Success and Failure in Monetary Reform

Andreas Freytag, Professor of Economics, Friedrich-Schiller-Universität Jena, Germany and University of Stellenbosch, South Africa

• Contents: Foreword 1. Introduction 2. Inflation, Credibility and Monetary Commitment 3. Institutional Constraints to Monetary Policy 4. The Positive Theory of Monetary Reform 5. The Empirical Analysis: Some Facts and Figures 6. Cross Country Studies: Commitment and Institutions Matter 7. Successful and Unsuccessful Monetary Reforms: The Case Studies 8. Economic Policy Options 9. Summary and Conclusion Appendix 1: Sample of Countries Appendix 2: Detailed Explanations and Alternative Specifications of the Variables Appendix 3: Calculated Degree of Commitment Appendix 4: The Institutional Factors Calculated References Index

‘Success and Failure in Monetary Reform is a volume that should be read by policy analysts and policymakers who are considering reforms in any segment of a country's economy.'