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Fiscal Reforms and Stabilisation: Four Hyperinflation Cases Examined

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  • Franco, Gustavo H B

Abstract

This paper discusses a hypothesis that is common to several recent explanations for the needs of hyperinflations of the 1920s, namely that fiscal reforms had been responsible for their sudden end. It is suggested that the very presence of these reforms can be disputed once evidence is provided on the fact that budget deficits were mostly caused by the so-called Oliveira-Tanzi effect, i.e., deficits were mostly generated by inflation itself. Some observations are offered on other issues to be addressed if an alternative explanation for the stabilizations are to be found. Copyright 1990 by Royal Economic Society.

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  • Franco, Gustavo H B, 1990. "Fiscal Reforms and Stabilisation: Four Hyperinflation Cases Examined," Economic Journal, Royal Economic Society, vol. 100(399), pages 176-187, March.
    • Handle: RePEc:ecj:econjl:v:100:y:1990:i:399:p:176-87
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    1. Zimbabwe: how to beat hyperinflation
      by Economic Logician in Economic Logic on 2008-07-28 19:13:00

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    Cited by:

    1. Burdekin, Richard C. K. & Burkett, Paul, 1996. "Hyperinflation, the exchange rate and endogenous money: post-World War I Germany revisited," Journal of International Money and Finance, Elsevier, vol. 15(4), pages 599-621, August.
    2. Mr. Marco Terrones & Mr. Luis Catão, 2001. "Fiscal Deficits and Inflation: A New Look at the Emerging Market Evidence," IMF Working Papers 2001/074, International Monetary Fund.
    3. Mathilde Maurel, 1997. "Les stabilisations des années vingt. Réflexions sur la notion de crédibilité," Revue Économique, Programme National Persée, vol. 48(3), pages 539-548.
    4. Catao, Luis A.V. & Terrones, Marco E., 2005. "Fiscal deficits and inflation," Journal of Monetary Economics, Elsevier, vol. 52(3), pages 529-554, April.

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