The monetary mechanism of stateless Somalia

William Luther

Public Choice, 2015, vol. 165, issue 1, 45-58

Abstract: A peculiar monetary institution emerged during the period of interregnum in Somalia from January 1991 to August 2012. Without a functioning government to restrict the supply of notes in circulation, Somalis found it profitable to contract with foreign printers and import forgeries. The exchange value of the largest denomination Somali shillings note fell from US $0.30 in 1991 to US $0.03 in 2008. However, the purchasing power eventually stabilized at the cost of producing additional notes. Copyright Springer Science+Business Media New York 2015

Keywords: E42; Institutions; Monetary regime; Monetary standard; Somalia; Somali shilling; Purchasing power (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (10)

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DOI: 10.1007/s11127-015-0291-6

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