The Effects of Unification: Markets, Policy and Cyclical Convergence in Italy, 1861-1913

Carlo Ciccarelli (), Stefano Fenoaltea () and Tommaso Proietti

No 133, CEIS Research Paper from Tor Vergata University, CEIS

Abstract: This paper examines the convergence of regional business cycles in the decades that followed Italy's Unification. The aggregate construction series point to cyclical convergence, but a sectorlevel analysis traces this result to the decline in differentiated "regional-policy" shocks. The regional market cycles diverged, as the regions specialized in different sectors of production; market-cycle convergence is observed only within the "industrial triangle," the regions of which also developed different specializations. This suggests that the balance between growing interdependence and growing differentiation is not general, as the current literature presumes, but specialization-specific.

Pages: 26 pages
Date: 2008-11-18, Revised 2008-11-18
New Economics Papers: this item is included in nep-his and nep-mac
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Journal Article: The effects of unification: markets, policy, and cyclical convergence in Italy, 1861–1913 (2010)
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