Antycykliczny interwencjonizm finansowy państwa włoskiego w latach 1967 -1986
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Date
1989
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Wydział Prawa i Administracji UAM
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Antycyclical financial interventionism of Italian state in years 1967-1986
Abstract
State countercyclical financial interventionism is conceived here as a permanenet
intervention of a state into the economy of a country by means of financial
instruments directed at preventing economic fluctuations.
In a market economy financial instruments are easier to assimilate than administrative
and regulative instruments.
The Italian State tries to improve the economic balance of the country by
manipulating the financial flows. Thus it prevents business fluctuations of national
economy. The possibilities of the State exerting influence on the economy of
the country depend on social and economic doctrines adopted by the governing
elites and on institutional and administrative infrastructure.
In the article the Italian economy has been divided into two basic markets:
money and short-term credit market and capital and long-term credit market.
The policy of direct refinancing, the regulation of obligatory reserve, the policy
of open market and the control of foreign financial relations have been analyzed.
The analyses of empirical data justifies the conclusion that financial instruments
at the State disposal played small role in moderating the business fluctuations
of national economy. Competition among banks, internationalization of bank systems,
widening the specialization of banks, the emergence of Euro-currency market
are among the most important factors reducing the effectiveness of the State
financial policy aimed at preventing business fluctuations of economy. Such a policy
is more efficient in times of economic expansion than during depression.
The article ends with conclusions concerning the possibilities of employing
financial instruments in future, reformed Polish economy.
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Citation
Ruch Prawniczy, Ekonomiczny i Socjologiczny 51, 1989, z. 1, s. 195-214.