The Italian-German Clearing

Alessandro Roselli
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Alessandro Roselli: Cass Business School

Chapter 7 in Money and Trade Wars in Interwar Europe, 2014, pp 155-171 from Palgrave Macmillan

Abstract: Abstract In early 1930s, the Italian government was concerned about the rapid shrinking of the currency component of the official reserve, as shown by Table 4.4. But even Germany, a trade creditor towards Italy, lacked the currency to pay for its imports. A bilateral clearing arrangement might prove — wrote the Bank of Italy — the lesser evil (‘il male minore’), if accompanied by a mechanism that would balance trade and provide a hedge against foreign exchange risks.1 For a better focus on the arrangements that this general situation of currency shortage was to produce in the commercial relations between Italy and Germany, some background information on the main features of Italy’s foreign trade will be useful.

Keywords: Foreign Currency; Trade Credit; Trade Surplus; Italian Government; Clearing Agreement (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-32700-0_7

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DOI: 10.1057/9781137327000_7

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