Economic recovery and stabilization of the currency of Italy in the years 1945-1960 (Part I)
Zbigniew Klimiuk
Institute of Labour and Social Affairs in Warsaw , PolandAbstract
For several years after World War II Italian economy showed the highest growth rate among western European countries. In 1950 the phase of long-term economic development began, which was contributed to the first years of reconstruction. The growth rate of gross national product (GNP), which in the decade to 1959 amounted to an annual average of 6% and later - in 1960 -1961 – reached a climax of 7.8%. The dynamics of economic development in Italy was at the time comparable to the Federal Republic of Germany and Japan. Italian companies obtained considerable success in the international scale, using impulses that arose from the policy of the Common Market. Along with external expansion, major structural changes which took place at the time ranked Italy in the group of the most industrialized countries. In 1962, the growth rate of the gross national product (GNP) fell to 6%, and in 1963 - to 4.8%. These results marked the first symptoms of crisis, which manifested in the galloping inflation. Fearing the depreciation of the lira, a massive capital was transferred abroad. However, monetary policy conducted by the Italian authorities proved very effective. Italian lira became not only a stable currency, but also one of the „hard” European currencies. This feat was highlighted by the international press, as well as the Italian balance of payments, which from 1957 showed a very positive balance. It should be noted that in 1960 the highest growth of foreign trade in the countries of Western Europe was made by Italy again. That year marked also the highest level of turnover achieved by Italy in the postwar period (an increase of 1.3 compared to the level in 1959.). Global imports of Italy, which in 1953 accounted for 3.2% of world imports rose to 3.8%, and the share of exports increased during this period from 2% to 3.2%.
Keywords:
Italian economy, Italian lira, devaluation, revaluation, currency reform, currency stabilization, economic growth, inflation, balance of trade and balance of payments, foreign trade policy, terms of tradeReferences
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Institute of Labour and Social Affairs in Warsaw
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This work is licensed under a Creative Commons Attribution 4.0 International License.
