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Article: On ensuring the acceptability of a new fiat money. (problems with introducing new money systems without links to established currencies)
- Article from:
- Journal of Money, Credit & Banking
- Article date:
- November 1, 1994
- Author:
CopyrightCOPYRIGHT 1994 Ohio State University Press. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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What are the requirements--legal, institutional, and psychological--for the successful introduction of a new fiat money, involving not the mere re-denomination of an existing money but a genuine change in regime? Contemporary monetary analysis, relying almost exclusively on a Walrasian equilibrium framework, has little to say on the question.(1) Indeed, to the extent that it suggests anything at all, conventional analysis suggests that the success of a monetary reform like those now being contemplated by the former Soviet republics is a simple matter of the reforming government's indicating to the public which paper units are intended to represent some new monetary unit.
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