Luciano Canova

Garibaldi and Financial Markets of the Time: Did Investors Discount Expedition of the Thousand?

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In this article we follow an approach of Oosterlink and Weidenmeier to explore the reaction of financial markets to the Expedition of the Thousands, a fundamental event for unification of Italy which occured in 1860. We provide evidence of a collapse of quotations of bonds of Kingdom of the Two Sicilies, in particular focusing on daily quotation from early May to the end of October. We show how markets reacted to the victory of Garibaldi and provide an interesting insight into economic history of our country.

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