Chapter

The Legacy of Hyperinflation

Barry Eichengreen

in Golden Fetters

Published in print July 1996 | ISBN: 9780195101133
Published online November 2003 | e-ISBN: 9780199869626 | DOI: http://dx.doi.org/10.1093/0195101138.003.0005
The Legacy of Hyperinflation

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This chapter and the next describe the fiscal war of attrition that fueled inflation in the 1920s. That war proved most intractable in Germany, where it was fought internationally as well as on the domestic front. The German hyperinflation that resulted from this deadlock is the subject of Ch. 5. The different sections of the chapter look at the background (the post World War I reparations tangle), the transition to hyperinflation, the impact of inflation on the German economy, the stabilization that followed the revaluation of government reserves and pegging of the exchange rate in November 1923, and the implications for international monetary relations.

Keywords: economic stabilization; exchange rate; German economy; Germany; hyperinflation; inflation; international monetary relations; interwar period; reparations; revaluation

Chapter.  13067 words.  Illustrated.

Subjects: Economic History

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