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Money, Credit, and Wages in Hyperinflation: Post-World War I Germany

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  • Burdekin, Richard C K
  • Burkett, Paul

Abstract

An important feature of the German hyperinflation is the way in which accelerating monetization of both government and private debt by the Reichsbank fueled the inflation process. The stimulus to private credit demand arising from more rapid adjustment of money wages over this period is often ignored, however. The present empirical results strongly support the importance of wage pressures in augmenting fiscal influences on nominal money growth during 1920-23. The authors' findings also suggest that wage claims provided the main conduit through which higher inflationary expectations were accommodated by faster rates of monetary expansion. Copyright 1992 by Oxford University Press.

Suggested Citation

  • Burdekin, Richard C K & Burkett, Paul, 1992. "Money, Credit, and Wages in Hyperinflation: Post-World War I Germany," Economic Inquiry, Western Economic Association International, vol. 30(3), pages 479-495, July.
    • Handle: RePEc:oup:ecinqu:v:30:y:1992:i:3:p:479-95
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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. Thomas Mayer & Gunther Schnabl, 2023. "How to escape from the debt trap: Lessons from the past," The World Economy, Wiley Blackwell, vol. 46(4), pages 991-1016, April.
    3. Louis-Philippe Rochon & Sergio Rossi, 2013. "Endogenous money: the evolutionary versus revolutionary views," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(2), pages 210-229, January.

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