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Inflation and Monetary Reform
Pierre-Richard AgénorMs.Anna Lennblad
出版International Monetary Fund, 1992-08-01
主題Business & Economics / Money & Monetary PolicyBusiness & Economics / Foreign Exchange
ISBN14519653119781451965315
URLhttp://books.google.com.hk/books?id=vo4YEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋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.