Monetary Analysis in Italy

  title={Monetary Analysis in Italy},
  author={Paolo Baffi},
(3) If, however, the public uses the released funds for financing new expenditure, such borrowing will indeed be indicative of an inflationary process. The origin of the inflationary impulse must then be attributed to the private sector of the economy. (4) Borrowing by the Treasury from the commercial banking system for the purpose of financing expenditure has, by itself, exactly the same inflationary character as borrowing from the central bank. (5) Borrowing by the Treasury from the public by… CONTINUE READING


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