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Why Have Some Monetary Reforms Succeeded and Others Not? - An Empirical Assessment

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Author Info
Andreas Freytag

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Abstract

Monetary history is characterised by crisis and reform. The paper is dedicated to an explanation of what makes monetary reforms successful. A cross--sectional exonometric analysis is schosen to deal wht this problem. It is based on a standard macroeconomic model of commitment and credibility. As the dependent variable, we calculate a post-reform inflation rate. the exogenous variables are the degree of legal commitment and the constraining influence of institutions. The paper allows for the conclusion that monetray commitment, the consideration of institutional constraints and abstinence from the money press are crucial for the success of a monetary reform.

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Publisher Info
Paper provided by Institute for Economic Policy, Cologne, Germany in its series IWP Discussion Paper Series with number 04/2001.

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Date of creation: Apr 2001
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Handle: RePEc:kln:iwpdip:dp04/01

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Related research
Keywords: Monetary Reforms; Credibility; Commitment; Institutions;

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Find related papers by JEL classification:
E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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  1. Bruno, M., 1991. "High Inflation and the Nominal Anchors of an Open Economy," Princeton Studies in International Economics 183, International Economics Section, Departement of Economics Princeton University,.
  2. Bennett, Adam, 1994. "Currency Boards: Issues and Experiences," IMF Papers on Policy Analysis and Assessments 94/18, International Monetary Fund.
  3. Adam Bennett, 1993. "The Operation of the Estonian Currency Board," IMF Policy Discussion Papers 92/3, International Monetary Fund.
  4. Robert J. Barro, 1983. "Inflationary Finance under Discretion and Rules," Canadian Journal of Economics, Canadian Economics Association, vol. 16(1), pages 1-16, February. [Downloadable!] (restricted)
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  5. Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121. [Downloadable!] (restricted)
    Other versions:
  6. Adam Bennett, 1994. "Currency Boards: Issues and Experiences," IMF Policy Discussion Papers 94/18, International Monetary Fund.
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This page was last updated on 2009-11-25.

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