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Monetary Policy

In: VALUES AT THE CORE How Human Values Contribute to the Rise of Nations

Author

Listed:
  • Thomas Grandjean
  • ChinHwee Tan

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…

Suggested Citation

  • Thomas Grandjean & ChinHwee Tan, 2020. "Monetary Policy," World Scientific Book Chapters, in: VALUES AT THE CORE How Human Values Contribute to the Rise of Nations, chapter 11, pages 153-167, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811228537_0011
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    More about this item

    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;
    All these keywords.

    JEL classification:

    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development

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