IDEAS home Printed from https://ideas.repec.org/a/cai/recosp/reco_pr2_0164.html
   My bibliography  Save this article

De l’hyperinflation au « miracle monétaire » : l’expérience hongroise de 1945-1946

Author

Listed:
  • Ludovic Desmedt

Abstract

Between August 1945 and July 1946, Hungarians experienced the worst inflation crisis ever recorded. In the last moments of the episode, prices rose by 150,000% per day. These events produced a vast literature, whether at the time of the crisis with the articles of Kaldor and Nogaro, or later with the works of Cagan, Sargent and Wallace. However, the monetarist approach failed to provide a satisfactory explanation of this case, either in the modelling of behaviours during the price spike, or in the explanation of the end of the crisis. We return to this episode to emphasize in a first part the very specific policy of currency indexation that established a bi-monetary regime. Secondly, the stabilization strategy and its distributive effects are considered: taking these factors into account helps us to elucidate the virulence of the Hungarian crisis.

Suggested Citation

  • Ludovic Desmedt, 2021. "De l’hyperinflation au « miracle monétaire » : l’expérience hongroise de 1945-1946," Revue économique, Presses de Sciences-Po, vol. 72(2), pages 259-287.
    • Handle: RePEc:cai:recosp:reco_pr2_0164
    as

    Download full text from publisher

    File URL: http://www.cairn.info/load_pdf.php?ID_ARTICLE=RECO_PR2_0164
    Download Restriction: free
    File URL: http://www.cairn.info/revue-economique-2021-2-page-259.htm
    Download Restriction: free
    ---><---

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cai:recosp:reco_pr2_0164. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jean-Baptiste de Vathaire (email available below). General contact details of provider: https://www.cairn.info/revue-economique.htm .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.