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 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:	2007
Authors:	Bernholz, Peter ; Kugler, Peter
Publisher:	Basel : University of Basel, Center of Business and Economics (WWZ)
Subject:	Hyperinflation \| Währungsreform \| Zentralbankunabhängigkeit \| Fester Wechselkurs \| Wirkungsanalyse \| Probit-Modell \| Schätzung \| Welt \| Great inflations \| currency reforms \| central bank independence \| fixed exchange rate

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Series:	WWZ Working Paper ; 13/07
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	10.5451/unibas-ep61239 [DOI] 560924771 [GVK] hdl:10419/123377 [Handle] RePEc:bsl:wpaper:2007/13 [RePEc]
Classification:	E31 - Price Level; Inflation; Deflation ; E58 - Central Banks and Their Policies ; E65 - Studies of Particular Policy Episodes
Source:	EconStor

Persistent link: https://www.econbiz.de/10011390618