Gigliobianco, Alfredo; Giordano, Claire - Banca d'Italia - 2010
The paper provides a qualitative assessment of the role mainstream economic theory had in orienting Italy's banking … legislation from its political unification (1861) to the introduction of the 1936 Banking Act. Five regulatory regimes are … punctuated by two banking crises: the first (1907) vindicated economists who had stressed the need of a lender of last resort ï …