Stable Money and Central Bank Independence: Implementing Monetary Institutions in Postwar Germany

Carsten Hefeker

MAGKS Papers on Economics from Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung)

Abstract: Germany prides itself in having one of the most successful central banks and currencies with respect to independence and stability. I show that not only were both imposed on the country after 1945 but that there was also initial resistance to both among German experts and officials. This was then a rare case of successful imposition of institutions from abroad. Events are discussed in light of Peter Bernholz’s requirements for stable money and a successful central bank.

Keywords: Currency reform; Bundesbank; central bank independence; institutional reform (search for similar items in EconPapers)
JEL-codes: E42 E58 N14 N24 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2019
New Economics Papers: this item is included in nep-cba, nep-his, nep-mac, nep-mon and nep-pay
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https://www.uni-marburg.de/fb02/makro/forschung/ma ... /24-2019_hefeker.pdf First 201924 (application/pdf)

Related works:
Journal Article: Stable money and central bank independence: implementing monetary institutions in postwar Germany (2021)
Working Paper: Stable Money and Central Bank Independence: Implementing Monetary Institutions in Postwar Germany (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:mar:magkse:201924

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