The success of currency reforms to end great inflations : an empirical analysis of 34 high inflations

Peter Bernholz; Peter Kugler

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

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Year of publication:	Aug. 2007
Other Persons:	Bernholz, Peter (contributor) ; Kugler, Peter (contributor)
Publisher:	Basel : WWZ
Subject:	Great inflations \| currency reforms \| central bank independence \| fixed exchange rate \| Hyperinflation \| Währungsreform \| Currency reform \| Zentralbankunabhängigkeit \| Central bank independence \| Fester Wechselkurs \| Fixed exchange rate \| Wirkungsanalyse \| Impact assessment \| Probit-Modell \| Probit model \| Schätzung \| Estimation \| Welt \| World \| 1900-1999

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Extent:	Online-Ressource, 10 S., Text graph. Darst.
Series:	WWZ working paper. - Basel : WWZ, ZDB-ID 2259197-7. - Vol. 07,13
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Systemvoraussetzungen: Acrobat Reader
Other identifiers:	hdl:10419/123377 [Handle]
Classification:	E31 - Price Level; Inflation; Deflation ; E58 - Central Banks and Their Policies ; E65 - Studies of Particular Policy Episodes
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10003666987