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• W2954720092 abstract "This paper anlayzes the Georgian hyperinflation of 1993-94, which featured endogenous fiscal expenditures and the money supply, depreciation, and currency substitution. Hyperinflation was stopped by removing generalized consumer subsidies and tightening of monetary policy, and not by a sudden rush of credibility or imposition of an exchange rate anchor. A de facto exchange rate anchor served ex post as a vehicle for building credibility, which ensured a dramatic reversal of currency substitution when the currency reform was implemented. The paper also discusses the relatively rapid output recovery in Georgia." @default.
• W2954720092 created "2019-07-12" @default.
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• W2954720092 date "1999-01-01" @default.
• W2954720092 modified "2023-09-27" @default.
• W2954720092 title "The Georgian Hyperinflation and Stabilization" @default.
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• W2954720092 doi "https://doi.org/10.5089/9781451848663.001" @default.
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