Toniolo, Gianni; Conte, Leandro; Vecchi, Giovanni - 2008
The Paper draws its motivation from the observation that, three years into the single currency, EMU financial markets … of monetary unification, that of Italy after 1862. We find that the prices of the Rendita Italiana 5% (Italian Consols … currency' fail to explain the delay in financial market unification. We argue that markets remained relatively fragmented …