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Credit and growth: reconsidering Italian industrial policy during the Golden Age

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  • Mauro Rota

Abstract

The credit system in the growth process of post-World War II Italy has often been dismissed as a waste of money or ancillary to industrialization at best. This paper provides evidence of both an industrialization strategy driven by credit deepening and the beneficial role played by credit systems in growth. By using a new data set of long-run loans to industrial manufacturing sectors, broken down by area, we find in the long run a strong and positive effect of credit deepening on the value added per worker in the Italian economy during the Golden Age (1955-1970). Copyright , Oxford University Press.

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  • Mauro Rota, 2013. "Credit and growth: reconsidering Italian industrial policy during the Golden Age," European Review of Economic History, European Historical Economics Society, vol. 17(4), pages 431-451, November.
    • Handle: RePEc:oup:ereveh:v:17:y:2013:i:4:p:431-451
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    File URL: http://hdl.handle.net/10.1093/ereh/het012
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    Cited by:

    1. Baffigi, Alberto & Bontempi, Maria Elena & Felice, Emanuele & Golinelli, Roberto, 2015. "The changing relationship between inflation and the economic cycle in Italy: 1861–2012," Explorations in Economic History, Elsevier, vol. 56(C), pages 53-70.
    2. Dombi, Akos & Grigoriadis, Theocharis & Zhu, Junbing, 2020. "Antiquity and capitalism: The finance-growth perspective," Discussion Papers 2020/9, Free University Berlin, School of Business & Economics.

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