The Success of Currency Reforms to End Great Inflations: An Empirical Analysis of 34 High Inflations
- Bernholz, Peter 1WWZ, University of Basel, Basel,Basel-City, Switzerland
- Kugler, Peter 1WWZ, University of Basel, Basel,Basel-City, Switzerland
Published in:
- German Economic Review. - Walter de Gruyter GmbH. - 2009, vol. 10, no. 2, p. 165-175
English
Abstract The estimation of an ordered probit model for currency reforms attempting to end 31 hyperinflations and three huge inflations of the twentieth 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.
- Language
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- English
- Open access status
- green
- Identifiers
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- DOI 10.1111/j.1468-0475.2008.00452.x
- ISSN 1468-0475
- Persistent URL
- https://sonar.ch/global/documents/231804
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