Monetary Policy

Thomas Grandjean and ChinHwee Tan

Chapter 11 in Values at the Core:How Human Values Contribute to the Rise of Nations, 2020, pp 153-167 from World Scientific Publishing Co. Pte. Ltd.

Abstract: If Zimbabwean television had hosted a national version of the popular show Who Wants to be a Millionaire? back in 2008, contestants would be aiming to earn hundreds of trillions of Zimbabwean dollars to make it worthwhile; one million dollars would not even be sufficient to purchase a cup of coffee. Contestants would also be faced with a challenge that fellow participants around the world did not need to worry about: answering questions correctly as quickly as possible. The longer it took them to answer questions, the lower their earnings would be worth in a country where the value of money diminished by the hour. Prices doubled almost every day. Bus drivers were charging commuters more in the evening than in the morning and changing local notes into foreign currency three times a day. In the capital Harare, money dealers could be found around most street corners…

Keywords: Values; Culture; Growth; Economic Growth; Development; Hard Work; Thrift; Trust; Social trust; Risk-Taking; China; Confucianism; Protestant Work Ethic; Policies; Political Stability; Free Markets; Education; Corruption; Rule of Law; Fiscal Policy; Monetary Policy; Covid-19; Coronavirus (search for similar items in EconPapers)
JEL-codes: O1 O11 O12 O23 P16 (search for similar items in EconPapers)
Date: 2020
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