1st Edition

Hyperinflation A World History

By He Liping Copyright 2018
    306 Pages 39 B/W Illustrations
    by Routledge

    306 Pages 39 B/W Illustrations
    by Routledge

    Since 1970s when the world was experiencing an "age of inflation", a great volume of academic research about hyperinflation has been conducted. However, it is also true that parrot-like superficial talks abound, without questioning the economic, political and social foundations existing underneath the economic phenomenon.

    Based on research results of contemporary economists, media reports and historical works, this book will be the most comprehensive narrative of all major events of hyperinflation worldwide from the turn of the first millennium to the mid-2010s. Firstly, it gives a brief illustration of the basic concepts of hyperinflation, starting with the definitions and price measurement. Then it traces and analyzes all major episodes of hyperinflation that occurred over the past two thousand years or so, from the earliest incidence to the four tidal waves in the 20th century, and to the three latest episodes in the 21st century. Using basic concepts in modern finance such as indexation and dollarization, this book explains why hyperinflation in some countries could explode into astronomical levels, while rhythms of hyperinflation in the 20th century world are in resonance of megatrends in world economy and politics. Finally, this book underscores the importance of policy making, institutional building and international relations in the process of hyperinflation and stabilization.

    Scholars and students studying money and finance, economic history, international finance and economics will be attracted by this book.

    List of Figures.  List of Tables.  Preface.  Acknowledgements  Chapter I Introduction: Basic Concepts of Hyperinflation  What is Hyperinflation?  What Causes Hyperinflation?  What are the Impacts of Hyperinflation? How to End Hyperinflation?  Chapter II Monetary Adventures before the 20th Century Money and Inflation in the Ancient World  Wang Mang: A Most Bizarre Adventure in Coinage  The Roman Empire: Unstoppable Debasement  Sung, Jurchen, and Mongol Rule: The World’s First Paper Currency Hyperinflation  King Henry VIII: Great Debasement in Renaissance England  The Ming and Ching: Aborted Paper Currencies amidst the Menace of Hyperinflation  Paper Currency and American Revolution  Assignats and Hyperinflation during the French Revolution  Contrary Experiences of Inflation during America’s Civil War  Chapter III The First Wave of Hyperinflation in the 20th Century: Germany, Russia, and CEE Countries in the 1920s Five Basic Facts of Hyperinflation during the 1920s  The Gold Standard and Rise of the Banking Industry  Alarm Bells for Hyperinflation: Lenin vs. Keynes  The Treaty of Versailles, Reparations, and Germany’s Reaction  Soviet Russia: Hyperinflation under "New Economic Policy"  The Political Economy of Hyperinflation: Austria, Hungary, and Poland  The League of Nations: An Emerging Role of Multilateralism  Hyperinflation and the Rise of the Nazi Regime  Chapter IV The Second World War and the Upsurge of Hyperinflation in the 1940s  Greece: Wars and Long Stabilization  Italy: Rising Inflation in the Last Stage of the War  Hungary: The World Record Hyperinflation  Japan: Surge in Inflation after the War  The Philippines and South Korea: Hyperinflations Before and After  Germany: Bitter Escape from Hyperinflation  Chapter V War Finance and its Aftermath: China in the 1940s War Finance and High Inflation in the First Half of the 1940s Internal War and Hyperinflation Waves during the late 1940s  Ending Hyperinflation in China Mainland and Taiwan  Appendix Note: Friedman’s View on FDR, Silver and China  Chapter VI Hyperinflations in an "Age of Inflation"  The Collapse of the Bretton-Woods System and Advent of an "Age of Inflation"  Bolivia: The First Peacetime Hyperinflation in the World  Brazil and Argentina: Hyperinflation in Parallel  Israel and Turkey: Contrasting Experiences of High Inflation  Chile, Nicaragua, and Peru: Hyperinflation in Unsettled Societies  Zaïre (Congo) and Angola: Hyperinflations in Failing States  Chapter VII A Wave of Hyperinflation in Transition Economies Repressed Inflation in Planned Economies  Hyperinflations in Russia and Other USSR Successor States  Twice the Hyperinflation in Yugoslavia Inflations and Hyperinflations in Eastern European Countries  Fighting High Inflations: China and Vietnam in East Asia   Chapter VIII World Trend Outliers: Zimbabwe and Venezuela in the 21st century The World Trend: A "Great Moderation" in the 21st Century  Zimbabwe: A Hyperinflation that Ends Its Own Currency  Venezuela: Heading to Hyperinflation and Crisis  North Korea: "Unrepressed" Hyperinflation in a Hermit Kingdom  Appendix Note: Did China Help?  Chapter IX Conclusion References.  Index


    Liping He is Professor at the School of Business and Economics, Beijing Normal University. His research interests include international finance and economics.

    Professor Liping He from Beijing Normal University has produced a most comprehensive and useful scholarly treatment of world hyperinflation. It is hot off the press. This is a welcomed addition to the literature. Indeed, Hyperinflation: A World History is destined to become a standard reference on the topic.
    —Prof. Steve Hanke, Johns Hopkins University

    This is an important contribution to the monetary history literature, one which ought to find its way into all serious university libraries, where it will be borrowed, bought and hopefully read by a wide range of economics students. I hope many will also buy a copy. After all, it will certainly hold its value better than many of the currencies that make an appearance in this book!
    —Professor Laurence Copeland, Emeritus Professor of Finance, Cardiff Business School, Cardiff University