Advanced Search
MyIDEAS: Login to save this article or follow this journal

Un modèle théorique de la dynamique de l'hyperinflation : une reformulation du modèle de Cagan

Contents:

Author Info

  • Valérie Lelièvre
Registered author(s):

    Abstract

    [fre] Cet article présente un modèle théorique visant à expliquer la dynamique de l'hyperinflation. Il constitue une reformulation du modèle de Cagan [1956], dans lequel ont été introduites des hypothèses nouvelles visant à rendre compte de la réalité du processus hyperinflationniste dans les pays d'Amérique Latine. Le modèle développé repose sur une contrainte budgétaire gouvernementale et sur l'équation de demande de monnaie de Cagan. Trois hypothèses nouvelles sont retenues : les anticipations des agents sont rationnelles, la demande de monnaie des agents est instable et l'offre de monnaie est endogène. Dans ce modèle, la dynamique de l'hyperinflation trouve ses origines sur le marché des encaisses réelles: c'est le financement monétaire du déficit budgétaire et le prélèvement des impôts par l'inflation qui vont impulser cette dynamique en agissant sur l'offre et sur la demande d'encaisses des agents. Les différents « chocs budgétaires » (accroissements du déficit budgétaire) vont conduire à un déplacement de l'équilibre et de la courbe de demande sur le marché des encaisses réelles, qui va accélérer et entretenir la dynamique de l'hyperinflation. [eng] Valérie Lelièvre A theoretical model of the dynamics of hyperinflation: Cagan's model revisited. This paper presents a theoretical model whose purpose is to explain the dynamics of hyperinflation. It is a reformulation of Cagan's 1956 model in which hypothesis are added to explain the reality of hyperinflationist process in Latin America. The model includes a government budget constraint and the money demand equation of Cagan's model. Three new hypothesis are introduced: expectations are rational, the money demand is unstable and money supply is endogeneous. Dynamics hyperinflation's origins are situated on real balance market: fiscal deficit financed by printing money and inflation taxes launch hyperinflation by acting on supply and demand on real balance. "Budgetary shocks" conduce to a shifting of demand and equilibrium on real cash market which accelerate and emphasize hyperinflation's dynamics.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://dx.doi.org/10.3406/rfeco.1995.974
    Download Restriction: no

    File URL: http://www.persee.fr/articleAsPDF/rfeco_0769-0479_1995_num_10_1_974/rfeco_0769-0479_1995_num_10_1_974.pdf?mode=light
    Download Restriction: no

    Bibliographic Info

    Article provided by Programme National Persée in its journal Revue française d'économie.

    Volume (Year): 10 (1995)
    Issue (Month): 1 ()
    Pages: 115-133

    as in new window
    Handle: RePEc:prs:rfreco:rfeco_0769-0479_1995_num_10_1_974

    Note: DOI:10.3406/rfeco.1995.974
    Contact details of provider:
    Web page: http://www.persee.fr/web/revues/home/prescript/revue/rfeco

    Related research

    Keywords:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:prs:rfreco:rfeco_0769-0479_1995_num_10_1_974. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE).

    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.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with 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 profile, as there may be some citations waiting for confirmation.

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