A reforma monetária de 1948 na Alemanha

Abstract

The paper discusses the "German Economic Miracle" which follows the monetary reform of 1948, Five issues are analysed: the balanced budget policy based on the revaluation of assets and liabilities of the public sector; the monetary reform which applied different conversion factors according to type and size of asset holdings; the broad reform of the banking system which assured an independent role to the Central Bank; the deregulation of the German economy; and, finally, the role played by foreign aid which dampened pressures on the exchange rate, thus acting as an essential factor in the success of the stabilization program. The conclusion shows how this policy combination made possible one of the very few examples of successful adjustment coupled with sustained growth, instead of a classical orthodox stabilization program.