This paper analyses the impact of different sources of financing (foreign capital, migrants’ remittances, and domestic banks intermediation) on Italy’s economic development between 1861 and the World War I. Existing literature has analysed the role of these channels of financial intermediation separately, while this paper for the first time considers them in conjunction. Using IRF from a Cholesky identification structure of a VAR model and relying on an original dataset that combines the most recent series of several financial and economic aggregates, this paper shows that investment in Italy was fueled by a plurality of sources of funding. A crucial role was played by national saving mobilized by domestic banks and also remittances had a significant impact. Our evidence is instead weaker for foreign capital.

Incerpi, A., B., Pistoresi e A., Rinaldi. "Finance and Economic Development in Italy, 1870-1913" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia "Marco Biagi", Università di Modena e Reggio Emilia, 2020. https://doi.org/10.25431/11380_1188366

Finance and Economic Development in Italy, 1870-1913

Pistoresi, B.;Rinaldi, A.
2020

Abstract

This paper analyses the impact of different sources of financing (foreign capital, migrants’ remittances, and domestic banks intermediation) on Italy’s economic development between 1861 and the World War I. Existing literature has analysed the role of these channels of financial intermediation separately, while this paper for the first time considers them in conjunction. Using IRF from a Cholesky identification structure of a VAR model and relying on an original dataset that combines the most recent series of several financial and economic aggregates, this paper shows that investment in Italy was fueled by a plurality of sources of funding. A crucial role was played by national saving mobilized by domestic banks and also remittances had a significant impact. Our evidence is instead weaker for foreign capital.
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www.merlino.unimo.it/campusone/web_dep/wpdemb/0162.pdf
DEMB Working Paper Series
Incerpi, A.; Pistoresi, B.; Rinaldi, A.
Incerpi, A., B., Pistoresi e A., Rinaldi. "Finance and Economic Development in Italy, 1870-1913" Working paper, DEMB WORKING PAPER SERIES, Dipartimento di Economia "Marco Biagi", Università di Modena e Reggio Emilia, 2020. https://doi.org/10.25431/11380_1188366
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/11380/1188366
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