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The Italian Stabilization of 1947: Domestic and International Factors

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  • Martinez Oliva, Juan Carlos

Abstract

The paper examines the 1947 monetary stabilization in Italy, tracing the domestic and international political dynamics that allowed ideas and theoretical concepts developed within the Bank of Italy to be applied in a successful action to subdue spiraling inflation. The combination of events and circumstances necessary for the good outcome in a critical juncture of Italian economic history was the fruit of the efforts made by Prime Minister Alcide De Gasperi in both the domestic and international political arenas and of the collaboration he received from Luigi Einaudi and Donato Menichella. The Government’s economic action in this crucial episode constitutes perhaps the first outstanding example of cooperation between politicians and experts in the annals of the Italian Republic.

Suggested Citation

  • Martinez Oliva, Juan Carlos, 2007. "The Italian Stabilization of 1947: Domestic and International Factors," Institute of European Studies, Working Paper Series qt7ng1c97h, Institute of European Studies, UC Berkeley.
    • Handle: RePEc:cdl:bineur:qt7ng1c97h
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    References listed on IDEAS

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    1. Alessandra Casella & Barry Eichengreen, 1991. "Halting Inflation in Italy and France After World War II," NBER Working Papers 3852, National Bureau of Economic Research, Inc.
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