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The Demand for Money, the "Reform Effect," and the Money Supply Process in Hyperinflations: The Evidence from Greece and Hungary II Reexamined

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  • Anderson, Robert B
  • Bomberger, William A
  • Makinen, Gail E

Abstract

Newly uncovered data on money and prices in Greece and Hungary duri ng their hyperinflations are used to reestimate the Cagan money demand equation and to repeat the Sargent and Wallace causality tests. It is no longer necessary to exclude observations at the end of each episo de on the premise that they represent the response to an anticipated monetary reform. The results for each country now conform to the Sargent and Wallace findings for most other hyperinflation episodes-that causality runs from prices to money (i.e., that money is endogenous). Copyright 1988 by Ohio State University Press.

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  • Anderson, Robert B & Bomberger, William A & Makinen, Gail E, 1988. "The Demand for Money, the "Reform Effect," and the Money Supply Process in Hyperinflations: The Evidence from Greece and Hungary II Reexamined," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 20(4), pages 653-672, November.
    • Handle: RePEc:mcb:jmoncb:v:20:y:1988:i:4:p:653-72
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    Cited by:

    1. Hartwell, Christopher A., 2019. "Short waves in Hungary, 1923 and 1946: Persistence, chaos, and (lack of) control," Journal of Economic Behavior & Organization, Elsevier, vol. 163(C), pages 532-550.
    2. A. Saad-Filho, 1998. "Currency Stabilisation under Conditions of International Capital Mobility: The Case of Brazil," CIBS Research Papers in International Business 13-98, London South Bank University CIBS.
    3. Wen-Jen Hsieh & Yu Hsing, 2009. "Tests of currency substitution, capital mobility and nonlinearity of Hungary's money demand function," Applied Economics Letters, Taylor & Francis Journals, vol. 16(9), pages 959-964.
    4. Luca Benati, 2018. "Cagan s Paradox Revisited," Diskussionsschriften dp1826, Universitaet Bern, Departement Volkswirtschaft.

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