Inflation and Monetary Reform /
The introduction of a new currency has often occurred as part of a program to fight hyperinflation. In this context, non-uniform conversion rates for different types of assets and liabilities have been used as a means of reducing an initial 'excess' stock of liquidity. The paper examines t...
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| Format: | Žurnal |
| Jezik: | English |
| Izdano: |
Washington, D.C. :
International Monetary Fund,
1992.
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| Serija: | IMF Working Papers; Working Paper ;
No. 1992/060 |
| Teme: | |
| Online pristup: | Full text available on IMF |
| Sažetak: | The introduction of a new currency has often occurred as part of a program to fight hyperinflation. In this context, non-uniform conversion rates for different types of assets and liabilities have been used as a means of reducing an initial 'excess' stock of liquidity. The paper examines the anticipatory dynamics associated with such reforms. The analysis suggests that monetary reforms of this type have a deflationary effect upon announcement as well as during the transition period. Under uncertainty about the reform date, the direction of the initial jump in prices upon announcement is a priori ambiguous. Upon implementation, a monetary reform leads to a downward jump in prices. |
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| Opis djela: | <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required |
| Opis: | 1 online resource (34 pages) |
| Format: | Mode of access: Internet |
| ISSN: | 1018-5941 |
| Pristup: | Electronic access restricted to authorized BRAC University faculty, staff and students |