Liberalizzazione valutaria e sostituibilità tra monete

Abstract

The economic effects of planned liberalisation measures have led to considerable debate in Italy, especially regarding the possibility that, in the absence of administrative barriers, a large transfer of monetary capital in favour of foreign assets takes place, resulting in the disintermediation of the Italian banking system and or the Italian lira. In this paper, the authors propose a method to estimate this phenomenon, taking as reference the scientific literature that has addressed the issue of the substitution between currencies. An initial analysis of the contributions to this theme provides specificity from a theoretical point of view on the circumstances that make currency substitution possible, and provides methodological guidance for the empirical survey that follows. JEL Codes: F31

Keywords

• Italy
• lira
• banking system
• liberalisation
• currency substitution