By Cristina Nardi Spiller
By exploring the associated fee dynamics and company cycle of the Italian financial system near to crucial foreign occasions, this article sheds new mild at the country's present state of affairs. utilizing a long term analytical framework underpinned through imperative theoretical methods, the research locations specific emphasis on fee dynamics. The textual content starts off with the country's post-war problems after which covers the boom-and-bust interval of the "Italian miracle", prior to relocating onto the lasting inflationary technique of the 70s and 80s, and at last the monetary difficulty of the 90s and the start of the hot century. The e-book additionally investigates the optimistic and disadvantages of coverage measures. a massive implication of this technique is that it assesses the several evolutionary elements of the Italian monetary constitution, which in flip provides technique to an research of the dynamic behaviour of coverage makers and social partners.
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Additional info for The Dynamics of the Price Structure and the Business Cycle: The Italian Evidence from 1945 to 2000
3 Growth in output was striking' between 1948 and 1955, and at the same time profound structural changes were observed. In this context, large firms were the driving force behind the rapid recovery [... ] in this way large firms propagated entrepreneurship. The diffusion of entrepreneurship was however closely tied to large-scale enterprise. Its concentration in the North served only to accentuate the gap with the Mezzogiorno. e. the share of national income dedicated to investment, which reached astonishing levels; b) the general price level which gave no cause for concern: even though prices were increasing at a rate of 3-4%; far from creating problems, this 3 4 5 6 This phenomenon was also favoured the high propensity to save of households.
32 34 2. The Great Leap and the Subsequent U-Turn In 1971 the full-blown recession brought a decline in gross fixed investment which exacerbated the crisis in the building sector. The situation was worsened by capital outflows34 in an overall climate of mistrust. It is particularly interesting to examine the contrast between the trend of investment in machinery and equipment in the periods from 1964-65 and 1971-72. 6% in 1965. 7% in both years for total fixed productive investment (excluding housing and public works).
On the other hand this exceptionally rapid increase in wages during the two year period was also caused by the increase in agricultural prices, partly due to poor harvests and import restrictions (purchases of livestock products). Cf. Sylos Labini (1982, p. 339, n. 2). IS 24 2. The Great Leap and the Subsequent U-Turn the policies introduced in export markets. The real difficulty that Italy faced was thus its dependence on an external and hence uncontrollable variable, which rendered the country extremely vulnerable.