Fluctuations of the Italian Balance of Payments, 1951–73: An Econometric Analysis

Giuseppe Tullio

Chapter 2 in The Monetary Approach to External Adjustment, 1981, pp 30-56 from Palgrave Macmillan

Abstract: Abstract In this chapter empirical evidence which supports a monetary explanation of Italian balance-of-payments fluctuations from 1951 to 1973 is presented. The theoretical model underlying the tests is based on the monetary approach to the balance of payments as developed under the small-country assumption by Mundell (1971), Johnson (1958, 1973), and a number of their students.1 Its main assumptions and implications, and its close similarities with the Italian tradition of balance-of-payments and exchange-rate theory, have already been outlined in detail in Chapter 1, and discussion of the derivation of the equations tested will therefore be very short.

Keywords: Interest Rate; Monetary Policy; Central Bank; Excess Demand; Money Market (search for similar items in EconPapers)
Date: 1981
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-05048-2_2

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DOI: 10.1007/978-1-349-05048-2_2

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