Advertisement

Italian Monetary and Foreign Exchange Policy

  • Donald R. Hodgman
  • Robert W. Resek
Chapter
Part of the Studies in Banking and International Finance book series (SBIF)

Abstract

Italian monetary authorities implement monetary and credit policy by measures which operate partly through market mechanisms and partly through direct regulation and controls on financial institutions and markets. Italian experience in recent years provides a rich source of insights into the interplay among the factors that shape national monetary policy. These factors include the economic goals sought by the authorities, their policy instruments and techniques, their choice of intermediate targets, the setting of financial institutions and markets, constraints imposed by government budgetary policy, the balance of payments, membership since 1979 in the European Monetary System (EMS) and the authorities’ conceptual view of the way in which their policy measures work to alter economic behaviour and results.

Keywords

Interest Rate Monetary Policy Commercial Bank Money Supply Treasury Bill 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. CARANZA, C. and PADOA-SCHIOPPA, T. (1977) ‘A Note on the Intermediate Targets of Monetary Policy’, in Banque de France, Direction Generale des Etudes, Cahiers Economiques et Monetaires, 6, Actes du seminaire des Banques Centrales et des Institutions Internationales, Paris, April, Ire Partie, ‘Les instruments et les objectifs de la politique monetaire’, pp. 163–75.Google Scholar
  2. CARANZA, C. and FAZIO, A. (1983) ‘Methods of Monetary Control in Italy: 1974–1983’, in D. Hodgman (ed.) The Political Economy of Monetary Policy: National and International Aspects, (Federal Reserve Bank of Boston, Conference Series) 26: 65–88.Google Scholar
  3. COTULA, F. (1984a) ‘Financial Innovation and Monetary Policy in Italy’, in Bank for International Settlements, Monetary and Economic Department, Financial Innovation and Monetary Policy, March, pp. 103–32.Google Scholar
  4. COTULA, F. (1984b) ‘Financial Innovation and Monetary Control in Italy’, in Banca Nazionale del Lavoro, Quarterly Review, 150:219–56.Google Scholar
  5. COTULA, F. and MICOSSI, S. (1977) ‘Some Considerations on the Choice of Intermediate Monetary Targets in the Italian Experience’, in Banque de France, Direction Generale des Etudes, Cahiers Economiques et Monetaries, 6, Actes du seminaire des Banques Centrales et des Institutions Internationales, Paris, April, Ire Partie, ‘Les instruments et les objectifs de la politique monetaire’, pp. 141–61.Google Scholar
  6. FAZIO, A. (1969) ‘Monetary Base and the Control of Credit in Italy’, in Banca Nazionale del Lavoro, Quarterly Review, 89:146–69.Google Scholar
  7. HODGMAN, D. and RESEK, R. (1987) ‘Central Bank Exchange Rate Policy’, in Hodgman, D. R. and Wood, G. E. (eds) Monetary and Exchange Rate Policy (London: Macmillan Press).Google Scholar
  8. SACCOMANNI, F. Working Group on Exchange Market Intervention, Italy: Country Report, 16 pp., unpublished.Google Scholar
  9. VACIAGO, G. (1983) ‘Discussion’, Hodgman, D. (ed.), The Political Economy of Monetary Policy: National and International Aspects, (Federal Reserve Bank of Boston, Conference Series) 26: 89–92.Google Scholar
  10. VACIAGO, G. (1985a) ‘Financial Innovation and Monetary Policy: Italy vs. United States’, Banca Nazionale del Lavoro, Quarterly Review, 155: 309–26.Google Scholar
  11. VACIAGO, G. (1985b) ‘Monetary Policy with Credit Targets: The Italian Experience’, Greek Economic Review, 7(1) (April).Google Scholar
  12. VACIAGO, G. (1985c) ‘A Note on Credit Aggregates as Targets or Indicators of Monetary Policy’, in Banca Nazionale del Lavoro, Quarterly Review, 153:155–71.Google Scholar
  13. VACIAGO, G. (1985d) ‘Financial Innovation in Italy and its Implications for Monetary Policy’, mimeo.Google Scholar

Copyright information

© Donald R. Hodgman and Geoffrey E. Wood 1989

Authors and Affiliations

  • Donald R. Hodgman
  • Robert W. Resek

There are no affiliations available

Personalised recommendations