Stable Money and Central Bank Independence: Implementing Monetary Institutions in Postwar Germany
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Philipps-Universität Marburg
Abstract
Germany prides itself in having one of the most successful central banks and currencies with respect to independence and stability. I show that not only were both imposed on the country after 1945 but that there was also initial resistance to both among German experts and officials. This was then a rare case of successful imposition of institutions from abroad. Events are discussed in light of Peter Bernholz’s requirements for stable money and a successful central bank.
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This item has been published with the following license: In Copyright