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Financial Elites and European BankingHistorical Perspectives$
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Youssef Cassis and Giuseppe Telesca

Print publication date: 2018

Print ISBN-13: 9780198782797

Published to Oxford Scholarship Online: September 2018

DOI: 10.1093/oso/9780198782797.001.0001

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Adjusting to Financial Instability in the Interwar Period

Adjusting to Financial Instability in the Interwar Period

Italian Financial Elites, International Cooperation, and Domestic Regulation, 1919–1939

Chapter:
(p.61) 3 Adjusting to Financial Instability in the Interwar Period
Source:
Financial Elites and European Banking
Author(s):

Giandomenico Piluso

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198782797.003.0004

The chapter provides a reconstruction and analysis of adjustment processes in the Italian financial system after the major cleavage of the First World War. It considers how pressures exerted by external factors entailed a progressive adaptive strategy to a changing international environment. Financial and monetary instability called for a more intensive regulation reallocating responsibilities and powers from the private sector to the public sphere. Accordingly, financial elites changed their contours and boundaries. As the demand for technical competences and bargaining abilities rose, Italian governments and central monetary authorities tended to co-opt competent representatives from the private sector onto special committees at home, at international conferences, or in bilateral negotiations. A telling tale of such processes is represented by changes within the composition of the Italian delegations at major international economic and financial conferences from the Brussels Conference in 1920 to the London Economic and Monetary Conference in 1933.

Keywords:   central banking, financial elites, Gold Standard, international monetary system, Italian banking system

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