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The economic consequences of Mr. Volpi: An analysis of “quota 90”

Author

Listed:
  • Davide Bernardi

    (Ministero dell'Istruzione e del Merito, IIS Rolando de Piazzola)

  • Roberto Ricciuti

    (University of Verona and CESifo)

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, which characterized the interwar period, with relatively limited economic consequences. We analyze the effects of “quota 90” through a Vector Error Correc-tion Model and find that the economic cost in terms of output was limited. Granger-causality tests point to-ward wages reacting to changes in the terms of trade, which is consistent with the historical evidence of wage moderation as a result of labor market reforms that tilted the balance in favor of the firms KEY Classification-JEL: N14; E52; C32

Suggested Citation

  • Davide Bernardi & Roberto Ricciuti, 2024. "The economic consequences of Mr. Volpi: An analysis of “quota 90”," Investigaciones de Historia Económica - Economic History Research (IHE-EHR), Journal of the Spanish Economic History Association, Asociación Española de Historia Económica, vol. 20(02), pages 33-42.
    • Handle: RePEc:ahe:invest:v:20:y:2024:i:02:p:33-42
    DOI: https://doi.org/10.33231/j.ihe.2024.03.001
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    More about this item

    Keywords

    Quota 90; Fascism; Fixed exchange regime; Gold Exchange Standard;
    All these keywords.

    JEL classification:

    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models

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