TY  - JOUR
AU  - Dornbusch,Rudiger
AU  - Wolf,Holger
TI  - Monetary Overhang and Reforms in the 1940s
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 3456
PY  - 1990
Y2  - October 1990
UR  - http://www.nber.org/papers/w3456
L1  - http://www.nber.org/papers/w3456.pdf
N1  - Author contact info:
Rudiger Dornbusch

Holger C. Wolf
Center for German and European Studies
ICC-503
School of Foreign Service
Georgetown University
Washington, DC  20057
Tel: 202/687-8079
Fax: 202/687-8359
E-Mail: moneyhist@aol.com
AB  - Post-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.
ER  -