The official site of Italy's central bank

No. 9 - Economic research at the Bank of Italy: A history of the Economic Research Department from Canovai to Baffi (1894-1940)

This essay traces the activities of documentation and research at the Bank of Italy from 1894 to 1940, a period marked by such substantial problems as the compulsory disposal of fixed assets, the financial crises of 1907 and 1911, and military conflict (from the Italian expedition against Libya to the Second World War). In 1936, to handle the new tasks envisaged by the Banking Law, Governor Azzolini strengthened the Economic Research Department by bringing in Paolo Baffi and other scholars (Campolongo, De Vita, Di Nardi, etc.) from their universities. With the collaboration of Professor Mortara, two essential projects were completed: the compilation of credit statistics disaggregated by branch of economic activity and a study on the Italian economy between 1931 and 1936. The Department’s activity was drastically reduced during the war when the main political and financial institutions located in Rome were obliged to move their offices to northern Italy.