An Economic Analysis of ‘Quota 90’

Davide Bernardi () and Roberto Ricciuti
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Davide Bernardi: Department of Economics (University of Verona)

No 09/2021, Working Papers from University of Verona, Department of Economics

Abstract: The revaluation of the Lira against the Pound, the so-called ‘quota 90’, was a major economic policy decision taken by the Fascist government in 1926. The economic history literature has seen this policy as the domestic implementation of the return to the Gold Exchange Standard characterizing the interwar period, with relatively limited economic consequences. We interpret the effects of this decision through an Error Correction Model and find that the economic cost in terms of output was limited. We claim that the main reason for this muted effect lied in a labor market that Fascist reforms tilted in favor of the firms.

Keywords: Quota 90; Fascism; fascist economic policy; fixed exchange regime; Italy. (search for similar items in EconPapers)
JEL-codes: C32 E52 N14 (search for similar items in EconPapers)
Date: 2021-06
New Economics Papers: this item is included in nep-his, nep-mac and nep-mon
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