Things Governments Do to Money: A Recent History of Currency Reform Schemes and Scams
Confiscation of currency has sometimes occurred through the fine print of currency reforms. While only a small fraction of currency reforms worldwide have masked a confiscation, when they don't they are likely to follow a hyperinflationary bout. Thus, one way or another, currency reforms are emblematic of government reneging on its most idiosyncratic liability or extracting monopoly rents from its provision of exchange medium. This paper reviews the international experience with currency reforms over the last fifty years. It focuses on the purported justifications, mechanism for implementation, common pitfalls, and revenues associated with actual discriminatory currency conversion exercises. Copyright 1995 by WWZ and Helbing & Lichtenhahn Verlag AG
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Volume (Year): 48 (1995)
Issue (Month): 4 ()
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