Bulgarian National Bank, University of Orléans, ICER
Department of Economics “G. Prato”, University of Torino
Bulgarian National Bank, Sveti Kliment Ohridski University of Sofia, ICER
Abstract: This paper analyses exchange rate control measures adopted in Italy and Bulgaria during the interwar period. The first two sections provide a detailed account of the institutional and economic framework in which these measures were enforced and interpret them utilizing statistical data. In the third section it suggests a theoretical interpretation of exchange control and clearing agreements stressing that these policies were a serious interference in market mechanisms.