The effects of unification: markets,policy, and cyclical convergence in Italy, 1861–1913 |
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Authors: | Carlo Ciccarelli Stefano Fenoaltea Tommaso Proietti |
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Institution: | 1.Facoltà di Economia,Università di Roma “Tor Vergata”,Rome,Italy |
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Abstract: | This paper uses time-series evidence on construction movements to examine the convergence of regional business cycles in the
decades that followed Italy’s unification. The aggregate series point to cyclical convergence, but a sector-level analysis
traces this result to the decline in differentiated “regional-policy” shocks. The regional market cycles diverged, as 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. |
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