Monetary Regimes and Inflation

Monetary Regimes and Inflation

History, Economic and Political Relationships

Peter Bernholz

This book explores the characteristics of inflations, comparing historical cases from Roman times up to the modern day. High and moderate inflations caused by the inflationary bias of political systems and economic relationships – and the importance of different monetary regimes in containing them – are analysed.

Sources for historical data not identified in the text and literature relating to different cases of hyperinflation

Peter Bernholz

Subjects: economics and finance, financial economics and regulation


1. DATA AND WORKS ON HYPERINFLATIONS WHICH OCCURRED UP TO 1960 For France: Data for prices and paper money (currency) in circulation: Falkner, S.A. (1924), Das Papiergeld der Franzoesischen Revolution, 1789–1797, Schriften des Vereins fuer Socialpolitik, Munich and Leipzig: Duncker & Humblot. Harris, Seymour E. (1930), The Assignats, Cambridge, Mass.: Harvard University Press. Data for exchange rates: Bailleul, Antoine (1797), Tableau Complet de la Valeur des Assignats, des Rescriptions et des Mandats, 11th ed., Paris. For most countries with high inflations in the 1920s data have been extracted from: Statistisches Reichsamt, Statistisches Jahrbuch fuer das Deutsche Reich, 1921/22, 1924/25, 1928. For Austria: For banknotes in circulation until December 1921: Bordes, J. van Walras de (1924), The Austrian Crown, London: P.S. King & Son. 197 198 Monetary regimes and inflation For most other Austrian and American figures: Young, John Parke (1925), Foreign Currency and Exchange Investigation, Serial 9, 2 vols, Commission on Gold and Silver Inquiry, US Senate, Washington: Government Printing Office, vol. 2, pp. 292–4. Statistisches Reichsamt (1936), Statistisches Handbuch der Weltwirtschaft, Berlin, pp. 513–16. Heilperin, Michel A. (1931), Le Problème Monetaire d’Après-Guerre, Paris: Sirey. Garber, P.M. and Spencer, M.G. (1994), The Dissolution of the AustrianHungarian Empire: Lessons for Currency Reform, Essays in International Finance, 191, February, Department of Economics, Princeton University. For China: Kia-Ngau, Chang (1958), The Inflationary Spiral: The Experience in China, 1939–50, New York: MIT Press and John Wiley & Sons. Shun-Hsin Chou (1963), The Chinese Inflation, 1937–49, New York and London: Columbia...

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