At the Heart of Fenoaltea’s Narrative: Italy and the International Financial Market (1880s-1913)

Paolo Di Martino

Rivista di storia economica, 2022, issue 2, 213-232

Abstract: Using original data and archival sources, the paper investigates the degree of Italy financial dependence on international markets during the period of the classical gold standard (1880s-1913). Starting from Fenoaltea’s view of Italy as a country whose economic fluctuations were originated by exogenous variations in international financial flows, the paper shows how such dependence became progressively less stringent over the period. The paper argues that traditional explanations of this trend – based on improved macroeconomic conditions, reduction of the amount of bonds floated abroad and increase in the amount of international reserves – neglected the role played by a further variable: the development of foreign exchange reserves and their role in direct interventions in monetary and financial markets

Keywords: International financial flows; exchange rates; central banking (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.rivisteweb.it/download/article/10.1410/104795 (application/pdf)
https://www.rivisteweb.it/doi/10.1410/104795 (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:10.1410/104795:y:2022:i:2:p:213-232

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 ().