内容

目次

Part 1 Introduction: the problem; a new approach to analyze monetaryreform; plan of the study. Part 2 Inflation, credibility and monetarycommitment: the economic costs of inflation; the need for credibility - aftera period of high inflation; increasing credibility through commitment;commitment and macroeconomic outcome - empirical overview; the index ofcommitment. Part 3 Institutional constraints to monetary policy: institutionsas constraints; institutions affecting the success of monetary reforms;commitment and institutions - summary and outlook. Part 4 The positive theoryof monetary reform: prototypes of monetary regimes after inflation; monetaryregimes and the degree of commitment; determinants of a successful reform - aformal analysis; an ex-ante proxy for credibility. Part 5 The empiricalanalysis - some facts and figures: monetary reforms after World War I at aglance; the case studies. Part 6 The econometric model - theoreticalconsiderations valid: the econometric model; choice of variables; expectedsigns in econometric estimations confirmed; discussion of the results; policysimulation based on the parameters. Part 7 Successful and unsuccessfulmonetary reforms -the case studies: the goal of discussing cases; monetaryreforms distinguished by their success; the importance of commitmenthighlighted; the relevance of institutions; other constraints to monetaryreforms; lessons to be learnt from case studies. Part 8 Economic policyoptions: the tyranny of status quo and feasibility of reform; monetary policylessons; candidates for monetary reforms; policy simulations for fivecandidates; severe crises call for reform - Russia, Ecuador and Venezuela;another monetary reform for Argentina and Poland?. Part 9 Summary andconclusion: summary in brief; further research; conclusions; appendices.