Monetary Overhang and Reforms in the 1940sPost-1945 Europe had many of the traits observed today in Eastern Europe and the Soviet Union: price controls, shortages, black markets and a monetary overhang. The policy response in most countries was monetary reform - - the deliberate immobilization of liquid assets and in many instances an outright write-off of deposits. The paper reviews the historical experience, notably the German reform of 1948, identifies the policy issues involved and draws lessons for today. |
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alternative Angus Deaton Annual Report 1949 Austria Belgium black market price blocked accounts blocking of currency Bulgaria Bureau of Economic Capital levy commercial banking consumption controlled prices conversion rate currency and deposits currency reform Czechos Czechoslovakia deficit monetization Denmark desired velocity Deutsche Mark Dornbusch Holger Wolf Eastern Europe economic miracle Economic Research Finland fiscal forced loan France funds German monetary reform German reform Germany West Greece growth holders Hungary hyperinflation Income increase increasingly INDUSTRIAL PRODUCTION Index inflation inflationary initial Italy June Labor Million monetary overhang monetary wealth money balances money supply National Bureau NBER Netherlands nominal assets nominal money Norway output OVERHANG AND REFORMS Partial blocking Poland price controls price level reduce reform of 1948 Rudiger Dornbusch Holger Rumania shortages Source Soviet example Soviet Union Spain stability substantial Sweden Switzerland Table wage payments allowed Wirtschaftsjahrbuch write-off Yes Yes 1:1 Yes Yes Yes Yugoslavia