Credit and growth: reconsidering Italian industrial policy during the Golden Age

Mauro Rota

European Review of Economic History, 2013, vol. 17, issue 4, 431-451

Abstract: The credit system in the growth process of post-World War II Italy has often been dismissed as a waste of money or ancillary to industrialization at best. This paper provides evidence of both an industrialization strategy driven by credit deepening and the beneficial role played by credit systems in growth. By using a new data set of long-run loans to industrial manufacturing sectors, broken down by area, we find in the long run a strong and positive effect of credit deepening on the value added per worker in the Italian economy during the Golden Age (1955-1970). Copyright , Oxford University Press.

Date: 2013
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