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The golden age and the second globalization of Italy
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Crafts, N. F. R. and Magnani, Marco (2011) The golden age and the second globalization of Italy. Working Paper. Coventry, UK: Department of Economics, University of Warwick. CAGE Online Working Paper Series, Volume 2011 (Number 61).
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Text (Working paper)
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Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...
Abstract
After the Golden Age, Italy experienced increasing difficulties in adjusting its economy to the changing external context and to the requirements for sustaining catch-up growth at a higher level of economic development. The adjustment issue is common to advanced countries but the difficulties experienced in Italy look particularly severe. Cushioned by inflation and devaluation, growth remained relatively high in the 1970s. In the subsequent decade, in spite of improved conditions for addressing macroeconomic disequilibria structural adjustments were neglected. Major supply side reforms were eventually implemented in the aftermath of the 1992 crisis. Nevertheless, in the second half of the decade growth fell below the EU average. These necessary reforms fell however short of what was required. Participation in EMU did not help as far as the improvement of growth prospects was concerned. In the last section some of the economic and meta-economic factors explaining the ineffectiveness of the reform process are briefly explored.
Item Type: | Working or Discussion Paper (Working Paper) | ||||
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Subjects: | D History General and Old World > DG Italy H Social Sciences > HB Economic Theory H Social Sciences > HC Economic History and Conditions |
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Divisions: | Faculty of Social Sciences > Economics | ||||
Library of Congress Subject Headings (LCSH): | Italy -- Economic conditions -- 1945-, Italy -- Economic conditions -- 1994-, Government spending policy -- Italy | ||||
Series Name: | CAGE Online Working Paper Series | ||||
Publisher: | Department of Economics, University of Warwick | ||||
Place of Publication: | Coventry, UK | ||||
Official Date: | November 2011 | ||||
Dates: |
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Volume: | Volume 2011 | ||||
Number: | Number 61 | ||||
Number of Pages: | 56 | ||||
Status: | Not Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Open Access (Creative Commons) | ||||
Date of first compliant deposit: | 1 August 2016 | ||||
Date of first compliant Open Access: | 1 August 2016 |
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