Success and Failure in Monetary Reform: Monetary Commitment and the Role of Institutions

This book uses mainstream theoretical analysis to explain the successes and failures of monetary reforms. Andreas Freytag argues that there is a systematic economic relationship between the success of a reform, the degree of monetary commitment and the institutional setting in a particular country. The book begins with a theoretical discussion of this relationship, and a formalization of the theory of monetary reform. It goes on to offer an empirical assessment of the theory, using cross-section methods and case studies, before finally presenting economic policy options for countries facing monetary problems. "Success and Failure in Monetary Reform" should be of interest to economists and central banks. Scholars and students of monetary economics all over the world, in particular in developing countries, should also find this book valuable.