文章基本信息

标题：Causes of the decline in the stock exchange in Italy
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作者：L. FEDERICI
期刊名称：PSL Quarterly Review
印刷版ISSN：2037-3643
出版年度：1949
卷号：2
期号：11
语种：English
出版社：Economia civile
摘要：The declining trend of the security quotations which, with some halts and brief recoveries, has continued since May 1947 and the difficulty under these conditions of securing large subscriptions to share issues, are a much debated question in business circles in Italy and are dealt with in the present article. The author examines the Exchange in its two distinct aspects, that of speculative market and investment market. He emphasises a feature of the situation on which the statistical analysis throws light and which may at first seem paradoxical, i.e. that the downward trend is seen to be more marked in the case of the shares generally preferred as investments of capital than in that of the shares of a speculative description. The inquiry into the causes of this phenomenon leads the author to re-examine, on the one hand, the anti-inflation policy adopted in the summer of 1947, and on the other the implications of the large capital increases and of the heavy taxation, and the special characteristics of speculative activities on the Italian Exchange. The analysis of the data confirm and strengthen the opinion which attributes the present situation on Italian Exchanges directly to the disparity between the demand and supply of capital, i.e. to the scarcity of real savings.
关键词：Italy, stock exchange, speculative market, investment market, anti-inflation policy, taxation, capital, demand, supply, savings