Benvenuto Griziotti sulla rivalutazione della lira e sull’afflusso di prestiti esteri negli anni ’20

The fiftieth anniversary of the death of Benvenuto Griziotti, profound scholar of public finance in the first half of the twentieth century, led to re-examine his views on monetary matters. In the first postwar period, for reasons of distributive justice and industrial restructuring, sided with socialist economists to bring the lira at the pre-war, opposed to liberal scholars, who preferred to stabilize at a level that takes into account inflation in the consolidated system of prices and incomes. For industrial restructuring he was relying on the influx of foreign loans, which attracted by the potential of appreciation would allow cheap funding for effect of prospective capital gains. Even in the mid-30s remained loyal to the thesis of the revaluation, although the story was already charged to prove that his belief in the benefits arising from the revaluation of the lira and from the cheap foreign loans was not well placed.