The Success of Currency Reforms to End Great Inflations:An Empirical Analysis of 34 High Inflations

The estimation of an ordered probit model for currency reforms trying to end 31hyperinflations and three big inflations of the 20th century shows that the introduction of anindependent central bank and the adoption of a credibly fixed exchange rate are crucial for the successof a currency reform. In addition, currency reforms are demonstrated to be more difficult in centrallyplanned economies than in market economies.

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Authors:	Bernholz, Peter ; Kugler, Peter
Institutions:	Wirtschaftswissenschaftliches Zentrum <Basel>
Subject:	Notenbank \| Central Bank \| Inflation \| Fester Wechselkurs \| fixed exchange rate

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Extent:	244736 bytes 12 p. application/pdf
Series:	Wirtschaftswissenschaftliches Zentrum <Basel> - working paper WWZ Working Paper 13/07
Type of publication:	Book / Working Paper
Language:	English
Classification:	E31 - Price Level; Inflation; Deflation ; E58 - Central Banks and Their Policies ; E65 - Studies of Particular Policy Episodes ; Strategic management ; Sociological and psychological aspects ; Financial theory ; Employment of capital, capital investment planning and estimate of investment profitability ; Individual Working Papers, Preprints ; No country specification
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10005867787