Growth and Cycles of the Italian Economy Since 1861: The New Evidence (original) (raw)

Review of Gianni Toniolo, 'The Oxford Handbook of the Italian Economy since Unification" (Oxford University Press, 2013)

H-Net Reviews, 2015

The Oxford Handbook of the Italian Economy since Unification, edited by Gianni Toniolo, is the result of a collective research on Italy's “modern economic growth” conducted by Italian and international scholars, as well as members of the research departments of the Bank of Italy, on the occasion of the sesquicentennial of the country's political unification. Based on the papers presented at the international conference “Italy and the World Economy, 1861-2011” hosted by the Bank of Italy in October 2011, the volume is composed of twenty-one chapters, most of which are coauthored by both Italian and non-Italian authors; a rich final bibliography; and some eighty-five pages of quantitative data on the Italian economy since 1861. As stressed by the editor (p. 4), such data are the fresh findings of recent quantitative research in a number of fields, and include new statistics on national accounts, productivity, and welfare indicators, as well as new measures of various economica...

Economic Growth and Cycles in Italy, 1881-1913 Luigi Einaudi's Interpretation Revisited

CESMEP Working Papers, 2010

Since the 1950s, beginning with the Gerschenkron's classical article, a great number of studies have dealt with the issue of the Italian economic growth in the post-unification period. In this regard, an important work of reconstructing of historical data series has been accomplished, particularly by Fenoaltea. However, Fenoaltea's analysis underestimates the short-term cyclical variability of the Italian economy in the subperiod 1893-1913, a phenomenon on the contrary emphasized in the neglected qualitative-quantitative analyses conducted by Luigi Einaudi and colleagues in the early twentieth century. This paper uses various advanced spectral methods to reconsider Italian economic growth and cycles in the post-Unification period in an attempt to evaluate Einaudi's interpretation of Italian cyclical economic growth. Our analysis substantially confirms the soundness of Einaudi's interpretation.

Basosi on Toniolo, 'The Oxford Handbook of the Italian Economy since Unification

2015

Commissioned by Matteo Pretelli Debating Italy's "Modern Economic Growth": A Quantitative History The Oxford Handbook of the Italian Economy since Unification, edited by Gianni Toniolo, is the result of a collective research on Italy's "modern economic growth" conducted by Italian and international scholars, as well as members of the research departments of the Bank of Italy, on the occasion of the sesquicentennial of the country's political unification. Based on the papers presented at the international conference "Italy and the World Economy, 1861-2011" hosted by the Bank of Italy in October 2011, the volume is composed of twenty-one chapters, most of which are coauthored by both Italian and non-Italian authors; a rich final bibliography; and some eighty-five pages of quantitative data on the Italian economy since 1861. As stressed by the editor (p. 4), such data are the fresh findings of recent quantitative research in a number of fields, and include new statistics on national accounts, productivity, and welfare indicators, as well as new measures of various economically relevant factors ranging from firm size to the efficiency of the banking system. Most of the chapters are organized as commentaries to such new data sets, so that the volume carries a declared emphasis on cliometric analysis.

Italy’s Modern Economic Growth, 1861-2011, Quaderni del Dipartimento di Economia Politica e Statistica, Università di Siena, no. 663

By making the most of a newly-available large set of historical statistics, the paper outlines the main features of Italy’s modern economic growth from unification (1861) until the present day (2011). Alongside national GDP estimates, regional inequality, living standards and inequality of personal income distribution are also discussed. Over the long run, Italy successfully caught up with the most advanced economies, and did so in a virtuous manner: while the regional imbalance persisted, at the national level economic growth was accompanied by a secular decline in income inequality. This pattern has come to a halt: during the last two decades, stagnation in GDP per capita has been mirrored by an unprecedented decline in productivity; southern regions have further lagged behind the rest of the country, and income inequality is on the rise. Italy has entered a phase of rapid relative economic decline.

Italy's Growth and Decline, 1861-2011

SSRN Electronic Journal, 2000

With the end of the celebrations marking the 150 th anniversary of the unification of Italy, the availability of a large body of new historical statistical data calls for a redefinition of the features of Italian economic growth. The paper presents new estimates -at both national and regional level -of Italy's GDP from 1861 to 2011; we discuss their interpretation in the light of the changes in the institutions, in technological regimes and in the broader international context. In contrast with its successful long-term performance, Italy's economic growth has slackened since the 1990s and has now come to a halt. The paper deals with the question of whether fears that the country is on the road to economic decline are grounded. The answer is an affirmative one. Part of the problem is southern Italy's inability to converge towards the more virtuous part of the country.

Italy’s Growth and Decline, 1861-2011 (E. Felice, G. Vecchi)

CEIS Tor Vergata. Research Paper Series, vol. 11, Issue 13, No. 293 − October 2013, 2013

With the end of the celebrations marking the 150th anniversary of the unification of Italy, the availability of a large body of new historical statistical data calls for a redefinition of the features of Italian economic growth. The paper presents new estimates – at both national and regional level – of Italy’s GDP from 1861 to 2011; we discuss their interpretation in the light of the changes in the institutions, in technological regimes and in the broader international context. In contrast with its successful long-term performance, Italy’s economic growth has slackened since the 1990s and has now come to a halt. The paper deals with the question of whether fears that the country is on the road to economic decline are grounded. The answer is an affirmative one. Part of the problem is southern Italy’s inability to converge towards the more virtuous part of the country.

150 Years of the Italian Economy, 1861-2010

This article sets the background for the contributions collected in this issue, comments on the statistical data and discusses the chronology of Italy's economic history in a long-term macroeconomic perspective. The following topics are addressed: the rise in productive capacity; structural change and the periodization of challenges and responses. Data concerning the main macroeconomic indicators are collected in a short Appendix, together with concise information about their sources.

The roots of a dual equilibrium: GDP, productivity, and structural change in the Italian regions in the long run (1871–2011)

European Review of Economic History

The purpose of the Quaderni di Storia economica (Economic History Working Papers) is to promote the circulation of preliminary versions of working papers on growth, finance, money, institutions prepared within the Bank of Italy or presented at Bank seminars by external speakers with the aim of stimulating comments and suggestions. The present series substitutes the Quaderni dell'Ufficio Ricerche storiche (Historical Research papers). The views expressed in the articles are those of the authors and do not involve the responsibility of the Bank.

Italy’s Modern Economic Growth, 1861–2011

Enterprise & Society, 2015

By making the most of a newly-available large set of historical statistics, the paper outlines the main features of Italy's modern economic growth from unification (1861) until the present day (2011). Alongside national GDP estimates, regional inequality, living standards and inequality of personal income distribution are also discussed. Over the long run, Italy successfully caught up with the most advanced economies, and did so in a virtuous manner: while the regional imbalance persisted, at the national level economic growth was accompanied by a secular decline in income inequality. This pattern has come to a halt: during the last two decades, stagnation in GDP per capita has been mirrored by an unprecedented decline in productivity; southern regions have further lagged behind the rest of the country, and income inequality is on the rise. Italy has entered a phase of rapid relative economic decline.