Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/207283 
Year of Publication: 
2019
Series/Report no.: 
CESifo Working Paper No. 7892
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
Germany prides itself in having one of the most successful central banks and currencies with respect to independence and stability. I show that not only were both imposed on the country after 1945 but that there was also initial resistance to both among German experts and officials. This is a rare case of the successful imposition of institutions from abroad. Events are discussed in light of Peter Bernholz’s requirements for stable money and a successful central bank.
Subjects: 
currency reform
Bundesbank
central bank independence
institutional reform
JEL: 
E42
E58
N14
N24
Document Type: 
Working Paper
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