The Italian Stabilization of 1947: Domestic and International Factors

Juan Carlos Martinez Oliva

MPRA Paper from University Library of Munich, Germany

Abstract: The paper examines the 1947 monetary stabilization in Italy, tracing the domestic and international political dynamics that allowed ideas and theoretical concepts developed within the Bank of Italy to be applied in a successful action to subdue spiraling inflation. The combination of events and circumstances necessary for the good outcome in a critical juncture of Italian economic history was the fruit of the efforts made by Prime Minister Alcide De Gasperi in both the domestic and international political arenas and of the collaboration he received from Luigi Einaudi and Donato Menichella. The Government’s economic action in this crucial episode constitutes perhaps the first outstanding example of cooperation between politicians and experts in the annals of the Italian Republic.

Keywords: Economic history; Stabilization; Italy; United States; De Gasperi; Menichella; 1947 (search for similar items in EconPapers)
JEL-codes: E5 F59 N34 (search for similar items in EconPapers)
Date: 2005, Revised 2007
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Published in Papers of the Institute of European Studies Paper 070514 (2007): pp. 1-38

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