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

Nikolay Nenovsky, Giovanni Pavanelli and Kalina Dimitrova
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Nikolay Nenovsky: University of National and World Economy, Sofia, Bulgaria
Giovanni Pavanelli: Department of Economics and Public Finance, University of Torino
Kalina Dimitrova: Financial Supervision Commission, Bulgaria

Economic Alternatives, 2017, issue 1, 5-33

Abstract: This paper analyses exchange control in Italy and Bulgaria during the interwar period. Starting with the chronology of events, the study provides a detailed account of the institutional and economic framework in which these measures were enforced and interprets them by exploring various sources of information and data. Moreover, it suggests a theoretical interpretation of exchange control measures stressing that these policies were a serious interference in market mechanisms. A further point is that exchange control in both countries was an eloquent example of how serious the balance of payments constraint was at that time and how difficult it was to circumvent it. Subject to discussion, the paper derives some lessons for today�s economies.

Keywords: exchange control; clearing trade; international monetary relation (search for similar items in EconPapers)
JEL-codes: N24 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:nwe:eajour:y:2017:i:1:p:5-33

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