Riassunto analitico
This work analyzes, at national level, the impact of different sources of financing on the economic development of Italy from 1861 to 1913 using a dataset that combines the most recent series available to different economic and financial aggregates, which cover the entire time period, and the impulse response functions of a VAR model. The main novelties of this work concern the use of a new series for foreign capital and a particular modern technique of IRF transformation which specifically provides the generalized impulses for the variables involved. The results obtained, with the highest level of significance used by the practice of econometric studies, show a direct and significant impact of foreign capital and commercial banks on the total investment, while an indirect impact of the remittances of migrants on the same. The analysis also shows a similar attitude of the various sources of financing towards the different investment opportunities: in particular a direct impact of the three financial sources only on investments in plants machinery and equipment for transport, with the exception of a direct impact of foreign capital on investments in construction. These results, combined together, provide a clearer and more complete vision of the country's economic development process in the analyzed period.
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Abstract
This work analyzes, at national level, the impact of different sources of financing on the economic development of Italy from 1861 to 1913 using a dataset that combines the most recent series available to different economic and financial aggregates, which cover the entire time period, and the impulse response functions of a VAR model. The main novelties of this work concern the use of a new series for foreign capital and a particular modern technique of IRF transformation which specifically provides the generalized impulses for the variables involved. The results obtained, with the highest level of significance used by the practice of econometric studies, show a direct and significant impact of foreign capital and commercial banks on the total investment, while an indirect impact of the remittances of migrants on the same. The analysis also shows a similar attitude of the various sources of financing towards the different investment opportunities: in particular a direct impact of the three financial sources only on investments in plants machinery and equipment for transport, with the exception of a direct impact of foreign capital on investments in construction. These results, combined together, provide a clearer and more complete vision of the country's economic development process in the analyzed period.
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