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Monetary Overhang and Reforms in the 1940s

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  • Rudiger Dornbusch
  • Holger Wolf

Abstract

Post-1945 Europe had many of the traits observed today in Eastern Europe and the Soviet Union: price controls, shortages, black markets and a monetary overhang. The policy response in most countries was monetary reform - - the deliberate immobilization of liquid assets and in many instances an outright write-off of deposits. The paper reviews the historical experience, notably the German reform of 1948, identifies the policy issues involved and draws lessons for today.

Suggested Citation

  • Rudiger Dornbusch & Holger Wolf, 1990. "Monetary Overhang and Reforms in the 1940s," NBER Working Papers 3456, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:3456
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    Cited by:

    1. Carsten Hefeker, 2021. "Stable money and central bank independence: implementing monetary institutions in postwar Germany," Public Choice, Springer, vol. 186(3), pages 287-308, March.
    2. Oosterlinck, Kim & Accominotti, Olivier & BRIERE, Marie & Burietz, Aurore & Szafarz, Ariane, 2020. "Did Globalization Kill Contagion?," CEPR Discussion Papers 14395, C.E.P.R. Discussion Papers.
    3. Stanley Fischer & Alan Gelb, 1991. "The Process of Socialist Economic Transformation," Journal of Economic Perspectives, American Economic Association, vol. 5(4), pages 91-105, Fall.

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