Elena Cavalieri

The United States and the March 1964 loan to Italy's center-left government

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The paper examines the monetary assistance offered by the US Administration to the Bank of Italy during the 1963-64 balance of payments crisis. It analyzes the international strategy followed by Italy to solve the crisis and the rationale behind US assistance. It is argued that the US loan was granted for political and economic stability purposes, to help the Italian center-left government to survive. The episode confirms the existence of a tight correlation between monetary and political issues under the Bretton Woods system.


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