1,721,028 research outputs found
Italy's Modern Economic Growth, 1861-2011
No full textBy making the most of a newly-available large set of historical statistics, the paper outlines the main features of Italy’s modern economic growth from unification (1861) until the present day (2011). Alongside national GDP estimates, regional inequality, living standards and inequality of personal income distribution are also discussed. Over the long run, Italy successfully caught up with the most advanced economies, and did so in a virtuous manner: while the regional imbalance persisted, at the national level economic growth was accompanied by a secular decline in income inequality. This pattern has come to a halt: during the last two decades, stagnation in GDP per capita has been mirrored by an unprecedented decline in productivity; southern regions have further lagged behind the rest of the country, and income inequality is on the rise. Italy has entered a phase of rapid relative economic declin
Italy’s Growth and Decline, 1861-2011
No full textWith the end of the celebrations marking the 150th anniversary of the unification of Italy, the availability of a large body of new historical statistical data calls for a redefinition of the features of Italian economic growth. The paper presents new estimates – at both national and regional level – of Italy’s GDP from 1861 to 2011; we discuss their interpretation in the light of the changes in the institutions, in technological regimes and in the broader international context. In contrast with its successful long-term performance, Italy’s economic growth has slackened since the 1990s and has now come to a halt. The paper deals with the question of whether fears that the country is on the road to economic decline are grounded. The answer is an affirmative one. Part of the problem is southern Italy’s inability to converge towards the more virtuous part of the country
Income
No full textItaly - born as one nation on March 17, 1861 - was a poor and backward country in the most Southern part of Europe. Most Italians lived a short and troubled life, with little prospect of giving their children a better future. That was how it had been for centuries in the Italian peninsula. In one and half centuries, the Italians astonished us by turning Italy into a country where living standards are among the highest in the world. The Dolce Vita found its home in Italy. How did such a transformation come about? The book provides an answer based on an impressive volume of newly-constructed historical statistics, and does so aided by an easily accessible and enjoyable narrative
Italy’s Modern Economic Growth, 1861-2011
No full textBy making the most of a newly-available large set of historical statistics, the paper outlines the main features of Italy’s «modern economic growth» from Unification (1861) until the present day (2011). Alongside national GDP estimates, we also discuss regional disparities, living standards and inequality of personal income distribution. Over the long run, Italy successfully caught up with the most advanced economies, and did so in a virtuous manner: despite the persistence of the regional imbalance, at the national level economic growth was accompanied by a secular decline in income inequality. This pattern has come to a halt: during the last two decades, stagnation in GDP per capita has been mirrored by an unprecedented decline in productivity; southern regions have further lagged behind the rest of the country, and income inequality is on the rise. Italy has entered a phase of relative economic decline
Italy's growth and decline, 1861-2011
No full textThe large body of new statistical data that became available after the 150th anniversary of Italy’s unification permits a re-examination of Italy’s economic growth. In the light of the changes in the institutions, in technological regimes and in the broad international context, update estimates of Italy’s gdp from 1861 to 2011-- at both the national and regional levels -- find that Italy’s economic growth has slackened considerably since the 1990s. Despite successes in long-term performance, the analysis suggests that the country is on the road to economic decline. Part of the problem lies in the failure of the southern regions to converge economically with the more highly developed central and northern regions
Income
Full text linkItaly - born as one nation on March 17, 1861 - was a poor and backward country in the most Southern part of Europe. Most Italians lived a short and troubled life, with little prospect of giving their children a better future. That was how it had been for centuries in the Italian peninsula. In one and half centuries, the Italians astonished us by turning Italy into a country where living standards are among the highest in the world. The Dolce Vita found its home in Italy. How did such a transformation come about? The book provides an answer based on an impressive volume of newly-constructed historical statistics, and does so aided by an easily accessible and enjoyable narrative
Deflation by expenditure components: a harmless adjustment?
No full textWe investigate the effect that seemingly minor features of the implementation of cost-of-living adjustments have on the distribution of household expenditures, by developing an analytical framework that is consistent with standard consumer theory, and mindful of data limitations faced by practitioners. The main result is at odds with common sense: even when multiple price indices are available (e.g., a food and a non-food CPI), it turns out that using a single price index (e.g., the total CPI), to adjust the consumption aggregate is recommended. The practice of adjusting sub-components of consumption separately (food with a food index, non-food with a non-food index) can lead to a systematic bias in the welfare measure, and consequently in poverty and inequality measures. Using Iran’s 2019 Household Expenditures and Income Survey, we find that the bias manifests as a systematic underestimation of urban poverty, and overestimation of rural poverty
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