Monetary Union, institutions and financial market integration: Italy, 1862-1905

Journal Article (Journal Article)

Years into the single currency, EMU financial markets are not fully integrated. We argue that the phenomenon can be better understood by looking at financial markets' behavior in the wake of Italy's monetary unification (1862). Variables such as the spread of the telegraph, trade volumes, and the diffusion of the 'single currency' fail to explain why it took 25 years for prices across regional stock exchanges to converge. A single Italian financial market appeared only when the State prevailed upon local vested interests by enforcing nation-wide financial market legislation. © 2003 Elsevier Inc. All rights reserved.

Full Text

Duke Authors

Cited Authors

  • Toniolo, G; Conte, L; Vecchi, G

Published Date

  • January 1, 2003

Published In

Volume / Issue

  • 40 / 4

Start / End Page

  • 443 - 461

International Standard Serial Number (ISSN)

  • 0014-4983

Digital Object Identifier (DOI)

  • 10.1016/j.eeh.2003.08.001

Citation Source

  • Scopus