suggests a theoretical interpretation of exchange control and clearing agreements stressing that these policies were a serious interference in market mechanisms. A further point is that exchange control introduced and practiced in Italy and Bulgaria was an eloquent example of how serious the balance of payments constraint was at that time and how difficult it was to circumvent it. In the last section it derives some lessons for today’s Italian and Bulgarian economies.

Keywords: Exchange control; Clearing agreements; International monetary relations (search for similar items in EconPapers)
JEL-codes: F31 F33 B22 (search for similar items in EconPapers)
Date: 2007-03
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Persistent link: http://EconPapers.repec.org/RePEc:icr:wpicer:40-2007

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