CRISES E REFORMAS MONETÁRIAS NA DÉCADA DE QUARENTA

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 revises the historical experience, notably the German reform of 1948, identifies the policy issues involved and draws lessons for today.