Reshaping the external constraint. Franco Modigliani, Tommaso Padoa-Schioppa and the EMS, 1977-1993

IF 0.1 Q4 ECONOMICS History of Economic Thought and Policy Pub Date : 2021-03-01 DOI:10.3280/SPE2020-002006
G. Piluso
{"title":"Reshaping the external constraint. Franco Modigliani, Tommaso Padoa-Schioppa and the EMS, 1977-1993","authors":"G. Piluso","doi":"10.3280/SPE2020-002006","DOIUrl":null,"url":null,"abstract":"During a decade of stagflation in the 1970s, a sea of changes on the interna-tional stage led to major macroeconomic imbalances that gave central bankers a different role in relation to governments and policy-makers. In Europe, this coin-cided with the relaunching of the project for European integration. The Italian case shows how governments and central bankers interacted in shaping adjustment strategies. The Bank of Italy had a pivotal role in shaping the country's economic policies, relying on its capacity for economic analysis. The adjustment strategy formulated in the \"Pandolfi Plan\" of 1978 was conceived largely by an economist at the Bank of Italy, Tommaso Padoa-Schioppa. Further developing analyses conducted jointly with Franco Modigliani the previous year, the plan focused on the macroeconomic effects of high labour costs in the wake of a full (\"100% and plus\") wage indexing and rising government deficits. The policy proposal revolved around a few targets, namely investments and economic growth, and an explicit principle of fairness in the labour market. The Pandolfi Plan pledged to Italy's en-during participation in the European integration process by combining economic development with adhesion to the \"European choice\", which meant joining the European Monetary System (EMS). The European agreements governing EMS membership replaced the standard external economic constraints, i.e. the balance of payments and exchange rate, with a new kind of semi-legal external constraint ingrained in the governance structure of the European Community. The nature of this new semi-legal external constraint as a fiscal discipline mechanism eventually emerged more clearly with the Maastricht Treaty.","PeriodicalId":40401,"journal":{"name":"History of Economic Thought and Policy","volume":null,"pages":null},"PeriodicalIF":0.1000,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"History of Economic Thought and Policy","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3280/SPE2020-002006","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0

Abstract

During a decade of stagflation in the 1970s, a sea of changes on the interna-tional stage led to major macroeconomic imbalances that gave central bankers a different role in relation to governments and policy-makers. In Europe, this coin-cided with the relaunching of the project for European integration. The Italian case shows how governments and central bankers interacted in shaping adjustment strategies. The Bank of Italy had a pivotal role in shaping the country's economic policies, relying on its capacity for economic analysis. The adjustment strategy formulated in the "Pandolfi Plan" of 1978 was conceived largely by an economist at the Bank of Italy, Tommaso Padoa-Schioppa. Further developing analyses conducted jointly with Franco Modigliani the previous year, the plan focused on the macroeconomic effects of high labour costs in the wake of a full ("100% and plus") wage indexing and rising government deficits. The policy proposal revolved around a few targets, namely investments and economic growth, and an explicit principle of fairness in the labour market. The Pandolfi Plan pledged to Italy's en-during participation in the European integration process by combining economic development with adhesion to the "European choice", which meant joining the European Monetary System (EMS). The European agreements governing EMS membership replaced the standard external economic constraints, i.e. the balance of payments and exchange rate, with a new kind of semi-legal external constraint ingrained in the governance structure of the European Community. The nature of this new semi-legal external constraint as a fiscal discipline mechanism eventually emerged more clearly with the Maastricht Treaty.
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
重塑外部约束。Franco Modigliani、Tommaso Padoa Schioppa和EMS,1977-1993
在20世纪70年代的十年滞胀期间,国际舞台上的巨变导致了重大的宏观经济失衡,这让央行银行家在与政府和政策制定者的关系中扮演了不同的角色。在欧洲,这与重新启动欧洲一体化项目不谋而合。意大利的例子表明,政府和央行行长在制定调整策略方面是如何相互作用的。意大利银行依靠其经济分析能力,在制定国家经济政策方面发挥着关键作用。1978年“潘多尔菲计划”(Pandolfi Plan)中制定的调整战略,主要是由意大利央行(Bank of Italy)经济学家托马索•帕多亚-斯基奥帕(Tommaso Padoa-Schioppa)构想出来的。该计划进一步发展了前一年与佛朗哥·莫迪利亚尼(Franco Modigliani)共同进行的分析,重点关注全面(“100%及以上”)工资指数化和政府赤字上升后高劳动力成本对宏观经济的影响。该政策提案围绕着几个目标,即投资和经济增长,以及劳动力市场公平的明确原则。潘多尔菲计划通过将经济发展与坚持“欧洲选择”相结合,即加入欧洲货币体系(EMS),承诺意大利长期参与欧洲一体化进程。管理EMS成员国的欧洲协议取代了标准的外部经济约束,即国际收支和汇率,取而代之的是一种新的半法律外部约束,这种约束根植于欧洲共同体的治理结构中。作为一种财政纪律机制,这种新的半法律外部约束的性质最终随着《马斯特里赫特条约》而更加清晰地显现出来。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 去求助
来源期刊
CiteScore
0.20
自引率
0.00%
发文量
12
期刊最新文献
How the Cryptocurrency Discourse is Changing: A Textual Analysis The Modernity of Keynesian Thinking on Economic Policy from an Institutional Perspective Richard Lipsey and the "Tyranny" of a Unique Labour Market Equilibrium A Critical Note on Ricardo's views on Absolute and Relative Value in terms of Labor Values New paths in the history of economic thought: A History of European Economic Thought by Antonio Magliulo
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1