The Roman Stock Exchange Between the 19th and 20th Centuries : A History of the Italian Stock Market

This book explores the Italian stock exchange through its construction and consolidation while examining and criticizing the birth of the capital city. Through the evolution of the stock exchange, the transformation of Rome is examined from the capital of a pre-unification state to the papal state, exploring its social, political, administrative and financial fabric. The book examines that path to becoming the capital of Italy, offering a unique volume for researchers, academics, and students of financial history and financial markets. Donatella Strangio is a Full Professor of Economic History at the Faculty of Economics and affiliated with the Department of Methods and Models for Economics, Land and Finance at Sapienza University of Rome, Italy. She has also been Director of the Masters program in Business Management at the same university alongside the Director of Training Courses for CIVIS Alliance: Cultural Heritage Enhancement and Crisis and Sustainability Post Covid-19 Preface I Preface II Acknowledgements Introduction References Contents List of Figures List of Tables 1 Rome and the Papal State: Old Customs and the New Kingdom of Italy 1.1 Restoration, Change, Innovation and Tradition 1.2 The Slow Process of “Italianization” 1.2.1 Rome and United Italy 1.3 Territorial and Demographic Structure of the State 1.4 Economic Conditions References 2 Finance and Banking 2.1 Institutions and Financial Market 2.2 Rome: From the Capital of “State of Lazio” to the Capital of Italy 2.3 The Economy Outside the Borders of the Ecclesiastical State References 3 Structural Elements of the Rome Stock Exchange: Regulations, Price Lists and Intermediaries 3.1 Origin and Development of the Stock Exchange 3.2 The Figure of Brokers and Stockbrokers in the Roman Market 3.3 “For the Good Performance and Prosperity of Trade”: The Rome Chamber of Commerce 3.4 Historical Evolution of the Rome Stock Exchange: From Its Origin to the 1860s 3.4.1 The Notification of 1836 3.4.2 The Regulations of 1848 and 1854 References 4 The Rome Stock Exchange and the Evolution of the Roman Financial Market (1821–1870) 4.1 The Period 1821–1847 4.1.1 The Securities Market 4.1.2 The Subscribers 4.1.3 The Real Value of the Securities 4.2 The Period 1847–1860 4.2.1 The Stock Trend 4.3 The Period 1860–1870 4.3.1 Stock Exchange Lists: 1860–1870 References 5 The Stock Exchange and the Roman Financial Market from the Annexation of Italy to the Great War (1870–1914) 5.1 The Age of the First Globalization 5.2 The Quotations of 1870–1880 5.3 The Quotations of 1880–1890 5.4 The Quotations of 1890–1900 5.5 Prices and the Period 1900–1910 5.6 The Period 1911–1920 5.6.1 Financing the First World War 5.6.2 The Italian Annuity on the Main Foreign Stock Exchanges 5.6.3 A Technical Analysis of the Variations in the Title of the Italian Annuity 5.6.4 Role of Mixed Banks in the Rome Stock Exchange 5.6.5 First Attempts to Regulate Bank–Business Relationships and the Evolution of Securities Listed on the Rome Stock Exchange Based on an Analysis of the War Period 5.6.6 The Italian Commercial Bank and the Mediterranean Company 5.7 The Differences in Absolute and Percentage Terms Between the Rome Stock Exchange and the Milan Stock Exchange in the Period 1911–1920 References 6 The 1920s and the Great Depression 6.1 The Rise of Fascism and the 1929 Crisis: The Stock Market in Italy 6.2 An Analysis of Securities and Prices on the Rome Stock Exchange (1921–1930) 6.3 Annual and Quarterly Trends of Securities on the Rome Stock Exchange (1921–1922; 1928–1930) 6.3.1 Corporate Securities 6.4 Bank Securities 6.5 Government Bonds: The Annuity and the Consolidated (la rendita e il Consolidato) References Conclusion References Index