Inflation and Stabilization in Latvia: 1918-1922

Posted: 27 Nov 2000

See all articles by Holger C. Wolf

Holger C. Wolf

Georgetown University - Edmund A. Walsh School of Foreign Service (SFS)

Abstract

The central European stabilization efforts of the interwar period have become the prototype for 'orthodox stabilization programs'; its components - fiscal cuts coupled with the adoption of a pegged exchange rate and external support - are often portrayed as necessary conditions for successful stabilizations. While prevalent, the orthodox package was not universal. We examine one exception to the archetype. The Latvian stabilization of 1921/22 commenced from a background of multiple circulating currencies, was money-based, implemented without external assistance and followed rather than accompanied by exchange rate stabilization.

Suggested Citation

Wolf, Holger C., Inflation and Stabilization in Latvia: 1918-1922. Economic Systems. Available at SSRN: https://ssrn.com/abstract=248319

Holger C. Wolf (Contact Author)

Georgetown University - Edmund A. Walsh School of Foreign Service (SFS) ( email )

Washington, DC 20057
United States
202-687-8079 (Phone)
202-687-8359 (Fax)

HOME PAGE: http://georgetown.edu/faculty/wolfhc/

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