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The Impact of Memories of High Inflation on Households’ Trust in Currencies

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    Abstract

    Many Central, Eastern and Southeastern European (CESEE) economies experienced periods of hyperinflation during transition. Given the importance of trust for households’ financial decision making, we analyze how memories of high inflation influence people’s trust in currencies. Individuals who have lived through periods of economic turbulence are more likely to perceive the euro as more trustworthy than the local currency. Individuals who have experienced hyperinflation retain an inclination for a safe haven currency and remain more alert to economic turbulence and prone to distrust currencies in general.

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    File URL: http://www.oenb.at/dms/oenb/Publikationen/Volkswirtschaft/Focus-on-European-Economic-Integration/2012/Focus-on-European-Economic-Integration-Q4-12/chapters/feei_2012_q4_studies_beckmann_scheiber_tcm16-251596.pdf
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    Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Focus on European Economic Integration.

    Volume (Year): (2012)
    Issue (Month): 4 ()
    Pages: 80-93

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    Handle: RePEc:onb:oenbfi:y:2012:i:4:b:2

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    Related research

    Keywords: Trust in currencies; euroization; financial crisis; survey data; Central; Eastern and Southeastern Europe;

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    1. Giuliano, Paola & Spilimbergo, Antonio, 2009. "Growing Up in a Recession: Beliefs and the Macroeconomy," CEPR Discussion Papers 7399, C.E.P.R. Discussion Papers.
    2. Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises," IMF Working Papers 08/224, International Monetary Fund.
    3. Edgar Feige & James Dean, 2002. "Dollarization and Euroization in Transition Countries: Currency Substitution, Asset Substitution, Network Externalities and Irreversibility," International Finance 0205003, EconWPA.
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