The Effects of Unification: Markets, Policy and Cyclical Convergence in Italy, 1861-1913

26 Pages Posted: 21 Nov 2008

See all articles by Carlo Ciccarelli

Carlo Ciccarelli

University of Rome, Tor Vergata - Faculty of Economics

Stefano Fenoaltea

affiliation not provided to SSRN

Tommaso Proietti

University of Rome II - Department of Economics and Finance

Date Written: November 19, 2008

Abstract

This paper examines the convergence of regional business cycles in the decades that followed Italy's Unification. The aggregate construction series point to cyclical convergence, but a sectorlevel analysis traces this result to the decline in differentiated "regional-policy" shocks. The regional market cycles diverged, as the regions specialized in different sectors of production; market-cycle convergence is observed only within the "industrial triangle," the regions of which also developed different specializations. This suggests that the balance between growing interdependence and growing differentiation is not general, as the current literature presumes, but specialization-specific.

Suggested Citation

Ciccarelli, Carlo and Fenoaltea, Stefano and Proietti, Tommaso, The Effects of Unification: Markets, Policy and Cyclical Convergence in Italy, 1861-1913 (November 19, 2008). CEIS Research Paper No. 133. Available at SSRN: https://ssrn.com/abstract=1304000 or http://dx.doi.org/10.2139/ssrn.1304000

Carlo Ciccarelli

University of Rome, Tor Vergata - Faculty of Economics ( email )

Via Columbia n.2
Rome, rome 00100
Italy

Stefano Fenoaltea

affiliation not provided to SSRN ( email )

Tommaso Proietti (Contact Author)

University of Rome II - Department of Economics and Finance ( email )

Via Columbia, 2
Rome, 00133
Italy

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