Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/123377 
Year of Publication: 
2007
Series/Report no.: 
WWZ Working Paper No. 13/07
Publisher: 
University of Basel, Center of Business and Economics (WWZ), Basel
Abstract: 
The estimation of an ordered probit model for currency reforms trying to end 31 hyperinflations and three big inflations of the 20th 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.
Subjects: 
Great inflations
currency reforms
central bank independence
fixed exchange rate
JEL: 
E31
E58
E65
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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