Was Industrialization An Escape From the Commodity Lottery? Evidence From Italy, 1861-1939

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dc.contributor.author FEDERICO, Giovanni
dc.contributor.author VASTA, Michelangelo
dc.date.accessioned 2011-04-19T12:47:34Z
dc.date.available 2011-04-19T12:47:34Z
dc.date.issued 2010
dc.identifier.citation Explorations In Economic History, 2010, 47, 2, 228-243
dc.identifier.issn 0014-4983
dc.identifier.uri http://hdl.handle.net/1814/16463
dc.description.abstract The specialization in exporting primary products is frequently deemed harmful for long-run development, because it increases volatility of terms of trade and thus the number and frequency of macroeconomic shocks. One would expect modern economic growth to solve the problem by changing the composition of trade. This paper tests this hypothesis with a new series of Italian terms of trade from 1861 to 1939, a period which spans the first stage of the industrialization of the country. The results do not tally with the hypothesis. The change in composition improved marginally the terms of trade, but it did not help much in terms of volatility. (C) 2010 Elsevier Inc. All rights reserved.
dc.language.iso en
dc.publisher Academic Press Inc Elsevier Science
dc.subject Italian trade
dc.subject Terms of trade
dc.subject Economic growth
dc.subject Volatility
dc.title Was Industrialization An Escape From the Commodity Lottery? Evidence From Italy, 1861-1939
dc.type Article
dc.identifier.doi 10.1016/j.eeh.2010.01.001
dc.identifier.volume 47
dc.identifier.startpage 228
dc.identifier.endpage 243
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dc.identifier.issue 2


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