Using unique Italian banking supervision archival data, this research uncovers a significant, yet overlooked, banking crisis in Italy in the interwar period. It reveals that Italy's 1920s credit expansion defies traditional crisis models - it wasn't a leverage-driven boom but financial development

New paper published in print on European Review of Economic History:
"Credit expansion, leverage, and banking distress: the puzzle of interwar Italy"

Read the full paper here (Open Access):
doi.org/10.1093/ereh...