Abstract This study assesses whether the component of across‐sector labor and capital misallocation induced by real effective exchange rate (REER) misalignments in turn significantly affects economic development. REER imbalances are derived from a Behavioral Equilibrium Exchange Rate model; is measured according to indicators Ando Nassar (IMF Working Papers, 2017, 17, 1) Aoki (Journal Japanese International Economies, 2012, 26, pp. 473–494), on unique cross‐country cross‐sector national...

Italy's economic growth over its 150 years of unified history did not occur at a steady pace nor was it balanced across sectors. Relying on an entirely new input (labour and capital) database by us built presented in the Appendix, together with Banca d'Italia estimates GDP sector, this paper evaluates different labour productivity trends within Italian economy's sectors, as well contribution structural change to growth. performance is then set international context: comparison sectoral rates...

We analyse the evolution of capital and labour (mis)allocation across firms in five euro-area countries (Belgium, France, Germany, Italy Spain) eight main sectors economy during period 2002-2012. Three key stylized facts emerge. First, all with exception allocation has worsened over time whereas efficiency reallocation not changed significantly. Second, observed increase misallocation been particularly severe services as opposed to industry. Third, both dropped 2009 again for some...

Real effective exchange rate (REER) imbalances may affect economic growth by altering the allocation of labour and capital across sectors. This study assesses whether component inter-sectoral production factor misallocation induced REER misalignments significantly hinders development if this is only channel via which operate. are derived from a Behavioural Equilibrium Exchange Rate model; measured, according to two alternative indicators, on unique cross-country cross-sector national account...

We explore three possible explanations of the recent resilience Italy's foreign sales in comparison with other main euro-area economies, namely price-competitiveness dynamics, developments energy-intensive (EI) and non-energy-intensive (NEI) manufacturing sectors, impact global supply bottlenecks. Price-competitiveness trends were particularly favourable Italy 2022. Furthermore, composition exports was not strongly tilted towards EI sectors decline relatively small, leading to a more limited...

We provide an assessment of the role economic theory in orienting Italy's banking legislation over eight decades.From unification country (1861) to introduction 1936 Banking Act, five regulatory regimes are mapped out.Whilst market discipline and selfregulation arguments characterized first sub-period (1861-1892), biting issuing-bank regulation, which inaugurated second regime (1893-1906), was a political compromise that ignored economists' requests return convertibility.The third...

The paper provides a qualitative assessment of the role mainstream economic theory had in orienting Italy's banking legislation from its political unification (1861) to introduction 1936 Banking Act. Five regulatory regimes are considered. Whilst market discipline and self-regulation arguments characterized first sub-period (1861-1892), debate over convertibility limits on note issuance was intense second (1893-1906). third (1907-1925) punctuated by two crises: (1907) vindicated economists...

Building upon a behavioural equilibrium exchange rate (BEER) model, estimated at quarterly frequency since 1999 on broad sample of 57 countries, this paper assesses whether both the size and persistence real effective misalignments from levels implied by economic fundamentals have been affected adoption single currency. A comparison across different country groupings (euro area, non-euro advanced emerging economies), shows they are smaller in euro area than its main trading partners....

Abstract Since the mid‐2000s standard price‐competitiveness indicators for euro‐area countries have recently provided conflicting signals, particularly in Italy. The manufacturing unit labor cost (ULCM)‐based indicator reports a major competitiveness loss Owing to internationalization of production processes and fading representativeness on overall costs we argue that price‐based measures are more appropriate than those based ULCMs assess external play important role explaining export...

We analyse the evolution of capital and labour (mis)allocation across firms in five euro-area countries (Belgium, France, Germany, Italy Spain) eight main sectors economy during period 2002-2012. Three key stylized facts stand out. First, all except allocation worsened over time whereas efficiency reallocation did not change significantly. Second, observed increase misallocation has been particularly marked services compared with industry. Third, both decreased 2009 again for some...

In this paper we provide a detailed explanation of the methodology underlying construction new labour and capital stock dataset for Italy since 1861. The existing seminal (Rossi, Sorgato Toniolo 1993) only covered period 1911-1990 1890-1990 capital; moreover, sectoral disaggregation was limited. presented here includes both headcount full-time equivalent annual estimates provides ten-sector breakdown. Net are instead disaggregated by asset type (transport equipment, machinery construction,...

We explore three alternative methodologies drawn from economic history literature to compute macroeconomic total-economy estimates of Italy’s mark-ups since 1861, based on the new historical national accounts presented in Baffigi (2013) and Giordano Zollino (2015). Two key features stand out: a) increase market power under Fascist regime b) strengthening competition 1993. then focus a more limited time span (1970-2012) order estimate sectorial using model developed Bassanetti, Torrini...

This paper offers the first quantitative assessment of labour productivity dynamics within Italy's industrial sector over period 1911-1951 and their links with competition policy. By relying on a newly compiled dataset fresh estimates, we find that earlier Fascist era was characterised by boom, which ended reversed following switch to more interventionist In overall 1911-1951, new industries did not perform any better than old ones growth explained largely internal sectors rather from...