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.

Ciccarelli, C., Fenoaltea, S., & Proietti, T. (2010). The effects of unification: markets, policy, and cyclical convergence in Italy, 1861–1913. CLIOMETRICA, 4(3), 269-292 [10.1007/s11698-009-0046-z].

The effects of unification: markets, policy, and cyclical convergence in Italy, 1861–1913

CICCARELLI, CARLO;FENOALTEA, STEFANO;PROIETTI, TOMMASO
2010

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.
Pubblicato
Rilevanza internazionale
Articolo
Esperti anonimi
Settore SECS-S/03 - Statistica Economica
Settore SECS-P/12 - Storia Economica
Settore SECS-P/06 - Economia Applicata
English
Con Impact Factor ISI
Ciccarelli, C., Fenoaltea, S., & Proietti, T. (2010). The effects of unification: markets, policy, and cyclical convergence in Italy, 1861–1913. CLIOMETRICA, 4(3), 269-292 [10.1007/s11698-009-0046-z].
Ciccarelli, C; Fenoaltea, S; Proietti, T
Articolo su rivista
File in questo prodotto:
File Dimensione Formato  
CiccarelliCliometrica2010.pdf

accesso solo dalla rete interna

Licenza: Copyright dell'editore
Dimensione 765.62 kB
Formato Adobe PDF
765.62 kB Adobe PDF   Visualizza/Apri   Richiedi una copia

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/2108/14470
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 9
  • ???jsp.display-item.citation.isi??? 8
social impact