The economic consequences of Mr. Volpi: An analysis of “quota 90”

Davide Bernardi and Roberto Ricciuti
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Davide Bernardi: Ministero dell'Istruzione e del Merito, IIS Rolando de Piazzola

Investigaciones de Historia Económica - Economic History Research (IHE-EHR), Journal of the Spanish Economic History Association, 2024, vol. 20, issue 02, 33-42

Abstract: The revaluation of the lira against the pound, the so-called “quota 90”, was a major economic policy decision taken by the fascist government in 1926. The economic history literature has seen this policy as the domestic implementation of the return to the Gold Exchange Standard, which characterized the interwar period, with relatively limited economic consequences. We analyze the effects of “quota 90” through a Vector Error Correc-tion Model and find that the economic cost in terms of output was limited. Granger-causality tests point to-ward wages reacting to changes in the terms of trade, which is consistent with the historical evidence of wage moderation as a result of labor market reforms that tilted the balance in favor of the firms KEY Classification-JEL: N14; E52; C32

Keywords: Quota 90; Fascism; Fixed exchange regime; Gold Exchange Standard (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ahe:invest:v:20:y:2024:i:02:p:33-42

DOI: 10.33231/j.ihe.2024.03.001

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