The transformation of the financial markets

Review of Economic Conditions in Italy

Volumn , Issue 2, 1997, Pages 575-599

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EID: 0002263759     PISSN: 00346799     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (63)

1. See Section 8.
2. Guido Carli, "Money markets - trends and challenges", Review, XXXVIII, 3 (September-December 1984), pp. 305 ff.
3. Mario Arcelli, "New monetary policy trends in the leading western countries", Review, XLI, 2 (May-August 1987), pp. 149 ff.
4. Ibid., pp. 152 ff.
5. Mario Sarcinelli, "Toward Financial Integration in a European and International Context: Exchange Liberalization in Italy", Review, XLI, 2 (May-August 1987), pp. 129 ff.
6. Ibid., p. 130.
7. Ibid., p. 140.
8. Ibid., pp. 141 ff.
9. Antonio Fazio, "Problems of European monetary and financial integration", Review, XLIII, 2 (May-August 1989). pp. 195 ff.
10. Ibid., pp. 198 ff.
11. Ibid., pp.98-199.
12. Ibid., p. 199.
13. Ibid., p. 200.
14. Mario Arcelli, "Monetary and fiscal policies in Italy in the present phase of transition toward Europe", Review. XLIII, 2 (May-August 1989), p. 201.
15. Ibid., p. 207.
16. Michele Barbato, "The evolution of monetary policy and its impact on banks", in Review, XLI, 2 (May-August 1987), p. 172.
17. P.F. Asso and Marcello De Cecco. Storia del Crediop. Tra credita speciale e finanza pubblica, La Terza, Rome-Bari, 1994.
18. Luigi De Rosa, Banche e lavori pubblici tra le due guerre (1919-1939). Il Consorzio di credito per le opere pubbliche, Giuffrè, Milan, 1979.
19. Paolo Savona, "Real and financial capital in Italian economic development: Some remarks", Review, XXXIV. 2 (June 1980), p. 301.
20. The government did not provide development aid to the South alone, however. Law 647 of 10 August 1950. the same law that launched the programme of measures in favour of the depressed areas of the South, also included the Maremma zone of Tuscany and Lazio, the Po delta and lower Friuli, owing to the difficulty of defining "depressed area" (see V. Giovannelli and E. Scott, "New policy for the depressed areas of central and northern Italy", Review, XXI, 4 (July 1967). pp. 270-271. Some 200 billion lire had gone to these areas by 1960. Financing totaling 50 billion lire was granted to the depressed areas of the Centre and North under Law 547 of 15 July 1954, while public works in the area received 158 billion lire under Law 635 of 29 July 1957 and subsequent amendments between 1958-59 and 1964-65. A further 12 billion were allocated under Article 24 of Law 622 of 24 July 1959. Finally, Law 17 of 19 January 1963 authorized another 5 billion lire for the depressed areas of the Centre and North. Overall, between 1950 and 1965 the depressed areas of the Centre and North received 425 billion lire in financing (ibid., p. 276). All the regions in the area received funds but the largest amount went to Friuli-Venezia Giulia, with about 67 billion lire, followed by Tuscany (about 57 billion), Emilia-Romagna (about 53 billion) and the Marches (more than 29 billion). The funds were used for the construction or upgrading of water supply, roads, land reclamation and irrigation. In 1966 yet another law (Law 614 of 22 July 1966) was enacted in favour of depressed areas, providing subsidies for public works and incentives for the development of productive activities, especially in mountain areas (ibid., pp. 277-280, 281, 289 ff.). In subsequent years, the industrial crisis increased the number and size of depressed areas in the North and Centre.
21. The government did not provide development aid to the South alone, however. Law 647 of 10 August 1950. the same law that launched the programme of measures in favour of the depressed areas of the South, also included the Maremma zone of Tuscany and Lazio, the Po delta and lower Friuli, owing to the difficulty of defining "depressed area" (see V. Giovannelli and E. Scott, "New policy for the depressed areas of central and northern Italy", Review, XXI, 4 (July 1967). pp. 270-271. Some 200 billion lire had gone to these areas by 1960. Financing totaling 50 billion lire was granted to the depressed areas of the Centre and North under Law 547 of 15 July 1954, while public works in the area received 158 billion lire under Law 635 of 29 July 1957 and subsequent amendments between 1958-59 and 1964-65. A further 12 billion were allocated under Article 24 of Law 622 of 24 July 1959. Finally, Law 17 of 19 January 1963 authorized another 5 billion lire for the depressed areas of the Centre and North. Overall, between 1950 and 1965 the depressed areas of the Centre and North received 425 billion lire in financing (ibid., p. 276). All the regions in the area received funds but the largest amount went to Friuli-Venezia Giulia, with about 67 billion lire, followed by Tuscany (about 57 billion), Emilia-Romagna (about 53 billion) and the Marches (more than 29 billion). The funds were used for the construction or upgrading of water supply, roads, land reclamation and irrigation. In 1966 yet another law (Law 614 of 22 July 1966) was enacted in favour of depressed areas, providing subsidies for public works and incentives for the development of productive activities, especially in mountain areas (ibid., pp. 277-280, 281, 289 ff.). In subsequent years, the industrial crisis increased the number and size of depressed areas in the North and Centre.
22. The government did not provide development aid to the South alone, however. Law 647 of 10 August 1950. the same law that launched the programme of measures in favour of the depressed areas of the South, also included the Maremma zone of Tuscany and Lazio, the Po delta and lower Friuli, owing to the difficulty of defining "depressed area" (see V. Giovannelli and E. Scott, "New policy for the depressed areas of central and northern Italy", Review, XXI, 4 (July 1967). pp. 270-271. Some 200 billion lire had gone to these areas by 1960. Financing totaling 50 billion lire was granted to the depressed areas of the Centre and North under Law 547 of 15 July 1954, while public works in the area received 158 billion lire under Law 635 of 29 July 1957 and subsequent amendments between 1958-59 and 1964-65. A further 12 billion were allocated under Article 24 of Law 622 of 24 July 1959. Finally, Law 17 of 19 January 1963 authorized another 5 billion lire for the depressed areas of the Centre and North. Overall, between 1950 and 1965 the depressed areas of the Centre and North received 425 billion lire in financing (ibid., p. 276). All the regions in the area received funds but the largest amount went to Friuli-Venezia Giulia, with about 67 billion lire, followed by Tuscany (about 57 billion), Emilia-Romagna (about 53 billion) and the Marches (more than 29 billion). The funds were used for the construction or upgrading of water supply, roads, land reclamation and irrigation. In 1966 yet another law (Law 614 of 22 July 1966) was enacted in favour of depressed areas, providing subsidies for public works and incentives for the development of productive activities, especially in mountain areas (ibid., pp. 277-280, 281, 289 ff.). In subsequent years, the industrial crisis increased the number and size of depressed areas in the North and Centre.
23. Antonio Marzano, "Credit subsidies and efficiency", in Review. XXXIV. 2 (June 1980), p. 307.
24. Ibid., pp. 321 ff.
25. Ibid., p. 323.
26. Like the director of Mediocredito Centrale, Figliola-Baldieri.
27. Barbato, "The evolution of monetary policy", pp. 171, 202 ff.
28. ibid.
29. Ibid., p. 175.
30. Ibid., p. 176.
31. See Chapter 16, Section 4.
32. Vincenzo Pontolillo, "Analisi dei mercati e degli intermediari e dei prodotti", Economia italiana, 3, 1982, supplement, p. 53.
33. Mario Arcelli, "Caratteristiche evolutive dei mercati monetari e finanziari", ibid., p. 28.
34. Pontolillo, "Analisi dei mercati", p. 53.
35. Arcelli, "Caratteristiche evolutive", p. 28.
36. ibid.
37. ibid.
38. Ibid., p. 29.
39. Luigi De Rosa. Dieci anni di economia italiana 1979-1989, Banco di Roma, Rome, 1990, pp. 153-154.
40. Ibid., pp. 154-155.
41. G. Guarino, "Conclusioni", ibid., pp. 156-157.
42. Arcelli, "Caratteristiche evolutive", pp. 30-31; Sabino Cassese, "The division of labour in banking The functional and geographical distribution of credit from 1936 to today", Review, XXXVII, 3 (October 1983), pp. 401 ff.
43. Arcelli, "Caratteristiche evolutive", pp. 30-31; Sabino Cassese, "The division of labour in banking The functional and geographical distribution of credit from 1936 to today", Review, XXXVII, 3 (October 1983), pp. 401 ff.
44. Alberto Bertoni, "The trend of banking profitability in Italy: Determinants and prospects for 1984", Review. XXXVIII, 2 (June 1984), pp. 169 ff.
45. Maria Teresa Salvemini, "Medium-term credit institutions' liquidity management: Trends and problems", Review, XL, 1 (January 1986). pp. 20-23.
46. Ibid., p. 21.
47. Barbato, "The evolution of monetary policy", p. 185.
48. G. Cammarano, "Contribution of investment funds to the development of the financial market in Italy", Review, XL, 1 (January-April 1986), p. 58.
49. Barbato, "The evolution of monetary policy", p. 176.
50. Ercole Ceccatelli, "The role of the major banks in Italy: Problems and prospects", Review, XXXIX, 3 (September-December 1985), p. 368.
51. Ibid., p. 368-369.
52. Antonio Marzano, "Conditions in the Italian economy and banking margins", Review. XXXVIII, 2 (June 1984), p. 158.
53. Lamberto Dini, "The Italian case: Balance sheet trends", Review. XXXIX. 3 (September-December 1985), pp. 331-332.
54. Ibid., p. 331.
55. Sabino Cassese, "Major banks and new legislative structures", Review, XXXIX, 3 (September-December 1985), p. 391.
56. Ibid., p. 390.
57. J. Revell, "The structures of the credit systems: Concentration and fragmentation", Review, XXXIX, 3 (September-December 1985), pp. 397 ff.
58. Paolo Savona, "Round table", ibid., pp. 450-451.
59. Dini, "The Italian case", pp. 336-337.
60. Guido Carli, "The internationalization of the financial and credit system". Review, XXXIX, 3 (September-December 1985), p. 342 ff.
61. Ceccatelli, "The role of major banks", p. 369.
62. Michele Barbato, "Evoluzione della politica monetaria e impatto sulle aziende di credito", Economia italiana. 1987, 2. pp. 208 ff.
63. Barbato, "The evolution of monetary policy", p. 208.