The Success of Currency Reforms to End Great Inflations: An Empirical Analysis of 34 High Inflations

Peter Bernholz () and Peter Kugler ()
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Peter Bernholz: University of Basel
Peter Kugler: University of Basel

Working papers from Faculty of Business and Economics - University of Basel

Abstract: The estimation of an ordered probit model for currency reforms trying to end 31 NEWLINE hyperinflations and three big inflations of the 20th century shows that the introduction of an NEWLINE independent central bank and the adoption of a credibly fixed exchange rate are crucial for the success NEWLINE of a currency reform. In addition, currency reforms are demonstrated to be more difficult in centrally NEWLINE planned economies than in market economies.

Keywords: Great inflations; currency reforms; central bank independence; fixed exchange rate (search for similar items in EconPapers)
JEL-codes: E31 E58 E65 (search for similar items in EconPapers)
Date: 2007-08-01
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Persistent link: https://EconPapers.repec.org/RePEc:bsl:wpaper:2007/13

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