I. Realwirtschaftliche und monetäre Integration 3 II. Geldüberhang und die Frage nach einer Währungsreform 4 III. Eine Übergangsstrategie für die DDR 8 1. Maßnahme zum Abbau des Geldüberhangs 8 2. Institutionelle Regelungen des Geldwesens 10 3. Konvertibilität der Mark 12 4....

Der Cruzado-Plan vom Februar 1986, der Brasilien schlagartig Preisniveaustabilität ohne eine Stabilisierungskrise verschaffen sollte, ist gescheitert. Seitdem sind etwas mehr als zwei Jahre vergangen, und Brasilien weist nicht nur wieder - wie vor dem Cruzado-Plan - zweistellige monatliche...

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...

The paper examines the timing of exit from the interwar gold-exchange standard for a panel of European countries, based on monthly data over the period January 1928 - December 1936. I show that exit from gold can be understood in terms of a trade-off between a limited set of factors commonly...

Monetary history is characterised by crisis and reform. The paper is dedicated to an explanation of what makes monetary reforms successful. A cross-sectional econometric analysis is chosen to deal with this problem. It is based on a standard macroeconomic model of commitment and credibility. As...

On 19 June 2010 the Chinese authorities announced that the renminbi (RMB) was henceforth to be pegged to a currency basket. Yet, it has quite closely followed the USD, though having appreciated by 2.7 % by the time of writing. At the G20 Seoul Summit on 11-12 November 2010, China committed to...