Currency Reforms in Emerging-Market and Transition Economies

Karsten Staehr ()

Chapter 2 in Palgrave Dictionary of Emerging Markets and Transition Economics, 2015, pp 28-38 from Palgrave Macmillan

Abstract: Abstract Currency reforms have been implemented every so often in emerging-market and transition economies. A currency reform is a prearranged redenomination or alteration of the currency, sometimes with confiscatory elements. Currency reforms may be introduced as part of a disinflationary stabilization programme, when territorial or political changes warrant the introduction of a new currency, or when a country joins a currency union. A currency reform may be a useful step in obtaining or retaining macroeconomic stability, but the outcome of the reform rests on the acceptance and credibility of the new currency. The details of the implementation of a currency reform and in particular of the accompanying policy measures are of crucial importance for a successful currency reform.

Keywords: Currency; currency reform; stabilization policy; exchange rate system; credibility; currency union (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1007/978-1-137-37138-6_3

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