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

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  • Andreas Freytag

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.

Suggested Citation

  • Andreas Freytag, 2001. "Why Have Some Monetary Reforms Succeeded and Others Not? - An Empirical Assessment," IWP Discussion Paper Series 04/2001, Institute for Economic Policy, Cologne, Germany.
  • Handle: RePEc:kln:iwpdip:dp04/01
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    References listed on IDEAS

    as
    1. 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.
    2. Robert J. Barro, 1983. "Inflationary Finance under Discretion and Rules," Canadian Journal of Economics, Canadian Economics Association, vol. 16(1), pages 1-16, February.
    3. Adam G. G. Bennett, 1993. "The Operation of the Estonian Currency Board," IMF Staff Papers, Palgrave Macmillan, vol. 40(2), pages 451-470, June.
    4. 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,.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Monetary Reforms; Credibility; Commitment; Institutions;

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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