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dc.contributor.authorFEDERICO, Giovanni
dc.contributor.authorVASTA, Michelangelo
dc.date.accessioned2011-04-19T12:47:34Z
dc.date.available2011-04-19T12:47:34Z
dc.date.issued2010
dc.identifier.citationExplorations In Economic History, 2010, 47, 2, 228-243
dc.identifier.issn0014-4983
dc.identifier.urihttp://hdl.handle.net/1814/16463
dc.description.abstractThe 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.isoen
dc.publisherAcademic Press Inc Elsevier Science
dc.subjectItalian trade
dc.subjectTerms of trade
dc.subjectEconomic growth
dc.subjectVolatility
dc.titleWas Industrialization An Escape From the Commodity Lottery? Evidence From Italy, 1861-1939
dc.typeArticle
dc.identifier.doi10.1016/j.eeh.2010.01.001
dc.identifier.volume47
dc.identifier.startpage228
dc.identifier.endpage243
eui.subscribe.skiptrue
dc.identifier.issue2


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