Demand, economic growth and monetary integration. The italian case

Italy was among the most dynamic European countries during the first
decades after the Second World War. Nowadays, however, its GDP growth
is really low. This paper examines this experience, using a methodology
connected with the Keynesian tradition, especially with some studies focused
on the impact of exports on growth. A new econometric model based on
this Keynesian framework shows that not only exports, but all exogenous
components of demand have had an important effect on Italian economic
evolution. It also shows that the controversial participation of Italy on the
process of building up the European monetary integration might have had a
negative impact on that evolution.
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