The research promoted by the Bank of Italy as part of the celebrations for the 150th Anniversary of Italy's National Unification focuses on the responses of the Italian economy, in the course of its history, to the major changes in the international context: episodes of expansion and of crisis, of globalization and an end to economic self-sufficiency. As well as furthering the understanding of Italian history, the studies provide food for thought on the current position of Italy in the world economy. The results were presented at the international conference Italy and the World Economy, 1861-2011, held in Rome from 12 to 15 October 2011.
The project consists of twenty studies, assigned to Italian and foreign scholars. As well as the evolution of productivity and wealth, the following topics are analysed: the use of technology, changes in the economy's production specialization, significant cases of business internationalization, human capital accumulation, social capital, migration flows, the interactions between the economy and the legal system, regional differences, the relations between finance and growth, and the role of public finance in some critical phases of the Italian economy. Lastly, three pieces of research focus on political economy, before and after World War II, and one on the evaluation of foreign observers of the Italian economy over 150 years.
The research was accompanied by the reconstruction and publication of historical statistics. In particular, in collaboration with ISTAT, new historical series of the main national accounts aggregates were made available. Foreign trade statistics from 1862 to 1950 were published, showing a highly detailed level of product disaggregation. Banks' balance-sheet data from 1890 to 1973, which can be linked to current figures, were also published.
In parallel, a group of jurists are undertaking a historical reconstruction of Italian banking, financial and insurance legislation. The resulting volume will contain an integrated analysis of banking, finance and insurance, with an international and comparative perspective, and particular reference will be made to Community law.
A Steering Committee is coordinating the research for the international historical conference.
