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 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. Copyright 2009 The Authors. Journal Compilation 2009 Verein für Socialpolitik and Blackwell Publishing Ltd. 2009.
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Volume (Year): 10 (2009)
Issue (Month): (05)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Martin Paldam, .
"The Political Economy of Stopping High Inflation,"
EPRU Working Paper Series
93-05, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
- Gomis-Porqueras, Pere & Haro, Alex, 2007.
"Global bifurcations, credit rationing and recurrent hyperinflations,"
Journal of Economic Dynamics and Control,
Elsevier, vol. 31(2), pages 473-491, February.
- Pere Gomis-Porqueras & Àlex Haro, 2005. "Global Bifurcations, Credit Rationing and Recurrent Hyperinflations," Working Papers 239, Barcelona Graduate School of Economics.
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