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Abstract
The estimation of an ordered probit model for currency reforms attempting to end 31 hyperinflations and three huge inflations of the twentieth century shows that the introduction of an independent central bank and the adoption of a credibly fixed exchange rate are crucial for the success of a currency reform. In addition, currency reforms are demonstrated to be more difficult in centrally planned economies than in market economies.
Published Online: 2019-11-30
Published in Print: 2009-05-01
© 2019 by Walter de Gruyter Berlin/Boston
