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Balancing the Current Account: Remittances and Tourism in Italy, 1861-1914

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  • Andrea Incerpi

Abstract

Capital inflows were crucial for the Italian economy after Unification. Their impact positively affected the current account, suffering a constant trade balance deficit. Conventional wisdom emphasizes remittances as the main positive element balancing the current account. However, these findings refer to data from the Istituto Nazionale di Statistica (ISTAT ) that have been considered unreliable by many economic historians. This paper provides an original dataset rejecting the thesis on remittances and suggests tourism as the key element influencing balance of payments trends until World War I.

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  • Andrea Incerpi, 2019. "Balancing the Current Account: Remittances and Tourism in Italy, 1861-1914," Rivista di storia economica, Società editrice il Mulino, issue 3, pages 269-294.
    • Handle: RePEc:mul:jrkmxm:doi:10.1410/98220:y:2019:i:3:p:269-294
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    Cited by:

    1. Andrea Incerpi & Barbara Pistoresi & Alberto Rinaldi, 2020. "Finance and Development in Italy, 1870-1913," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 12(9), pages 1-95, September.

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