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Hyperinflation Theories: An Abridged Survey

In: Exploring the Mechanics of Chronic Inflation and Hyperinflation

Author

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  • Fernando de Holanda Barbosa

    (Getulio Vargas Foundation Graduate School of Economics (EPGE/FGV))

Abstract

According to Cagan’s definition hyperinflation starts in a month when the price level increases at least by 50 % and it ends when the price level drops below 50 % and stays there by at least one year. This was Cagan’s empirical criteria to select episodes of hyperinflation. Using this definition Hanke and Krus (2013) were able to identify 56 episodes of hyperinflation worldwide since the first one in France (1796) up to the last one that occurred in Zimbabwe (2007). However, this number should be taken as a lower bound estimate if one takes into account a proper definition of hyperinflation. I will define hyperinflation as a pathology that arises when the price of money goes to zero in finite time.

Suggested Citation

  • Fernando de Holanda Barbosa, 2017. "Hyperinflation Theories: An Abridged Survey," SpringerBriefs in Economics, in: Exploring the Mechanics of Chronic Inflation and Hyperinflation, chapter 0, pages 1-12, Springer.
    • Handle: RePEc:spr:spbchp:978-3-319-44512-0_1
    DOI: 10.1007/978-3-319-44512-0_1
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