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- Title
Central banks' interventions in exchange rate markets during the international gold standard: Italy 1880–1913.
- Authors
Di Martino, Paolo
- Abstract
This article reconstructs the history of direct interventions in exchange rate markets performed by the leading Italian banks of issue: the Banca Nazionale until 1893, then the Banca d'Italia between 1894 and 1913. The article shows that this type of operation represented a constant and relevant commitment for both institutions; interventions were made in the bills and/or the bonds market, sometimes also in conjunction with increases in the discount rate. Although often successful in the initial stages, until 1904 institutional provisions severely constrained the accumulation of foreign assets in the banks' portfolios therefore reducing the viability, and hence the overall effectiveness, of these interventions.
- Subjects
ITALY; CENTRAL banking industry; FOREIGN exchange rates; FOREIGN exchange market; BANCA d'Italia; INTERNATIONAL markets; STANDARDS
- Publication
Financial History Review, 2023, Vol 30, Issue 1, p51
- ISSN
0968-5650
- Publication type
Article
- DOI
10.1017/S096856502200021X