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The fiscal roots of hyperinflation: a historical perspective
[Les racines budgétaires de l’hyperinflation : une perspective historique]

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  • Pamfili Antipa

Abstract

According to Milton Friedman, economics Nobel prize winner, “inflation is always and everywhere a monetary phenomenon”. This blog examines the French assignat debacle and hyperinflation (1795-96) and suggests that unsustainable public finances and fiscal dominance were the primary causes of an excessive increase in the money supply and hyperinflation. Selon Milton Friedman, prix Nobel d’économie, « l’inflation est toujours et partout un phénomène monétaire ». Ce billet examine le fiasco des assignats et l’hyperinflation en France (1795-1796) et suggère que des finances publiques non soutenables et la dominance budgétaire ont été les principales causes de l’augmentation excessive de la masse monétaire et de l’hyperinflation.

Suggested Citation

  • Pamfili Antipa, . "The fiscal roots of hyperinflation: a historical perspective [Les racines budgétaires de l’hyperinflation : une perspective historique]," Eco Notepad (in progress), Banque de France.
    • Handle: RePEc:bfr:econot:321
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