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

Author

Listed:
  • Bernholz Peter

    (WWZ, University of Basel, Basel,Basel-City, Switzerland)

  • Kugler Peter

    (WWZ, University of Basel, Basel,Basel-City, Switzerland)

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.

Suggested Citation

  • Bernholz Peter & Kugler Peter, 2009. "The Success of Currency Reforms to End Great Inflations: An Empirical Analysis of 34 High Inflations," German Economic Review, De Gruyter, vol. 10(2), pages 165-175, May.
    • Handle: RePEc:bpj:germec:v:10:y:2009:i:2:p:165-175
    DOI: 10.1111/j.1468-0475.2008.00452.x
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