Was a sudden stop at the origin of German hyperinflation?

Autor:	Pierluigi Morelli, Elena Seghezza
Rok vydání:	2020
Předmět:	Inflation History media_common.quotation_subject Keynesian economics Depreciation 05 social sciences Wage Hyperinflation language.human_language Sudden stop German 0502 economics and business language Economics Social conflict 050207 economics Capital flows Finance 050205 econometrics media_common
Zdroj:	Financial History Review. 27:161-186
ISSN:	1474-0052 0968-5650
DOI:	10.1017/s0968565020000062
Popis:	Since the publication of Cagan's seminal contribution in 1956 and its further development by Sargent (1982) there has been a growing literature that seeks to explain German hyperinflation in terms of the monetary hypothesis. However, this article shows that the origins of this hyperinflation can be traced back to a sudden stop that occurred in the summer of 1922 at a time when expectations that the German economy would stabilise began to subside. The reversal of capital flows that took place in those months led in the short term to a dramatic depreciation of the mark, a significant increase in prices and a decline in output. This decline sparked bitter social conflict that fuelled a wage and price spiral. This spiral was accommodated by monetary authorities, leading in turn to explosive inflation.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::995aa1eccd10b7008720a9d62e9c2392 https://doi.org/10.1017/s0968565020000062 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
Nepřihlášeným uživatelům se plný text nezobrazuje	K zobrazení výsledku je třeba se přihlásit.