Stable Money and Central Bank Independence: Implementing Monetary Institutions in Postwar Germany
CESifo, Munich, 2019
CESifo Working Paper No. 7892
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 is a rare case of the successful imposition of institutions from abroad. Events are discussed in light of Peter Bernholz’s requirements for stable money and a successful central bank.
Public Choice
Monetary Policy and International Finance