Political Extremism & Financial Stability: Insights from Fascist Italy (Mikhail Mamonov)

Mikhail Mamonov, Assistant Professor of Finance at Toulouse Business School, presents a study co-authored with Mario Carillo, Raoul Minetti, and Pierluigi Murro, examining the impact of political extremism on financial crises. Focusing on the Italian Fascist regime during the 1920s and 1930s, the research explores how provinces led by Fascist prefects experienced amplified credit fluctuations, non-performing loans, and bank failures during the Great Depression. Using newly released data from the Bank of Italy and historical prefect records, the study raises critical questions about the role of authoritarian regimes in economic instability.

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